Principles of Business Success
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Discipline enforces the responsibility to meet targets and objectives of your business.
The Guiding Principles of Entrepreneurial Success: The Principles - Edward Lowe Foundation
Being a passionate entrepreneur is what will give your business the drive it needs to succeed. This will demand a lot of commitment and dedication that comes easily with being passionate. Your love and passion will always fuel the desire you have to go the extra mile. To survive in the industry, your business idea must be resilient even through the years. This means you need to know how to cultivate your existing customers purpose and also attract your potential customer. You need to have ideas to expand your main offering which is a business opportunity for growth. This will require you to study the business market and understand customer values.
This is a step by step approach that will see to the fulfilment of goals.
Another way to strategise your success is to empower yourself with more skills. When you are equipped through an educational business skills course , you are mentally equipped to achieve more. The great thing about being a business owner, is that you can choose who will help you fulfil your vision. And this also means that you can bring in experts in different fields that your business needs. As a business owner, you are not expected to be an expert at everything, but you can use the expertise of employees and consultants to edify your business. It is vital to explore the market you are in, to be aware of trends and adjust your business to increase expansion.
It is imperative to have a main offering that your business specialises in, than other entities who may come with this. Create and use a value system focused on satisfying the customer Maxim 1: Become your competitor's worst nightmare by creating new standards for customer satisfaction. Satisfying the customer means going the extra mile and being willing to break the industry norms on expected service. Successful entrepreneurs never do just the minimum when it comes to service.
They beat the competition hands-down on customer satisfaction and use this as their niche. Successful entrepreneurs set new standards and then use their service capabilities to catapult themselves over the brick wall.
The Guiding Principles of Entrepreneurial Success: The Principles
They recognize that customers will remember when they go out of their way to satisfy them. Perhaps more important is that customers never forget suppliers who do not satisfy them. Make 'satisfaction' synonymous with your company name. Successful entrepreneurs try to create an image for their companies that tells the customer: We know your name, we know who you are, you are important, and we know how to please you — watch us prove it! Doing business with a successful entrepreneur's company is synonymous with satisfaction.
This dedication to the customer creates a competitive advantage that competitors have extreme difficulty matching. Successful entrepreneurs work to make the customer the focus throughout the entire company, from the janitor to the president. They do this by setting an example, showing their commitment, and by communicating their expectations.
They also make the employees feel important and necessary for satisfying the customers. Creating a customer orientation is more than writing up policy manuals, it is the core of successful entrepreneurs' activities. Create and use a value system focused on satisfying the customer. Many decisions must be made that affect customer satisfaction when the entrepreneur is not present. Values guide employees when the entrepreneur is not watching.
Successful entrepreneurs say that a properly nurtured system of values will tell employees the right thing to do. By expressing values that reflect esteem for the customer, the entrepreneur's service expectations are made clear. Successful entrepreneurs shape their company value system to create an environment favorable for satisfying the customer and then turn this environment into a competitive advantage.
A continual influx of new thought is part of the process of growth. The entrepreneurs identified an ever-present need to maintain the drive and entrepreneurial mentality of their employees in the effort to overcome the brick wall because it is people's entrepreneurial spirit that creates and finds opportunities for growth.
Defining Qualities of Successful Entrepreneurs
Successful entrepreneurs said that as the company grows, the encroaching bureaucratic, organizational hierarchy stifles the employees' entrepreneurial spirit and intensity and therefore, their spirit must be nurtured. Maxims Hire people who share your values and passions.
Allow your executives to learn wisdom. Let go of executives that the company outgrows. Reward your top people when they contribute. Hire people who share your values and passions. Successful entrepreneurs surround themselves with people who think like they do with respect to business philosophy and values. They are not necessarily looking for people with the exact same managerial style or personality, but rather people who live by the same basic principles. For example, the entrepreneur may seek out people who passionately believe in the same customer service philosophy, or who respond to fellow employees and the community in the way the entrepreneur believes is appropriate.
Successful entrepreneurs help create and nurture these passions and drives by hiring and grooming people who fit the organization and who match the entrepreneurs' value system. Just as successful entrepreneurs realize that they were not born with some mystical gift of entrepreneurism, they also know that a part of nurturing and developing their top people is letting them learn from their mistakes.
