Ever wondered why the United States is undoubtedly one of the world’s most successful business nations? Do you know why few individuals attain mega success, even in not-auspicious conditions while others realize a tip of their deserved iceberg? The answer is simple: it is in the demonstrated and not-considered Seven Irrefutable Facts Associated With Business Success. What are they?
The following elucidates in succinct terms the seven irrefutable facts associated with business success.
1) Defining the orientation of the business: The most fundamentally important factor which is inevitable to business success; definition rather than ambiguity. Precisely, establishing business goals; vision and mission statements, aims and objectives are sine qua non, the catalyst starters of business success.
2) Knowledge Acquisition: In consonance with set business goals, reading related and up-to-date business materials; journals, articles, books and other forms of business-disseminated messages, information-consciousness, development of relational skills, relating with individuals in the same business arena; learning lessons from their experiences, their ‘Dos’ and ‘Do-nots’ approach to the business, strengths and weaknesses, seeking for inspiration that breathe intuition and ingenuity are facts associated with business success.
3) Maintaining a positive attitude: The decision to maintain a positive mindset is tantamount to consistency, focus, patience and persistence needed for the continued thriving of the defined business. Owing to certain information which are generally unfavourable, the need to keep a positive psyche becomes essential in order to achieve anticipated business success.
4) Taking calculated risks: Considering the level of knowledge acquired and set goals, success in business is unequivocally made possible by the risks taken. In business dynamics, the statement; ‘leap before you look’ is a motto of successful business men and women. However, a full grasp of acquired knowledge empowers successful business giants to take computed risks in the pursuit of progress in the businesses they engage themselves. No business enterprise have attained eventual mega success and continually thrived with paying the price, taking risks.
5) Minimizing losses and Maximizing profits: A follow-up to the embarked-upon calculated risks, understanding the core of business success lies in the ability to minimize losses and maximize profits. Granted, the essence of any successful business is to realize profit. At times, loss sets in. However, prioritizing maximized profits and limiting to the barest minimum losses are also essential to business success.
6) Taking responsibility for business actions: In the making of an entrepreneur or investor, a chief executive officer or a managing director, certain outcomes of business actions and decisions; low or high turn-over rates, profits or losses, surplus or deficit account reconciliations should be the responsibility of the would-be successful business man or woman, rather than taking excuses for lapses, blaming others for negative imbalances or being too self-concerned (taking credits for all positive business outcomes instead of acknowledging the efforts of others). Instead, through an organized win-win strategy in terms of demonstrating a relational carry-along disposition, business success can be fostered by accepting responsibilities as the business’ ‘watch dog’ for any good or bad outcome and subsequently improving on it or providing its corrections via the co-operation of others.