In this blog post, “the 5 Most Important Things Most Successful Small Business People Do That Make Them Wealthy” I would be revealing my latest discoveries on some successful small business people and what made them wealthy.
Have you cared to ask,…
- “Why are some small business people making it to the top 5% in their niches while the remaining 95% remain average and struggling?”
- What is it that makes one small business go up while the others remain down in their ventures?
- What buttons did some small business people press that others are not pressing or have refused to press?
- What do you need to know in starting and growing a small business successfully?
These and many more questions I answered in today’s blog post.
#1: Most Successful Small Business People Learn Consistently
An American writer and futurist, Alvin Toffler, once said, “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.
Most Successful Small Business People developed the learning culture. This is a major habit that kept them in the position they occupy in the business world for long.
Learning, to me, is the acquisition of knowledge, mixing it with what you know, and coming out with something new, which you can apply and get a better result.
Most Successful Small Business People learn from books, blog posts, mentors and trainers.
The following FACTS as revealed by the LURN Nation, substantiate the benefits of having a mentor:
- 83% of businesses with a mentor survive much higher than those without.
- No matter what kind of challenges you may be facing, a great mentor has already seen the tough days and knows how to get around it. Imagine the time and money you save, not mentioning the headache.
- Mentored businesses grow 500% faster, achieving 83% revenue growth.
- According to a UPS store study, 70% of mentored businesses survive 5+ years (That’s almost 200% higher than non-mentored businesses.
- 3X – In a small study in New York City found mentored businesses 3x more likely to hit “Top performing” status than non-mentored businesses.
Most Successful Small Business People make consistent learning a life style.
#2: Most Successful Small Business People Start Their Small Businesses To Solve A Core Problem Or Need
Starting a small business is pretty easy, especially when you live in an environment with all sorts of problems. Unfortunately, many small business people still struggle through business because of ignorance, laziness and lack of discipline. But, it should not be so!
Solving a core problem or need is service to humanity.
What problem are you solving through your small business that no one else has solved? Get a true need.
Most Successful Small Business People spend time watching and listening to people.
As a small business person, to succeed in your small business venture, you must learn how to constantly observe people and apply the knowledge to productivity, profitability and sustainability. Ask questions. Seek to find out what is the core problem or need of the people around you or within your virtual contact. Interview people. Ask them probing questions in order to discover their core need or problem that might serve as a business idea for your small business. This is because the money you seek is in the core problem you solve. Stop looking for money! Look for the core problem or need around you, physically or virtually, and solve it. It is in solving this core problem or need that your financial breakthrough lays.
Most Successful Small Business People know that where there is a problem, there is money in providing the solution, commercializing the solution by marketing it perpetually. Problems are opportunities that are waiting to be harnessed. Solving problems are your guaranteed route to the palace of eternal abundance. Problems always have great opportunities hidden within them.
#3: Most Successful Small Business People Understand The Basics Of Starting And Growing A Small Business
You need to understand the fundamentals of starting and growing a small business and apply what you know efficiently and effectively in order to excel in starting and growing a small business.
There are universal principles that apply to starting and growing a small business whether you sell vegetables and fruits by the road side or you run a Fortune 500 company.
Below are the 4 essential keys you need to know, monitor and manage to be successful as a small business person:
- Serve your customers to the best of your knowledge, responding to their demands
- Manage your cash effectively
- Use your assets wisely
- Constantly improve and grow
It takes knowledge to lead. Training precedes triumph. You must see ahead of others to be the head. Blindness is no more a function of a loss of eye-sight but a lack of insight. Little wonders why there are some blind people who are making a global impact while some pseudo-graduate parade the streets of cities and villages looking for non-existing jobs.
To succeed as a small business person, you need to understand the basics of starting and growing a small business.
#4: Most Successful Small Business People Collaborate For A Disruptive Competitive Edge
Hear me; you cannot win with a “Me-Alone Business Mentality”. It takes two to tango. Productivity and profitability in starting and growing a small business is maximized when skillful people work as a team. Someone describe the word TEAM as “Together Everyone Achieves More”. This is simply collaboration.
In today’s world, one of the most important key skills you need in starting and growing a small business is collaboration.
Collaboration, in the words of Ram Charam, is necessary because more work is being done in teams, as organizations of every type realize that people at the top are not the sole depositary of all knowledge. That collaboration, of course, is taking place outside the company as well as inside, as organizations work with vendors, suppliers, and even customers to create new products.
You need to have everyone work together seamlessly in a way that creates speed, decisiveness, and value for customers, employees, and shareholders.
#5: Most Successful Small Business People ACT More Than They Talk
The talk is cheap. It does not produce results. Action speaks volumes. It produces predictable and accurate results. No matter what you know about starting and growing a small business until you take practical steps that guarantee productivity, profitability, and sustainability, you are not a candidate for disruptive efficiency and effectiveness.
…See you in my next blog post!
To your success,
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See you in my next blog post.
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