The Key Factors to your Success
The key success factors to become a prosperous enterprise may look a bit different than you initially thought.
Most people believe they need a lot of experience in their chosen field, or a lot of money, or connections, or people to help them get started.
Admittedly, all of the aforementioned make things easier; however, if you have done your homework and actually look for information you can find on this website, or in success literature of well-known entrepreneurs, you will find out that the most important thing you need to get started is a dream, an idea and the desire to make that dream a reality.
So no matter where you are in your career as an entrepreneur, novice, intermediate or on top of the world, it always helps to get back to the roots of your initial idea.
This is where it all started, right? Your dream, your idea, but now what? Oftentimes, it happens that we can’t really figure out what we want in the first place, and this is where we have to start for everything we want to accomplish in life so that we can certainly get there.
Here are the main ingredients, the most important Key Sucess Factors
Your Dream, your Idea:
Determine with absolute certainty what you want to do or what you want to change. Write it down, read it often, correct it, and grow it until it has become a reality in your mind.
Always keep this dream alive and real for you. A simple formula to remember to move towards your dream is: Dream + Goals + Plan + Action = Results.
Now, there will be people who will try to keep you away from accomplishing what you set yourself out for; unfortunately, these will likely be people which are close to us.
Not that they consciously want us any bad, but they want us to be on their level and are afraid that we move away from them once we become successful. Makes sense?
Simply keep in mind that if you take advice, why then not talk to an expert? Commingle with already successful people which have the knowledge.
Question yourself before you listen to advice. Is this person an authority in the field he / she is talking about?
This way you can choose your peers wisely and they will help and encourage you. This is the kind of advice which will excel you.
Ask many questions and people will answer you. This will be one of your major key success factors, when you are starting to build your business. Gather knowledge and apply it.
Attitude comes First:
For me personally, from all factors to success in this chapter, attitude is the most important one.
I know this with absolute certainty and you will find this out sooner or later as well. At small business consulting you will always hear me talk about attitude, almost in every article.
Success leaves clues, I mentioned that before, but I want you to get into the habit of thinking this as being true.
Study successful people, get into a coaching program, learn before you earn and success will be inevitable.
So how do you look at life? Is everyone out to get you? Is your glass half empty or half full? Do you have a can do attitude or are you terrified of failure? Just to name a few things which can make you or break you and could become obstacles along your path to success.
Develop a positive attitude in everything you do. Always try to see the good in any situation and understand that even though you can’t see it in this very moment, you will see it at a later point.
Among all the key success factors your mindset and psychology plays a significant role.
Take one of my favorite quotes as a guide to remember when you feel stuck in any situation.
"Each experience (whether perceived as good or bad) through which we pass happens for our own good. This is the correct attitude to adopt and we must be able to see it in that light"
Another valuable lesson to remember in reference to attitude is that life and everything that happens around you or to you is just “as good” or “as bad” as the meaning "you" give to it.
90 percent of all life events are influenced by the way you perceive them, you have the choice to label them, you are the one who gives them meaning by the way you think about them. The other 10% is just stuff happening and can’t be influenced, just accepted.
Plan for Success:
One of the reasons why people hire a small business consulting firm is because they need a blueprint on how to get started or how to improve their company.
Let’s just say you want to become physically fit. Don’t you first do research on how to become fit? Of course you do.
Once you have the knowledge or consult a professional who knows how to become fit, you will be put on an exercise and a nutritional plan. You will have to obey and follow that plan carefully, otherwise you probably won’t accomplish your goal, correct?
Now, it is important to realize that you either have to know or learn how to make sure your plan is the right one to succeed; otherwise you need to find someone who has succeeded in what you are setting out to accomplish.
Again, the reminder is that success leaves clues. For example, if you could learn from Donald Trump about Real Estate and follow exactly what he trains you to do, it would be almost impossible not to succeed.
In your plan, make sure you are clear about “what you want to do” and “why you want to do it”. See the “what” as the engine (your goal), the static project and the “why” as the gasoline (your motivation), both things together make the engine run.
Make sure you have a strong enough “why” so your motivation will feed your goal.
Once you have set your goals and planned them out, you might get overwhelmed by the whole latitude of your dream. It is important that you break them down, just set your very first step and just concentrate on that.
Keep your end result in mind and move up the latter step by step, goal by goal, enjoying the journey as you accomplish them to keep yourself fresh and motivated.
You can research studies about the power of planning. Just remember for now that you must have a plan, because if you do not plan and live your life the way you want, other people will steal your dreams and live them for you.
By now you should realize how important these key success factors are if applied correctly. There is a whole category on the business planning process, which you can go through at a later time.
Take massive Action
Now you have planned it out, your dream is on paper, it’s time to get things going.
As a basic rule of understanding, life is in constant movement, everywhere you look in nature things are growing, cycling, again and again.
Your heart beat pumps blood through your body; your cells are ever renewing, nothing ever stands still.
Once you realize that life can only exist by movement you will also understand that you now have to apply your plan and your knowledge towards action.
Knowledge alone won’t bring change or growth, but the application thereof will. We call that wisdom.
Ideally, you have chosen a dream you are naturally passionate about and that you have a talent for. That way the action part will become very easy for you because you already do what you love.
