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10 Crucial Aspects of Business Success

Monday, December 04, 2023

10 Crucial Aspects of Business Success

The fact that so many do not know, so many deny, and so many have political agendas and vested interests in concealing is that the marketplace is perfectly willing for you to be as rich as you decide to be.

Yes, for anybody to be as rich as they decide to be. It is also perfectly willing to let somebody be poor.

There should be a mandatory, ongoing class just on this through all four years of high school, taught in each area by successful entrepreneurs. Instead, people are “educated” but left entirely in the dark about this. This should be a mandatory weekly class for people getting unemployment welfare, food stamps, etc. – attend and pass comprehension tests or get no hand-outs.

Most people see success all around them while giving no thought to the principles behind it or to duplicating it for themselves. You have to wonder how many poor people watch Duck Dynasty, but never once recognize that it is the result of a guy making a “better” duck call (product) in his shed and going out and peddling it, store by store, selling 6 here, 12 there.

Duck Dynasty

KFC exists because an old guy who’d failed several times had a great recipe and, sleeping in his car, went out and peddled it to one restaurant owner at a time. Hobby Lobby began with a single store and $600.00 of capital. KFC is the oldest story, Hobby Lobby is somewhat old, and Duck Commander is relatively new.

The dating of the story doesn’t matter, because they’re all the same story. If a story like Duck Comander is patiently explained, most shrug it off as a “freak episode”, refusing to see it as yet another of thousands of similar stories occurring every week, in which heroes – ordinary people who are determined to raise themselves up, plot lines, and modus operandi of the heroes are all the same and in aggregate offer overwhelming proof of the marketplace’s willingness for anyone to be as rich as they, themselves, determine.

I first had to convince myself of this fact, then make it my own, when I was poor. I’ve spent much of an entire lifetime working at persuading others of this fact and learning to ignore the majority who refuse to hear it. Dust from my feet. I think about others who knew or know facts and fought or fight against their rejection by the world.

Branded heretics and fools for knowing that the earth is round, not flat; that smoking tobacco is deadly; and that constant connectivity to devices and the internet destroys intelligence and capability.

In this case, the fact that the marketplace is willing for anybody to be as rich as they determine is a very inconvenient, uncomfortable, offensive fact for the overwhelming majority of people – including most academics and educators who stand firmly in the way of such heresy being taught. People have been and are persecuted for promoting this fact. It is as offensive to most as “fat is choice” is to fat folks. (To eat a candy bar, you must choose to eat it, get it and unwrap it. It doesn’t happen to you.) Others’ ignorance, willful ignorance and offense-taking of this vital fact does not need to have any sway over you. You can own this fact.

Now here are your 10 crucial aspects of business success.

10 Crucial Aspects of Business Success

    1. You must know your market. It's the cornerstone of everything. If you don't
        understand who you're selling to, what they want, and why they want it,
        you're just throwing darts blindfolded. Your market is your roadmap; without
        it, you're lost.

    2. Now, let's talk about standing out (USP). Your business must have a unique
        value proposition. It's not enough to be just another player in the game. You
        need to be the game-changer, the one that customers can't ignore, the
        business that brings something to the table no one else does.

        The big question is “Why would I do business with you or why should I buy
        your product vs anyone else’s?”

Unique Selling Point

    3. And then there's marketing. Folks, effective marketing is the lifeblood of
        your business. It's not about bombarding people with ads; it's about crafting a
        message that sticks, that resonates, that moves people to action. It's about
        selling not just a product, but a story, a vision.

    4. With ads you want to have as many media channels as possible. But if your
        ads can’t sell -- there’s a problem. Sales are what keep the lights on, what fills
        the coffers. But it's not just about closing deals; it's about building
        relationships, about understanding needs and fulfilling them. It's about trust.

    5. Financial acumen – this is non-negotiable. You need to know your numbers
        – cash flow, profits, expenses. Understanding the financial health of your
        business isn't just important; it's crucial. It's the difference between sailing
        smoothly and sailing into a storm.

    6. Operational efficiency – this is where many businesses drop the ball. It’s not
        just about doing things right; it's about doing the right things. Streamlining
        operations, maximizing resources, getting the most out of every dollar –
        that's what operational efficiency is all about.

    7. The ability to innovate and adapt – this is what keeps your business alive
        and kicking in a rapidly changing world. Businesses that stand still, that
        refuse to evolve, get left behind. Innovation isn't a luxury; it's a necessity.

    8. Customer focus – remember, your customers are the reason you're in
        business. Keeping them happy, exceeding their expectations, making them
        feel valued – that's what customer focus is all about. It's not just about
        meeting needs; it's about creating advocates for your business.

    9. Leadership and team building – a business is only as good as its people. A
        great leader doesn't just direct; they inspire, they nurture, they build a team
        that's aligned with their vision. Invest in your people, and they'll invest in
        your business.

Leadership and team building

   10. Strategic planning and execution – Success doesn't happen by chance; it's
         the result of careful planning and hard-hitting execution. It's about setting
         goals and then knocking them down, one after the other.

So those are your 10 business aspects of business success…now none of this matters if your behavior is not congruent with the level of business you want to create.

If a person behaves in a way that is incongruent with their goals, and they're trying to achieve the objective they say they have, they can't get it. The achievement is a reflection of behavior far more so than attitude.

So if you want to be a real estate magnet like Trump with your name on big buildings and doing multimillion-dollar deals, then you need to find several of those people who are already doing that, identify the behaviors they have in common, and emulate them.

You're not gonna be able to be that person by emulating the behaviors of part-time residential real estate agents who hang a license in an office and sits in an open house on weekends. It just doesn't match. And if you come to the table and say, “Gee, I wish I could get everybody to come to me. I wish I could get people to be more respectful of my time. I wish I could get my employees to communicate with me in a more effective and efficient manner. And I wish I could get myself liberated from constant access via cell phone and email.”

Then you've got to align your behavior with somebody who lives that way, who operates their business that way. You can't continue to behave the way people do who have their time disrespected, have their staff in chaos, have constant interruptions, and have their cell phones glued to their ears.

So it really is about changing behavior.

I have an eclectic taste in television, and I also click faster than any clicker on the planet. I clicked into the World Wrestling Federation a few nights ago, and I didn't recognize the character, the wrestler who was in the ring beating his chest and screaming at the moment, but I did write down a line that he said. Apparently, it’s common street talk, unbeknownst to me, but he kept repeating over and over again, “Don't talk about it – Be about it.” So while those 10 aspects are crucial, you know ‘BE about it’ before applying them.

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