Article : 9 Key Business Startup Success

Principles
If you are in the early stages of starting up a business then you may be
experiencing the internal 'fear and doubt' dialog that can often take place in
one's mind !he follo"ing 9 Principles "ill help to release some of this
tension
# $o %hat &ou 'o(e
)nsure that you are in a business that interests you !his doesn't necessarily
mean that you ha(e to be in lo(e "ith the product or ser(ice that you sell*
ho"e(er+ you must en,oy aspects of the business other"ise you "on't be
moti(ated to gi(e it #--. of your focus And it "ill need a lot of your focus
and energy+ especially in the early stages/
!o help determine this point+ you could ask yourself the follo"ing types of
0uestions:
1 %hat do you really like to do 2in a business sense34
1 Are you an ideas or action type of person4 5r a bit of both4
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1 In "hich 8-. of your talents do 9-. of your results come from4
1 In other "ords+ "here do your key skills lie4
It really all boils do"n to one 0uestion though : "hat are you really passionate
about4
8 ;iche
Another critical point "hich goes a long "ay to determining business success
is your ;iche
%ithout exception+ the ma,ority of successful business o"ners I kno" can tell
you in a couple of sentences exactly "hat it is they lo(e to do and "hy it has
made them "ealthy
%ithout a precise understanding of your ;iche your chances for success are
greatly diminished After all+ it<s (ery difficult to hit a target "hich doesn<t exist
or to "in a game "hen you don<t kno" "hat it 2"inning3 is
9 Key Business Startup Success Principles
6lick 7ere

Ask yourself "hat you are trying to achie(e in this business (enture:
1 $o you "ant to make 0uick cash4
1 $o you "ant to de(elop and gro" a sustainable business4
1 Are you interested in high cash:flo" or de(eloping assets4 5r both4
1 $o you ha(e BI= aspirations or are you ,ust looking to de(elop a hobby for
some part:time cash4
Keep in mind that your ;iche can al"ays be adapted do"n the track if your
situation or the market changes
9 Key Business Startup Success Principles
6lick 7ere

> 'e(erage
&ou need to become a master of 'e(erage It is one of the most po"erful
principles in business )(eryone "ho is successful in business and life uses
'e(erage in some "ay
!o use the concept of 'e(erage you need to continually examine ho" you can
access other people<s skill+ resources and money more effecti(ely
?urthermore+ consider less ob(ious assets in business such as systems+
marketing and time
'e(erage is about duplicating a high:(alue item or skill at a lo"er cost
I "ill explore this topic in depth in future articles* ho"e(er+ at this point it is
important to remember the follo"ing points:
1 ?ocus on @oney:@aking acti(ities
1 $elegate to others as much as possible
By doing this you "ill see an immediate increase in your ability to "ork Aon<
your business+ rather than getting stuck Ain< the day to day running of it
'ateral !hinking shares an implicit relationship "ith 'e(erage
9 Key Business Startup Success Principles
6lick 7ere

B 'ateral !hinking
!his is the concept of looking at things from a different point of (ie" &ou can
increase profits significantly by doing simple things to CAdd DalueE in "ays
that others are not
In other "ords+ continually look at your business and ask yourself 0uestions
such as:
1 7o" can "e do+ "hat "e do+ better4
1 %hat do our clients "ant that they are not getting currently4
1 6ould "e use affiliate marketing to gro" our business4
1 $o "e currently use the internet to effecti(ely market our business4
1 6ould "e ,oin forces "ith another business to cross:promote our products4
1 6ould "e use our kno"ledge to create another product4
%hat I am suggesting here is to take some time out to brainstorm ideas
around your business
!his is a difficult for most small business o"ners to achie(e because they see
this as "asted and unproducti(e time : nothing could be further from the
truth
9 Key Business Startup Success Principles
6lick 7ere

Some of the most successful companies in the "orld allo" themsel(es and
their employees lateral thinking time : =oogle and >@ immediately come to
mind
@any of =oogle's most successful products ha(e originated from this
process
;o"+ I<m not suggesting that you ha(e to take # day a "eek 2as =oogle does3
to undertake this process : they ha(e high operating margins and therefore
significant le(erage
7o"e(er+ I "ould encourage you to consider Aopening you mind< for at least
couple of hours each "eek to explore further opportunities
I am sure that you "ill find it a (aluable and profitable experience if you stick
to it/
9 Key Business Startup Success Principles
6lick 7ere

