Wednesday, August 12, 2009

3 Essential Elements of Operating a Successful Business

Have you ever imagined what it would be like to live your dream?
A good place to start would be to recognize that there are three
elements, and only three elements, that separate success from
failure. If you exercise one of the elements, you might just be
successful. Two and you will probably succeed. Three, and you can
practically guarantee your success.

What are they? They are deceptively simple, and deep down inside
you know what they are. But to purposefully write them down and
use them as guides in selecting your dream business will make all
the difference in the world. As you go through this exercise, you
will dramatically build on your chances of success. Nowhere will
it count more than right here, deciding how many of the three
essential elements will qualify you to realize your dream.

1. Find a need!

Is there a market niche for your particular product or service?
Does the world, or even your community, need what you have to
offer? Only by sampling and testing will you be able to determine
this with any degree of certainty, but we will be covering this
as we go along in greater detail. The most important aspect would
be to determine a Unique Selling Proposition for your product or
service. Too many business owners are just trying to be me-too
companies. You cannot be just like the next guy and expect to
prosper in this volatile economy.

One of the most important things I learned from my Dad was, there
are really only two things to consider, and next to them
everything else is minor. Those two things are: (1) What do you
really want? And just as, and perhaps even more important, (2)
Are you willing to do whatever it takes to achieve it?

What do you really, really want from this endeavor? What is your
ultimate goal? Are you willing to do whatever it takes to achieve
this goal? Instead of looking for a business based on how much
money you can earn up-front, select a business based on your love
for that endeavor. The most successful and fulfilled people are
individuals who are following a dream or vision of their own.
They are not just out trying to make a buck.

What opportunities can you act upon? Woolworth saw a need for
small inexpensive items and opened the chain of stores that
grossed billions. Wrigley started giving gum away as a bonus, and
seized the chance to expand worldwide.

You must create a uniqueness to your product or service. What can
you offer that no one else can offer? Is it a better warranty,
improved customer service, more technical support, faster
shipping, or lower price? Think of something that will set you
apart from your competitors and describe in detail exactly what
it is.

2. Be good at what you do.

Are you as good as, or better than, the next guy when it comes to
producing/marketing your product or service? This element
requires an honest self-assessment. "What are my abilities?" To
determine your abilities you must take an honest inventory of
yourself. Examine every possibility and be sure to include
strengths and weaknesses. Will your strong points be able to let
you overcome your deficits?

3. Have true passion for the business.

If there is one element you absolutely cannot do without, it is
passion. Passion is an irresistible attitudinal energy that
generates power. Do you have a passion for working with your
particular product or service? Notice, I didn't say "do you like
what you want to do?" There are too many competitors out there
who are ready, willing and able to "eat your lunch" when it comes
to competing with you. They may have found the same niche that
you have found. They may like what they do as much as you do. But
what separates the winners from the losers is passion.

What are you really passionate about? If your answer is, "I'm
passionate about making a lot of money." That is not the right
answer. Making a lot of money is consequence of engaging in a
successful activity where you remain motivated long enough to be
successful. The key to creating passion is to find and do what it
is that you truly love. Passion is the laser-like focusing of our
creative life force. We do not create passion. (Don't confuse
passion with being a workaholic. Workaholism devours while
passion amplifies.)

So there they are, the three key elements to having a successful
small business.

About the author:
Michael (Mike) Brassil is author of "The Only Business Start-Up
Guide You Will Ever Need." Download two chapters - Starting a
New Business and The Home Working Revolution - at:

By Michael Brassil

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