Create Your Own Job Security - Build A Successful Business

I recently heard entrepreneurialism referred to as the only form of true job security and I have to agree.  I worked in the corporate world for 16 years, experienced 3 mergers, and saw what economic conditions do to corporate policy and priorities.  I like being my own boss better.  I like being responsible for driving my own financial success.  I like being in the drivers seat and setting the rules.  Yes, there are always a share of moments, when you miss the paycheque, but after four years of running my own company, I can absolutely tell you that owning your own business is the only real job security out there.  But these are tough economic times, so let’s talk about how to build a successful business.  As a business coach, I have seen companies that soar to amazing levels of financial success.  And every day I see businesses out there that are doomed or dying.  So what makes the difference between those who succeed and those who don’t? Whenever I ask that question, everyone always gives the same answer:  “a really great product or service.”   Yes, it’s important that you sell something that people want to buy.  But, even more important, is having 5 essential traits seen in all successful entrepreneurs.   1.    Clarity:  You must be absolutely clear on what you want; you need a very clear vision of what kind of business you want to build.  It must be very specific and you have to think big.  Peter Drucker once wrote, “Even if you are starting your business on a kitchen table, you must have a vision of becoming a world leader in your field, or you will probably never be successful.”  <ol> </ol> Building a business is hard work, and without a very clear written vision and plan for what you want to build, it is easy to get de-motivated and give up.  The most successful clients I have worked with all had an extremely clear vision of what they wanted to create with their company. Here are some questions to get you started on the road to clarity: <ul> <li>What is your vision for yourself and your future?</li> <li>What is your vision for your finances?</li> <li>What is the mission of your business?  What is it you want to accomplish for your customers?</li> <li>What are your goals?  Remember, goals are not just about money.  Do you have goals for your health, your family, your personal development?  These are just as important.</li> </ul> <ul> </ul> 2. Competence: To be successful in business, according to Jim Collins, author of Good to Great, you must find a product or service that satisfies three requirements: <ul> <li>First, it must be something for which you have a passion — something you really believe in and love to do.   Talk to any great entrepreneur and you will immediately see their passion come out.</li> <li>Second, it must be an area where you have the potential to be the best, to be better than 90 percent of the people in that field.  You must have the expertise, the skill to stand out in the market.</li> <li>Third, it must involve a product or service that can be profitable.  Just because you think it is a great idea does not make it so.  You need to do some market research.</li> </ul> 3. Remove Personal Constraints: All entrepreneurs have strengths and weaknesses; all of us do things that get in the way of our success – consciously and unconsciously.  In the Ghost CEO™ coaching program, we refer to these things as the limiting factor.  Fully 80 percent of the reasons that business owners do not achieve their goals as quickly as they want is due to themselves. Only 20 percent of the time will it be due to external circumstances or people. Some of the most common limiting factors I see in entrepreneurs include: <ul> <li>Perfectionism</li> <li>Can’t delegate</li> <li>Too much focus on the details</li> <li>Can’t ask for what they want</li> <li>Uncomfortable asking for money</li> <li>Think selling is a 4-letter word</li> </ul> Michael Gerber, author of the E-Myth Revisited, once said it was not what business owners didn’t know that caused them to fail.  It was the fact that they did not do anything about it. 4. Creativity: The essence of successful business is innovation, especially in challenging economic times like this. This is the ability to find better, cheaper, faster or easier ways to produce and deliver your products and services. Successful entrepreneurs are problem-solvers by nature.  Their focus is on the solution rather than the problem. Instead of blaming, they are always looking for solutions to obstacles, market opportunities, ways to attract new customers. They are driven to try new things. Check out <a href="http://www.springwise.com/">www.springwise.com</a> - they have a weekly newsletter that outlines new business ideas from around the world – creativity in action! 5. Courage: It takes tremendous courage and a slight madness to take the business risks necessary to become wealthy. In study after study of entrepreneurs, experts have concluded it is the courage to take the “first step” that makes all the difference. This courage to launch in the direction of your goals, with no guarantee of success is what most people lack. You also need courage to hang in there and persist in the face of adversity that comes along in the normal running of a business.  If you have the 5 traits outlined above and you are committed to launching your new business, here are two steps for getting your business off the ground.   <ul> </ul> Know your target market: I see too many entrepreneurs who miss profitable opportunities because they focus too much on getting their product or service ready before going out to the market.  Michael Masterson, author of Ready, Fire, Aim talks about the 90/10 marketing rule and its key role in business success.  Simply put, businesses have a far higher chance of succeeding if the owner puts 90% of their effort in the beginning into identifying their target market and understanding their needs, and only 10% into developing the actual product or service. Most entrepreneurs do it backwards – they spend 90% of their time and money  perfecting their product and only 10% on identifying their target market.   The result?  They launch their business and then struggle with sales and marketing because they are not clear on who their customer really is.   One of my clients took her consulting business from $100,000 per year to $450,000 per year by identifying who her target customers were, what their needs were, why they would buy from her, and then packaging her services in a way that the market gobbled them up. <ul> </ul> Write a simple business plan: Even if you don’t need financing, you need to have a written business plan.  It can be a short strategic plan that outlines your products and pricing, your target markets, your goals for the year and your marketing strategy. This is not optional.  You would not go on a road trip without having a map with you.  You certainly cannot run a successful business without having a map in place for what you want to accomplish.  Start taking action today to create your own job security.  Think big and get very clear on what you want to build, then go out and build it!   This article was originally posted on <a href="http://www.sagespark.com/">SageSpark</a>.   2009-10-19T17:54:00Z

2009-10-20T12:34:32Z

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create-your-own-job-security-build-a-successful-business

2009-10-20T05:34:08Z

2009-10-20T12:34:32Z

Learn the 5 essential traits that all successful entrepreneurs need: Clarity, Competence, Ability to Remove Personal Constraints, Creativity, and Courage.

Create Your Own Job Security - Build A Successful Business

2009-10-20T12:34:33Z