Now, as a rule of engagement amongst the other key success factors, break your actions down into daily tasks.
Make the big rocks smaller and prioritize them. Keep track of your accomplishments and move on to the next. Delegate where you can, and concentrate on what you are doing best.
Trust me when I say, it is not worth it saving money on an administrative person when this is a task you dislike doing. Remember productivity comes first, whatever it is what creates income or results is first, you can work on the details later.
If you are working in a field where you have a natural talent for, chances are that your motivation to do what you do will remain strong.
However, there might be times when things are not going that well. Remember I mentioned earlier that life is constant movement, so things go up and down all the time, it is just a natural cycle and you must be able to observe and foresee changes in your market early enough so you can counteract on it.
There might also be personal changes in your life. Hardship situations, loss of a loved one or any other situation which emotionally distracts you.
All of these situations can impact your motivation tremendously and this makes the point of motivation as equal as attitude is amongst the key success factors.
Make a note of what I repeat here. Again, 80% of your success will depend on your mental state, your inner communication and your ability to navigate yourself through the tough times.
Becoming a successful entrepreneur does not only have to do with becoming an expert in your chosen field, but even more so with your ability to grow personally and in as so much as you are able to master your emotional state.
Accept this is a fact; you won’t be motivated at the same level all the time and it is likely that there will be several times were you will question if what you are doing was the correct choice, and if it is not too hard and difficult.
Understand that if you ask yourself questions like this, your mind will find the answers. You will find an excuse to stop what you are doing and even justify it with several reasons.
Accept from the beginning that mistakes will be made, failures will occur and that many times you will face situations you have no immediate answer to or solutions for.
No matter how many times you will get knocked down, you will never fail if you get up one more time. Do not see failure as a negative thing.
Prepare for it, learn from it and make it better the next time. Understand that if you would not have the right abilities to succeed you would not have had your dream in the first place.
There are plenty of stories out there where people navigated through failure after failure and came out on top, because if you do not give up and stay persevering to your goals and dreams, success is inevitable.
One of the most famous success stories is the one of former President Abraham Lincoln. I won’t post this here, but Google the stories or follow the link and you will find out that failure is a companion you better learn to accept.
Have you noticed that none of the key success factors I write about have anything to do with your technical expertise so far? That is because I have no doubt that you have that knowledge already, I am sure you are an expert. Stay tuned, there is one more to come.
Timing, Patience and Perseverance
Many people overestimate what they can accomplish in one year and underestimate what they can do in ten.
In today’s world everybody wants the shortcut, see immediate results with little or no effort.
Understand this, overnight success is a myth. You see companies like Google and Facebook appearing with young owners having tremendous success in an early age.
Did this happen overnight? Don’t think so. We do not see the countless hours and the years of failure behind the stories. We only see they do have a load of money, and want the same.
So let’s analyze this for a moment and see if our key success factors are right on:
Did this people decide what to do with their lives early on? Did they follow their passion and made a decision to do so? You bet they did!
Did they have the right attitude and believed they could do it? Check!
Did they outline a plan which would ultimately lead them to success? Ohh, yes!
Did they take massive action, working countless hours day in day out? I guarantee they did.
- Did they have the ability to stay motivated and navigate through the rough spots, failures and disappointments?
Research the success story of Google and you will find out that they were literally bankrupt before they adjusted and turned the company around.
- Did they have patience and perserverence, changing their approach as many times as it was nessecary to succeed? All successful companies did, otherwise they would not be here.
See, all of the key success factors are listed right here and they all had to follow them one way or another.
Timing is an essential factor when it comes to becoming successful. You can have a great idea, a niche, but what if the time is not right?
For example, a farmer does not put seeds in the ground in winter when the ground is frozen.
Businesses run the same way. There are economic seasons and you have to understand how they work.
When Real Estate was booming, we were in an economic season like a hot summer; do you think it was smart to invest money in an overpriced market? Or, is it better now where we are right after a very cold and painful winter? You get the picture.
Even though you might have a great idea and capital, analyze first if your timing is right. Do people have a demand for your service or product and will they buy for a long time to come.
Have you noticed that everything in life takes time, that nature grows consistently but rather slowly? How many months for a baby to grow? How many years to be able to talk, walk? To be considered an adult? How many years for the giant oak tree to grow?
Nothing really goes fast, but with the right timing, consistent nurturing and patience everything will eventually become bigger and better over time.
These are the three main elements you also need to understand if you start a brand new business. It is like a baby, and like a baby you have to learn your first steps. As a matter of fact you crawl first and then you get up.
Compare your business to a tomato plant. You plant the seeds, you give it light, water, nurture it day in and day out, but you see nothing.
Frustrating right? But only because you can’t see anything does not mean there is no growth. Because the tomato plant grows their roots first downwards before it breaks through the ground.
Of course only a farmer knows that and will continue to nurture it, but most of us will just say, ooh, that does not work and shortly before the plant breaks through the ground, step on it and it dies and so will your dream, your business.
Stay patient, look for the small advances, see the baby steps of growth, stay on your path and constantly repeat what brought you the small successes, never give up and you will never fail.
Use these key success factors to create your own plan and destiny, I am sure it will help you tremendously.
Category: Starting and building a business