Do you have the dream of starting your own business any time soon? Here are 21 great
ways that Brian Tracy, one of the world’s most renowned speakers, authors, and business
consultants says you can. We present in a single document, the 21 Great Ways to Start
and Build Your Business as presented us by Brian Tracy.
1. Decide exactly what you want to do. Clarity is very important in starting and building your own business.
2. Determine if entrepreneurship is right for you. Not everyone is carved to be an
3. Select the right kind of business. Your failure in one business doesn’t mean you cannot be successful in another. Begin with your own talent, knowledge, and interests; something
that grabs your attention.
4. Identify your customers clearly. Who is your customer? Failure to answer this question is a reason for the failure of many businesses.
5. Do fast, cheap market research before investing your hard earned money.
6. Approach your business strategically. Be tough on yourself and on your own ideas. The
more time you spend thinking through hard questions, the more likely your business will transform into a successful enterprise.
7. Develop a complete business plan before you start your business. Many successful
entrepreneurs take weeks, sometimes months, to develop a business plan. Fortunately, there are many software that can help you develop one.
8. Do everything possible to assure business success. There are requirements you may
want to comply with in order to achieve business success. Practise frugality in every business transaction, be competent and a person of integrity.
9. Avoid the mistakes that lead to business failure. Various studies conclude that most
business failures have some things in common:
* Lack of direction.
* Impatience, or trying to accomplish too much, too soon.
* Greed; trying to charge too much to get rich quickly.
* Poor cash control; spending recklessly.
* Poor quality of products and services.
* Insufficient sales, or a lack of enthusiasm in the sales department.
10. Remember the purpose of a business. Many people think the purpose of creating a business is making profits, but that is wrong. The main purpose of every successful business is making and keeping customers.
11. Focus on the 5 P’s in marketing:
* Product: What exactly is your product for the market?
* Price: How much are you asking for the cost of your products and services?
* Place: Where you sell your products and services.
* Promotion: How do you advertise or market your product?
* Positioning How your product is thought about in the hearts and minds of your customers.
12. Focus single mindedly on sales. In starting and building your business, sales are the most important in making your business a successful one. The more people you see and tell about your products, the more of the products you sell.
13. Advertise your products and services continually. Failure to do so is like winking at a girl in the dark. Three keys to advertising; test, test, and test. If any ad isn’t bringing in sales, stop it immediately. You’re hurting your business in the process.
14. Use the internet to boost your sales. The good news is that you can start your website at a cheap cost today. Register your business name as a domain name as soon as possible.
15. Practise the ‘corridor’ principle. Failures always wait for everything to be just right. If you wait for things to be just right, you’ll wait forever. Successful entrepreneurs start before seeing other doors open to them.
16. Get the money you need. If you run out of cash, your business will die. Banks do not
lend money to startups. They’re in business, and may not want to take the risk of investing in your startup.
17. Make use of technology. You can use technology to serve customers in a more efficient, yet cheaper way.
18. Make every minute pay. Your time is your most precious resource. Use the 80/20 rule
in your business. The rule states that 20% of the things you do bring 80% of results.
19. Dedicate yourself to lifelong learning. Continuous learning is the minimum requirement in the success of your field. Add to your knowledge and skills continually. Read one or more
hours a day. That will make you better than your competitor.
20. Hire slow, and fire fast. 90% of your success in business will be determined by the
people you employ. Look for people with good attitudes and pleasant personalities, and those who believe in what you’re doing.
21. Practise the 7 secrets of success.
* Know what you want.
* Determine the price you need to pay.
* Accept 100% responsibility for your life.
* Bend bridges, never think of turning back.
* Be willing to work hard, hard, and hard.
* Use your time well.
* Back your plans with determination and persistence.
Written by: Jonathan Adzokpe (Author, The Realities of Life After School)