These three key components can help you become an entrepreneurial success story
In this age of rapid economic expansion, itâ€™s currently easier than ever to start your own successful business. People from different backgrounds, with varying degrees of limitations, have all started and built thriving businesses. And theyâ€™ve enjoyed varying levels of success by focusing on three key components.
1. First, you must find the right business for you. Next, you need to be passionate about the business you choose. And lastly, you must be willing to dedicate time and effort to the business before realizing any fruits from your labor. Follow these basic principles, and you, too, can be an entrepreneurial success story.
Seventy-four percent of all self-made millionaires in America today made their fortune by building their own successful businesses. And hereâ€™s an important point: Many of these people never owned a business previously. You do not need to have experience in entrepreneurship. You just need to learn everything necessary about your particular business and then apply it as you go along.
Confucius said, â€œA journey of a thousand leagues begins with a single step.â€ The most important single quality in starting and building your own successful business is courage. Like the starship Enterprise, you have to have the courage to go where youâ€™ve never gone before. No matter how many other people have started and built businesses, when you embark on this journey, you are going to feel like you are the first person who has ever done it. And, in your terms, you are.
2. Make a Career From Your Passions
Passion is the critical factor in determining business success. As Peter Drucker said, â€œWhenever you see something getting done, you find a â€˜monomaniacâ€™ with a mission.â€ Every single business needs a dedicated champion who lives and breathes the success of that business and enterprise.
Many people start businesses selling products they particularly like using themselves. Others start businesses because they are passionate about the technology or the science involved. Some start businesses as outgrowths of their hobbies or their interests in life. Look around you at the parts of your life you enjoy the most. Think about the products and services you have the strongest feelings about.
3. You Have the Most Valuable Assets You Need
When you start your new business, the most valuable assets you have are your energy, imagination, character and discipline. It is your ability to get in there and do the work to create the results. It is your ability to make the key decisions and to get out there face to face with the customers and make the sales. It is the ability to follow through on your commitments and promises. Ralph Waldo Emerson once wrote, â€œA great institution is the length and shadow of a single man.â€ Well, even a small organization or company is the length and shadow of a single person. You are the business. The business is you. The business can never be more or less, better or worse, than you are, on an hour-by-hour, minute-by-minute basis. The business is really a mirror image of your character and ability. Your business tells you and the world who you really are.
There has never been a better time to achieve financial independence by starting your own business than today. Anything that anyone else has done, and especially something that millions of other people have done, you can do as well, and probably even better. You can piggyback on the knowledge and experience of hundreds of thousands of entrepreneurs who have put their best ideas and insights into books, tapes and courses. You can become one of the most successful businesspeople in America by simply doing what others have done before you. There are no limits, except the limits you place on your own imagination.