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21 Success Secrets to Build Up Your Business

Two teenage girls gossipingBrian Tracy in his book called The Way to Wealth, Part I, has described 21 sucess secrets to build up your business that I want to share with you in summary.

1. Determine immediately what you want

Seven steps to achieve goals:
1. Ensure what you really want
2. Write it
3. Create a time frame
4. Prepare to do lists
5. Prioritize
6. Take action
7. Every single day, do something that take you closer to your goals

2. Determine that enrepreneurship is the right thing for you

There are two key qualities that you have to bear in mind: courage and persistence.

3. Choose the right business

Start with yourself, your gift, ability, experience, knowledge and background.

4. Identify your customer clearly

Who is your customer? You must be able to answer that question. Explain in detail. Why the customer buys from you? How big is the market for your product or service?

5. Research before you spend

be an expert. Read magazines, article, business stories, surf internet to find the relevant information. Ask the customer whether they will buy your product or service. Ensure that the market is there. Test the market.

6. Do strategic business approach

Stand behind and see your business from objective perspective. Ask key questions. What do you actually sell? What your customers' need? Determine your mission. What is your strength? Identify your competitor. Why someone has to buy from you instead of someone else?

7. Develop a business plan before you begin

This is the hardest and the most important process. Be realistic with your business.

8. Do all things necessary to ensure business success

A. Your product or service must be suitable with the market
B. Develop a compelete business plan before beginning
C. Complete market analysis beforehand
D. Tight money policy
E. Key persons must have integrity
F. Sales and focus on marketing

9. Avoid mistakes that may result to business failure

A. Lack of focus
B. Impatience
C. Greed
D. Lack of financial control
E. Bad quality product or service
F. Lack of working capital
G. Lack of sales

10. Remember the goals of business

To create and to maintain customers.

11. Focus on 5Ps on marketing

A. Product
B. Price
C. Place
D. Promotion
E. Positioning

12. Focus your thought on sales

Sales is a critical thing in business. It creates cash flow for the company. Every successful business has a high sales and predictable.

13. Keep on promoting your product or service

Test, test and test! That is the key to succeed in promotion.

14. Use internet to increase sales

15. Apply corridor principle

Launch your business even there is no guarantee of success.

16. Take money that is necessary

Guard and watch your cash flow. It is your blood stream.

17. Use technology

Time management is life management. Use technology so that you can provide service or deliver product faster.

18. Use every minute of your time

Apply the pareto principle 80/20. Determine which 20% of your time that has 80% value. Increase your productivity.

19. Dedicate yourself to lifelong learning

Continiuous learning is the minimum condition for success in your field.

20. Slow to employ and quick to teminate

Choose your employees carefully. 95% of your success is the consequence of your employee's performance.

21. Apply seven success secrets

A. Determine what you really want
B. Pay the price
C. Accept the responsibility
D. Total commitment to your success
E. Work hard, hard and hard
F. Manage your time
G. Support your plan with determination and persistence.

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