This topic is so vast I feel even if I wrote a series of books on the subject, I would have barely scratched the surface. Moreover, I am confident there are others who have achieved far greater success with their companies than I have with mine. To my credit, I have built a real-estate investment company, a consulting and training company, a couple of online retail platforms, and some multi-level marketing assets. Even with all of those, I do not consider myself an “expert” by any means. The more I become versed in business and learn about how to succeed, the more I realize there’s just too much to learn in any one lifetime.
For more on this topic check out “Five Absolutes To Build A Business” Podcast
However, I will share with you some truths I have found to be universal for most people’s experiences.
First, you do not need to know everything. The fact is many different elements go into building a successful business. You do not need to be an expert at all of them, but you do need to be able to foresee problems and obstacles. As you identify roadblocks, you can begin to strategize methods to overcome them. Identifying the skills required to overcome these barriers will help you determine whom to look for as an expert in any given field and ensure you have the right people in place. If you can not find someone, then you know what areas “you” will now need to become an expert in to succeed.
Second, you need to understand successful businesses are not about having the best product. They are about your customers feeling they are getting the most value. Here’s an example I use to illustrate this point.
Imagine you lived on a piece of land your whole life and they recently found oil on it. You are about to receive a significant amount of money. Is it the oil which will make you rich?
No, the oil has been there your whole life. It never did anything for you before. The difference now is other people know it is there and it holds value to them. You need to make decisions in your business based on people. If you have a good product, then you need to find the best way to let all your customers know about it and why it holds value.
Third, building a business is like raising a child. For the first few years, you need to be prepared to get up when it calls, feed it, nurture it, and yes clean up after it. Your business is a living, breathing, organism you can never neglect, or it may die on you despite all your efforts to recover later. The dedication required to start a business means you need to approach it with a single-minded devotion to its success.
Fourth, YOU have to believe in your business. The very simple truth is some people will start building businesses just because they want one. If you rush into making something before you are passionate about its success, then you are only hurting your chances. There shouldn’t be any doubt in your mind. Friends, family, support channels, they may be counted on if your dog dies, but for some reason when it comes to building a business a great many of them will fall short. You better believe in your success wholeheartedly, because you will find yourself enduring extended periods of time where you are the only one who believes you are doing the right thing.
Fifth, the success and failure of the business depend entirely upon you. It is possible I should have listed this one first, but I feel it best to leave the most important for last. You and you alone will see the rise or fall of your business. If the company runs out of money, you did not budget it correctly. If it failed to gather enough customers, you did not market it properly. No matter the outcome there is only one place to point the blame. If you are the kind of person who prefers to think of the world as a series of unfortunate events which are completely out to get you, then you will fail at business. Worse, you will convince yourself it was not your fault.
If there is a shortcoming in your personality or character, then going into business will force it to the surface. Starting a business is like a big fire which burns away all the brush and clutter we surround ourselves with in life. When (not if, WHEN) the fire comes what will be left when it has burned away all the surface debris in your life? You need to be ready and able, at your very core, to have the best chance of achieving your goals.
This last fact is why when I have helped others in the past I have suggested that they postpone building their business for a little while longer. Instead, I use our time to work on growing their character, expanding their self-confidence, and ensuring they can remain grounded in the trials that will follow.
With that said I highly recommend anyone who is thinking about starting your own business take a moment to visit the NAKED SUCCESS program. It has been a valuable tool used to jump-start other’s dreams. Many of these dreamers desired to own a business.
Make no mistake about it. There are very few things in this world that are as rewarding as seeing something so intricate and delicate as starting a business turn into a reality. The vast majority of businesses fail in the first five years. Some people look at that statistic and cringe. I tip my hat to those who see it, choose to step up, and say “My dreams are worth it, and I am going to beat the odds!”
Go get your dream! If others can do it, then so can you!