Friday, September 2, 2011

10 Tips to be a successful business tycoon

Entrepreneurship needs different character than the employee. If you want to become a businessman or an entrepreneur, you need to be flexible and have good planning and organizational skills.

"Starting and running a successful business can be rewarding and challenging. Success requires focus, discipline and perseverance. However, success will not come over night - it requires a long-term focus and that you remain consistent in challenging environments."

  1. Be Creative:
                           Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business.
  2. Get Organized:
                               Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day - as you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.
  3. Be Consistent:
                                Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.
  4. Analyze Your Competition:
                                                         Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
  5. Understand the Risks and Rewards:
                                                                            The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business.
  6. Stay Focused:
                          The old saying that "Rome was not built in a day" applies here. Just because you open a business doesn't mean that you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and give the rest time to come together on its own.  
  7. Ability to become a leader:
                                                        It is impossible to do all the job by yourself alone. When your business grow bigger, you need to hire employees to help you. So, in this stage, your main job is to lead. If you don’t have the ability to lead, you won’t be able to be a leader.
  8. Great decision maker:
                                               If you need some information, will you be able to get it as soon as possible, without wasting other people’s time and yours? And will you be able to take a fast decision based on information you collect. Most of successful businessman have accurate instinct to take a risky decision, they use it when they feel hesitate, and almost always get succeed.
  9. Prepare to Make Sacrifices:
                                                         The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.
  10. Provide Great Service:
                                              There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.
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2 comments:

Anonymous said...

Thank you for such a useful guidance .

Muntazir Shivani said...

Please pray for me I want to make my own business and want tu become a business tycoon if u pray god will help me becouse of this my parents will become very happy and I want to make them happy please pray for some one I want to see happiness in them becouse they are very much money on me and I give them something back I will give them a big gift inshahaalah....

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