10 Dominant Principles of Successful Entrepreneurs
Wisdom is an accumulation of experiences — good and bad. Successful entrepreneurs recognize the need to give their managers the freedom to make decisions and build their confidence. A central part of igniting people's passions and entrepreneurial drive is giving them the opportunity to make decisions and take risks. Successful entrepreneurs have discovered that people put more into their work when they are doing something that they helped develop and that they believe in. Allowing their top people to learn from their wisdom and to develop their own from experience is essential to nurturing their entrepreneurial spirit.
Let go of your executives when the company's growth outstrips their capacity to grow. Staffing decisions are some of the more difficult ones entrepreneurs facing the brick wall have to make. Many times, top people are friends. But, it may come to pass that some of the top people and the company have grown in opposite directions — there is no longer a fit. The company may have surpassed their capacity to grow — they have reached a plateau in terms of their capabilities that re-training cannot overcome.
Successful entrepreneurs recognize that they must let go of these people and move on.
They must cultivate and nurture new executives. This decision and the handling of it need not be callous and there are numerous ways to handle it, but it must be done if the company is to overcome the brick wall. Reward your top people very well when they contribute. After carefully selecting and nurturing their top executives, successful entrepreneurs know that they must then reward them well for their contributions. They understand that people must be challenged and motivated to excel and then rewarded for rising to meet the challenge.
It is the quality of the decision-making process that must be emphasized and rewarded because good decision-makers are the basis for the future growth of the company. To maintain an entrepreneurial atmosphere, their top people must see personal gain and value in their efforts. However, rewarding their top people is not the simple application of some bonus formula. It is a critical, subjective decision that successful entrepreneurs make for each of their top performers. This encouragement filters through the company's employees, creating an appreciation and understanding of each other's roles.
It is this strong sense of teamwork and focus that the entrepreneurs cited as the basis from which superior customer satisfaction is achieved and growth beyond the brick wall is made possible. It is necessary to see that everyone is working in the same direction rather than working independently. Successful entrepreneurs said that teamwork is a way of getting the employees to feel they are a part of the company, not observers.
It is a way of keeping a culture of smallness as the company gets bigger. Maxims Use teams to align people toward common goals. Scale the team to match the problem. Cross train for team readiness. Use teams to beat down turf wars. Use teams to build mutual respect — a team value. Build teams one person at a time. Reward team results to prove you value the team.
The power of individuals can be levered through teams. Successful entrepreneurs say that it is essential for the entire company to be focused in a single direction.
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They build teams to create a single, concerted effort. Individuals on the team reinforce one another. As the company grows and the number of employees increases, day-to-day job responsibilities can cause people to lose sight of the main goal. By encouraging and facilitating teamwork, successful entrepreneurs help their employees point themselves in the right direction.
Successful entrepreneurs know that interdepartmental coordination and cooperation is critical to get the entire company over the brick wall. Building effective teams means breaking the barriers of thoughts and responsibilities so that employees work together to achieve this objective. Scale the Team to Match the Problem. Different problems require different approaches. Successful entrepreneurs recognize the need to tailor teams, their size, scope of responsibility, and their composition, to the particular situation at hand.
There is no cookie-cutter special team that can address every issue a company faces as it grows. There must be flexibility and a creativeness to match the team to the problem. Cross-Train For Team Readiness. Never again will you be satisfied with one-off measures; instead, you'll look for scalable, systems-driven solutions that you can build on as you scale.
All too often business owners say, "Sure, so and so can do it. Not us in our industry or with our business model.
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But the fact remains that you can do it. I've watched doctors scale their family practices to over providers and 1, employers generating massive patient value independent of the founding physician. I've seen blue collar contractors mature their contracting business so that they never touch a tool in the field anymore and yet still provide incredible value to their marketplace.
And I've seen I. And here is the thing - what if you never reach "Level Three"? What is you just get part of the way and then get stuck or satisfied? The work of maturing your company will help you expand sales, improve your margins, and free much of your time. So what if you never reach Level Three? Advanced Stage Level Two on the cusp of reaching Level Three but never quit reaching it is still a much better place to be that a fully owner reliant organization.
Take the example of Ryan Arnold, a former business coaching client and owner of a successful HR services company. Ryan diligently worked to follow the first three principles I shared and scaled his company into a regional powerhouse, even if he was never able to fully wean it off of all of its reliances on him. If you were to ask him if he ever thought he'd succeed the way he did, he'd be the first to tell you he struggled with the same doubts and fears you do.