Are You Preventing Your Own Success?

Are you standing in the way of your own success?

Do you set your goals so low - with a back-door planned - so you can escape the responsibility to make a commitment or achieve success?

I was reading a newsletter from Michael Port of Book Yourself Solid fame. He referred to the statistic that 80% of small businesses close within 5 years. He doesn't believe it's because of an overly competitive marketplace. He said...

I think 80% of business owners fail in the first 5 years because of one of two reasons. Either they haven’t made a non-reversible, do whatever it takes, no holds barred, beyond a shadow of a doubt, absolutely no going back, stick to it like super glue commitment to finishing what they start - to make their business work. Or, maybe they have. But, they haven't found a system that is proven to work so they can replicate it and succeed.

Recently I was speaking with a small business owner - another marketing consultant in fact. This lady is very experienced and switched on. She knows her stuff. I've known her for some years.

But in talking with her I perceived that her business success wasn't absolutely critical because she and her husband were well established. And her husband had a well-paid career.

This issue came up because my marketing consultant friend was wondering about setting revenue targets, and what to do for her own marketing activity.

I made the point to her that unless the revenue from your business is 'essential' to your personal situation it is easy to become too relaxed and not really commit to doing what needs to be done.

Developing a small business into a sustainable revenue stream is hard work. You need to be persistant. You need to learn. Only a rare few have a 'dream run' and reach their targets easily.

What I'm suggesting here is to take a reality check...

** Are you doing what you're doing to develop a serious business?

** Or, are you doing what you're doing as a part-time occupation, never really expecting it to take your full commitment?

Either decision is OK... just be realistic about what you expect to achieve.

Then make sure you put in the appropriate effort to learn, try, test, learn again.

10 Tips for Business Success

Dan Martin reports from the Business Startup show in London and highlights the presentation given by Rachel Elnaugh (a well-known UK entreprenuer). Here are her top 10 tips - suitable for just about any business I think - not only startups.

1. Is your business worth saving? If it's simply not working, move on.

2. Don't let the doom and gloom get to you. There are thousands of businesses doing brilliantly well in the current climate.

3. Why aren't they buying? Build in feedback loops about why customers don't buy. And remember, price cutting may not be the answer.

4. Is your marketing working hard enough? Keep a track of how your customers find you. If it's referrals, reward the referrers!

5. Banks aren't the only source of finance. Think who has interest in your business: key customers, key suppliers, joint ventures etc.

6. Money isn't the only form of wealth. Bartering, for example, is a powerful way to accelerate your business.

7. Spend time every day planning. If you're on output all the time, you won't get as far as if you step back and think about where you're going with your business.

8. Get help if things are going wrong.

9. Don't let the fear get to you. Everything you think about you get more of so think positive!

10. If you do 10 things and 9 go wrong, focus on the one that worked!

For more information and links visit the article here.

Making Your First Million-dollar Sale

If you dream of making your first million-dollar sale then read these success stories from Inc.com of how four entrepreneurs made it into the big time.

It's interesting to note the main elements of success, and how they are common across many success stories.

* Being prepared for something BIG. Knowing what might happen and making contingency plans.

* Having patience. Big deals, with big companies, can take many months to mature after the initial presentation.

* Talking to the right people in the client organization. Sometimes you need to work around existing channels to get your message across.

Reminder: Don't lose sight of what is possible. If you want those big deals worth big bucks, then put in the homework and be prepared to work hard to make it happen. It's rarely an 'overnight' success!

The facts behind an inspirational start-up story - Trunki

It all started off well. Australian entrepreneur Richard Farley sat on the brightly coloured suitcase and Rob Law wheeled him around the studio. But it was when Theo Paphitis, one of Farley's fellow millionaire panellists, decided to get involved that disaster struck. The boss of...

Continue reading here...

Another real-life inspirational start-up story. Trunki, the ride-on childrens suitcase.





KEY TIMELINE

1997 - idea for new product and business
2003 - launches parent company and develops first prototype
2005 - Chinese licensed manufacturer goes belly-up
2006 - Appeared on UK start-up show Dragons Den seeking 100,000 pounds; and gets rejected
2007 - 23,000 units sold since Dragons Den; now 100,000 units sold worldwide to date

For the full story visit Business Zone UK.

Starting a new business can take many years. Getting new ideas, new concepts, and new products into the market place can be frustrating and is rarely easy.

However, this start-up story shows - yet again - that if you believe in your product, and have a good understanding of the market, you can achieve success even after being rejected and written off by others who may be seen as 'experts'.

What makes you successful?

Business 'incubators' are designed to help fledgling businesses get support and access to resources to succeed. But does that work? What do you need to make your business a success? Do you need a complex (and maybe expensive) support network?

This post from the Sydney Morning Herald blog discusses the pro's and con's of government sponsored business incubators. It includes this key point:

Here lies a harsh reality: small and open markets, as opposed to closed and coddled regions, force businesses to think and act globally.

Many new ideas languish because they dont have a good connection with what the market wants. It is important for start-ups to have a sharp focus on market needs, and direct communication with their target audience.

In short, start-ups (and new business units of larger companies) need to be innovative and push through barriers, taking advantage of market opportunities. Waiting on help from others - be it an incubator or other advisors or partners - can often lead to a lack of responsibility on the part of the founders to take action.

Business incubators can provide valuable connections with universities, government agencies and business support services. The danger for startups joining the incubator is that founders may lose momentum and focus, whilst they deal with the various parties now involved in their venture.

Retail and technology main sources of new wealth.

Here in Australia the BRW magazine publishes an annual 'Young Rich' list. It's fascinating reading. One of the most interesting comments from a BRW writer says:

Retail and technology are still the principal sources of Young Rich fortunes. While these sectors are extremely crowded, they also have relatively low barriers to entry - anyone with a computer can start a web-based business, and budding fashion moguls can start building their empires by designing T-shirts in their bedroom. That said, the businesses that survive and prosper need robust processes and systems plus good marketing and distribution.

This goes to show that a good idea is only the start. Businesses grow from hard work and the right strategy and systems.

Data from the report shows that the Retail and Technology sectors account for 20% each of the Young Rich list. Services (other) makes up only 4%, and just 1% of the rich list comes from the Transport sector.

Geographically, New South Wales has 35% of the Young Rich, with Victoria claiming 29%. Queensland has 18%... with a surprising 11% residing overseas.

And it's good to see that 'marketing' gets mentioned as a key success factor. Need help with your marketing?