F !esting
If you can start your business "ith a clear idea of ho" you are going to
monitor your systems+ resources and assets then you "ill be "ell ahead of the
pack
%hen most business o"ners are confronted "ith 0uestions about their
a(erage transaction (alue+ sales con(ersion ratios+ en0uiry and lead
generation rates : they come up "ith (arying excuses or reasons as to "hy
they don<t kno" or ha(e this (ital information
$5;<! @AK) !7) SA@) @IS!AK)//
&ou need to be able to calculate your G5I 2Geturn on In(estment3 for
e(erything that you do on a regular basis
!o do this de(elop a set of KPI 2Key Performance Indicators3 that are
appropriate for your business : don<t go o(erboard : ,ust focus on the
information that you need Gemember that 9-. of your results come from 8-.
of your acti(ities/ !he key is to disco(er the 8-. and keep impro(ing them
9 Key Business Startup Success Principles
6lick 7ere

!he other benefit of testing is that it encourages us to recogniHe mistakes and
mo(e on : this is a (ital part of the gro"th process %ithout action+ mistakes
and gro"th "e stagnate andIor "ither at the (ine/
J )fficiency
7ard "ork doesn<t guarantee success or profits : look at ho" "ealth is
apportioned in the "orld and this soon becomes apparent : 9-. of the "ealth
is controlled by less than #-. of the population
Personally+ it took a long time for this penny to drop/ !he first business I
o"ned "as really ,ust a ,ob in disguise I "as caught in a trap that confronts
many small business o"ners : "orking I; the business+ rather than 5; the
business
!his is a critical distinction
If significant profits and gro"th are "hat you desire+ then it is critical that you
become efficient and de(elop systems that "ill allo" your business to "ork
for you and not the other "ay around
!here is one key concept to remember "hen implementing anything
9 Key Business Startup Success Principles
6lick 7ere

K 'ag
'ag is the concept that you Areap "hat you se"< In other "ords+ if you follo"
the principles suggested here and persist : you "ill succeed/
7o"e(er+ your business life is going to pro(ide you "ith numerous challenges
and obstacles to o(ercome
!he biggest difference bet"een successful people and the rest is that
successful people look at upsets as a chance to gro" and learn rather than as
failure
%hen confronted by a setback+ rather than gi(ing into fear and 0uitting you
must continue to persist %hy4 Because if your principles are sound+ all you
ha(e to do is keep ad,usting your methodology until you ha(e a formula for
success
&ou "ill ha(e a much greater chance of success in business if you keep the
principle of 'ag in the back of your mind+ stay focused and ne(er gi(e up/
9 Key Business Startup Success Principles
6lick 7ere

9 !iming
!iming is an essential aspect of business o"nership It also shares a close
bond "ith decision:making and action:taking If you continually use 'ateral
!hinking and !esting then you "ill certainly disco(er further opportunities
!he key to successfully implementing and taking ad(antage of these
opportunities is !iming
As the old sayings go:
If you "ait too long+ you may miss the boat 2eg someone else capitaliHes3
If you ,ump right in you may get your fingers burnt 2eg mis,udged market
enthusiasm3
&ou need to find a middle ground "hen it comes to !iming+ because it is (ery
difficult to time things perfectly 6ombine focused analysis+ gut feeling+
enthusiasm and decision making together and you "ill be "ell on the "ay to
mastering !iming and the next Principle
9 Key Business Startup Success Principles
6lick 7ere

9 Action
Successful business o"ners are @asters of Action !hey kno" that Action
al"ays beats inaction !hey understand that it is better to try+ make a mistake+
refine and re:implement than to do nothing at all !hat<s because in business:
I;A6!I5; L A S'5% $)A!7
Mnsuccessful business o"ners are @asters of )xcuses ?ear pro(ides them
"ith an endless stream of seemingly logical reasons "hy they shouldn<t act
&ou need to make a decision right no" : "ill you accept as doctrine your
negati(e internal dialog and the nay:sayers : or "ill you take chances and trust
your experience4
I "ould suggest the latter
!o take Action+ it is critical that you take responsibility for your situation If you
are not "here you "ant to be+ then ,ustifying or laying blame on others "ill not
sol(e the situation : it "ill ,ust add fuel to your negati(e mindset
9 Key Business Startup Success Principles
6lick 7ere

A better "ay to respond is to focus on Athe gap< : the 8-. of acti(ities in your
business 2or life3 that "ill take you from "here you are to "here you "ant to
be =oal setting is one of the best "ays to define the Agap< and taking Action is
the best "ay to reduce it
65;6'MSI5;: !he most important Principle is that you should lo(e "hat you
do : passion and attitude "ill play a large part in defining your success in
business
!herefore+ ensure that you find a ;iche that you are comfortable "ith Apply
the Principles outlined here+ define your o"n rules and goals+ and you "ill be
"ell on the "ay to creating a successful and profitable business
9 Key Business Startup Success Principles
6lick 7ere

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9 Key Business Startup Success Principles