Successful entrepreneurs and business people are found in every trade and dominate many different industries. But if you take those differences away you will soon discover that all these business people have a few things in common. By understanding the way they work you can apply those lessons to your own life.
1. Focus on learning, not profits.
I agree that profits are what we all want, but it should never be the focus. Becoming obsessed with profits is one thing, but if you don’t know how to get there you’re never going to acquire any success. The answer is in learning because this is how you acquire the tools needed to reach your goals.
I take some time away every day to learn something new. I don’t worry if I’ll reaching my financial goals because the lessons I’ve learned have laid the foundation.
2. Become a master saver.
Cash flow is the number one reason businesses fail. It’s nerve-wracking when, in the past, I’ve needed to pay for something only to have it nearly drain my whole bank account. It was after that I realized I needed to build up substantial cash reserves and maintain those cash reserves.
After you have that first big success, don’t be tempted to just blow it all. Keep a portion of your income back so you can insert it back into your business to promote further growth.
3. Be a good listener.
It’s easy to get carried away in your own hype. If you close your ears you’re missing important lessons and crucial allies. In my article where I describe what a good stock trader is, I mention that one of my students credits his success to listening to me and a variety of other mentors.
That’s why I say be a good listener and actively seek out those who know more than you. Find a mentor who can educate you. Soak it all up like a sponge and remember every word.
4. Network as much as possible.
I’m a firm believer that natural talent and knowledge can only take you so far. Ultimately, the way to be successful in business is to know the right people. You may meet someone who can introduce you to a potential client. You may meet someone who turns out to be a supplier. I have unlocked doors that I could never do without someone else’s help. And the only way to meet those people is to put yourself out there both online and offline.
Use social media platforms, like LinkedIn, to link up with new faces and reconnect with old ones. Keep the most important relationships strong and they can be a big help to you in business.
Last word: Becoming a success in business.
These four lessons demonstrate how to be successful in any industry. Yes, there are other important factors, but ultimately these are the four principles that I believe make a good businessperson.