Key Business Success Factors
1. Do What You Love
Ensure that you are in a business that interests you. This doesn't necessarily mean that you have to be in love with the product or service that you sell; however, you must enjoy aspects of the business otherwise you won't be motivated to give it 100% of your focus. And it will need a lot of your focus and energy, especially in the early stages!
To help determine this point, you could ask yourself the following types of questions:
* What do you really like to do (in a business sense)?
* Are you an ideas or action type of person? Or a bit of both?
* In which 20% of your talents do 80% of your results come from?
* In other words, where do your key skills lie?
It really all boils down to one question though - what are you really passionate about?
Another critical point which goes a long way to determining business success is your Niche. Without exception, the majority of successful business owners I know can tell you in a couple of sentences exactly what it is they love to do and why it has made them wealthy.
Without a precise understanding of your Niche your chances for success are greatly diminished. After all, it’s very difficult to hit a target which doesn’t exist or to win a game when you don’t know what it (winning) is.
Ask yourself what you are trying to achieve in this business venture:
* Do you want to make quick cash?
* Do you want to develop and grow a sustainable business?
* Are you interested in high cash-flow or developing assets? Or both?
* Do you have BIG aspirations or are you just looking to develop a hobby for some part-time cash?
Keep in mind that your Niche can always be adapted down the track if your situation or the market changes.