Secret One: Decide you want to be prosperous and decide that you will do whatever it takes to achieve this goal. In deciding this you are deciding to take action that will change your life. Understand that prosperity does dot just mean being rich or wealthy. It encompasses all things like happiness, health, wealth, life goals and more.
Secret Two: There is no easy way to prosperity and if you are looking for an easy way, then stop reading now because there is no easy way. A recent survey of one thousand millionaires, asking them for one secret to success; ninety five percent said, that a key to success was to work long hours for five, ten or more years.
Secret Three: Believe you can achieve any goal you set. Dream it, tell your wife, tell your friends and when you go to bed at night and dream about what you will do when you become prosperous. Not a single millionaire has succeeded without dreaming of it first.
Secret Four: Plan; plan to succeed beyond your wildest dreams and then some. If you wanted to have one million dollars plan on ten or a hundred million, because if you dream of one hundred million and only manage to make only ten percent or even one percent of your plan...
Secret Five: Be unfailingly honest especially to yourself, but also be honest and fair in all your dealings with others. This does not mean you should not take advantages of situations or of others weaknesses; it means you should maintain a moral high ground and not cheat or lie your way through life. Continually take stock of yourself and your dealing with others in business and in your personal life.
Secret Six: Understand that failure is the key to success. Prosperity is relatively rare because, most, people fear failure. We, often, do not understand that failure is common and rarely do we succeed on the first try. If you fail, try again ... and again until you succeed. Do not, ever, give up.
Secret Seven: When deciding what direction you wish to take, do not try to be the first or the best. While first and, or, best happens and can lead to success, the vast majority of success comes from imitating others success. You may think it's not sensible to be the sixth pizza shop in a street, but consider this. Why are there five pizza shops in this street? It is possible that this is the perfect location for a pizza shop. Can this street handle one more? Consider this; in time, given your shop matches your successful competitors, you will have a seventeen percent piece of this pie or even more, if you follow all of my secrets of millionaires.
Sunday, April 6, 2008
Monday, January 7, 2008
MAIN REASONS WHY BUSINESSES FAIL
1. Lack of Direction – It is important to have specific goals and a business plan. With a business plan in place you will worry less about the small”problems” and concentrate more on the plan itself. You will be working towards your goals.
2. Poor Cost Control, especially when starting a business – The challenge in business is to retain as much of the cash inflow as you possibly can. Remember that even though you may be in business, you are still working for the benefit of others. If your landlord, stationer, advertisers or staff are making more than you, then you are in the wrong business! Be frugal, coserve as much cash as you can. Those starting out in business should carefully monitor their set-up costs. Minimise these costs by starting modestly and buying used assets where possible.
3. Poor and irregular reporting of profits – You must keep your finger on the financial pulse of your business. Weekly or monthly profit reporting is essential.
4. Loss of momentum in the sales department - Sales staff should be the most motivated people in the business and they should keep thinking about customer needs. Your business exists because of your customers, so treat them importantly. Their needs must always come first, In fact, everything possible should be done to satisfy their needs.
5. Failure to anticipate market trends by failing to recognize the changing needs of customers and clients – Your product must be relevant to the market today and you should be looking for tomorrow’s products. This is one of the most common causes of failure and will be looked at in much greater detail later.
6. Inappropriate leadership style – When successful companies grow they often become bureaucratic and regulatory in their approach. They can even lose the dynamism that produced their success in the first place. A company should not be run by bean-counters(accountants and bureaucrats). Successful businesses need people who lead with initiative and flair.
7. Failure to hire good staff – One way to protect yourself here is to only hire people. Better than yourself. If everyone within your company did this then their position then standards would inevitably
Improve. If people only hired those who would not threaten their position then standards would deteriorate and the business would
Inevitably decline.
8. Lack of capital – A business should have capital in reserve to tie it over the tough times, which inevitably occur.
2. Poor Cost Control, especially when starting a business – The challenge in business is to retain as much of the cash inflow as you possibly can. Remember that even though you may be in business, you are still working for the benefit of others. If your landlord, stationer, advertisers or staff are making more than you, then you are in the wrong business! Be frugal, coserve as much cash as you can. Those starting out in business should carefully monitor their set-up costs. Minimise these costs by starting modestly and buying used assets where possible.
3. Poor and irregular reporting of profits – You must keep your finger on the financial pulse of your business. Weekly or monthly profit reporting is essential.
4. Loss of momentum in the sales department - Sales staff should be the most motivated people in the business and they should keep thinking about customer needs. Your business exists because of your customers, so treat them importantly. Their needs must always come first, In fact, everything possible should be done to satisfy their needs.
5. Failure to anticipate market trends by failing to recognize the changing needs of customers and clients – Your product must be relevant to the market today and you should be looking for tomorrow’s products. This is one of the most common causes of failure and will be looked at in much greater detail later.
6. Inappropriate leadership style – When successful companies grow they often become bureaucratic and regulatory in their approach. They can even lose the dynamism that produced their success in the first place. A company should not be run by bean-counters(accountants and bureaucrats). Successful businesses need people who lead with initiative and flair.
7. Failure to hire good staff – One way to protect yourself here is to only hire people. Better than yourself. If everyone within your company did this then their position then standards would inevitably
Improve. If people only hired those who would not threaten their position then standards would deteriorate and the business would
Inevitably decline.
8. Lack of capital – A business should have capital in reserve to tie it over the tough times, which inevitably occur.
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