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5 things about successful business owners



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5 things about successful business owners

A successful business owner does many things to create their company and make it the best it can be.  There are 5 major things you'll need to focus on when it comes to running a business, and making it successful, which we'll go over in this discussion.  Sure, there are many more things you should be doing like accounting and responding to emails or tickets, but that's pretty common for everyone and not just successful business owners.

Many times a year, businesses end up failing and going under, which is actually pretty common when you think about how 50% of companies will fail within their first 5 years 5 things about successful business owners  If you're choosing to be a business owner, you should know that they odds are stacked against you and that you could likely fail within the first year, you may not even see year 5.  Making it to year 5 or even year 10 means you need to be on top of your game and focus on what the other successful business owners are like, such as:


Business owners are specialists
Business owners, new and old, specialize in something and that's what their businesses tend to revolve around.  If you think you're going to just jump into a niche and be successful, without doing your research first, you're going to be in for a rude awakening.  You may see these people starting up mobile detailing centers or selling SEO services, and that's because they've been doing the work for so long that they feel comfortable selling it to clients, and now have their own business for it.

You won't be able to claim you're the best at SEO if you just started doing it and now sell a service.  Your reviews will kill your business quicker than you could do it on your own lol.  Do the work on your own, prior to getting paid for a single minute of your time, and you will eventually be a specialist in the industry you're targeting and you will now be able to be more successful within that niche in a quicker amount of time 5 things about successful business owners


They are willing to ask for help
Successful business owners aren't afraid to reach out and ask for help.  If they don't know how to do something, they will ask a friend or even pay a freelancer to come in and help out.  I know plenty of successful business owners who rely on others helping out in order for them to make money.  They've gotten to the point where they're so successful that they now have to manage everyone, and they can't even do the work themselves anymore 5 things about successful business owners

You'll need to set your ego aside and reach out to a friend or family member that you know has the knowledge to help you, and ask for them to come in and fix something or just show you how to do it.  The smartest people in the world understand that they don't know everything, and they're not afraid to ask questions, which will make them even smarter when they get the answer.  The same goes for running a business, if you can ask for help and see how something is done, you'll become a stronger business owner and can fix the problem on your own the next time 5 things about successful business owners


They don't invest without knowing what they're doing
Plenty of times I've heard horror stories of business owners investing in something like a web design, programming, a fancy office, or anything else they think they need for their business but they actually don't.  Doing these odd investments that you don't really need to do will only kill your business.  Instead, research every little aspect of what you think you need, and you'll likely figure out a better way to do something and likely it won't cost nearly as much 5 things about successful business owners

People tend to latch onto the first opportunity that preaches quicker something, whether it be quicker working processes or quicker turn over times, people will pay for the speed up of their business.  Usually it's not needed and you can just work on how you process your own things, so be sure to go through and not waste money on something you could have fixed yourself 5 things about successful business owners


The work on their price points all the time
A successful business owner won't just price their items or services at what they think they're worth, they will do competitor research and figure out what the low price, medium price, and high price for something is.  They will then evaluate the companies selling for each level and see where they think they fit in, then they will beat everyone in that level and be on their way.

Normally, the business owner will begin to do this in the first stages of the business' life and continue to do it every few months to stay on top of things.  Being the lowest makes you look cheap, and you'll get cheap customers.  Being the highest will get you less customers, and maybe none at all, but the ones you do get will not worry as much about their money because they have plenty.  Being right in the middle means you have people from both spectrum, and this will usually get you people who have enough money to pay you but might worry if you're not producing anything while the upper levels will pay you and maybe want a weekly update of what you're doing 5 things about successful business owners


They are constantly marketing and branding
Great business owners are always marketing their products and branding their business or website along the way.  It's like the marketing script just flows out of their mouths every time they talk to someone, which could get annoying at times, but it's not a big deal because they're successful 5 things about successful business owners  Branding takes time, but can be done easily if you have business cards and the proper online marketing campaign on all the social media profiles as well as on your emails, which the successful business owners are doing.



In conclusion
To be a successful business owner, you need to always be working and be unique to a point where you can rarely point out a competitor that is just as good as you.  Sure, they will be plenty of competitors in any niche, but you have to show why you're unique and that's always a great selling point 5 things about successful business owners  In the end, you'll either make it or you'll be out of business within 5 years, so be sure to keep your doors open for 10 or even 20 years down the road by sticking to what I said above 5 things about successful business owners



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Thanks!

Tommy Carey

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kuti101

Wow Wow I must say! Those points are very vital. Point 4 and 5 got my attention.

thanks!
I have followed you, you too can follow back.

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JoeMilford

You have to constantly market and brand, right? People are not just going to show up at your doorstep and bang down your down and beg to give you their business! You have to put yourself out there and constantly evolve and improve within your own market. Also, to use you as an example, you are constantly putting out forum posts and new and useful content. In this way, people do start to think of you as an expert in your niche, and so this is the type of business-based behavior that we should all pursue or emulate. Your advice on pricepoints is also very interesting and useful, and I take that to heart. In the beginning, I know I was pricing my products too expensively, and I learned how to mark things down and how to make purchases more appealing to my audience, so it's a constant learning process, to be sure.




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Corzhens

Evolving and improving can really make you a successful business owner. That’s what I had seen in the start ups some years back. One actual example is the owner of a chain of roasted chicken outlets. It’s just a kiosk but the number of outlets keep on growing that now he is considered one of the tycoons in the food business. He said that he did not stop in improving his product.




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overcast

I think people who are successful are paying attention to where they are spending. And their main focus is the cashflow. You can see that successful business owners not always going to invest into the fads. And that's another reason you can see that they focus on cashflow and the future demand. So the demand and supply cycle has to be properly considered for things to work out. I have found out that it can be harder otherwise to even notice those things.




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kgord

I think they also expect excellence from themselves and those around them too. I know someone who is a highly successful entrepreneur. He has a new business venture and everything on his web page spoke of quality and service. I think that those who want to be successful should take note of this.




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overcast

Yes that is pretty much what I have observed too. Most of the people who are into business want everything on time and perfection. So that's what makes them the better. And they focus more on the output. Though in reality that is something you may not always can do. But it is possible to do if we are persistent and execution is the key there.




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DarthHazard

Asking for help is one of the most important things. I think a lot of people are sometimes just too proud to ask for help which can actually become the downfall for them. If you don't ask for help, you will struggle to do well and because of that your business will suffer as well. There is no shame in asking for help or advice from someone because ultimately it can help your business and it could potentially lead to it growing even further.




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vinaya

I am more concerned with #3. I invested in online and offline businesses because my research told me that there is money to be made in these niches. However, when I started businesses, I understood that there is money to be made but the process is very difficult. When starting a business, you need to know whether you can actually make it happen or not. You need to consider your skills as well.




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kaka135

Thank you for sharing these great tips! I am a freelancer, and I am still learning how to set up a proper business as I am not working hard enough yet. I think being well prepared and always learning are important for a successful business person after reading your tips. I have a cousin-in-law who always dived into a business when the industry seemed to be profitable, but he always ended up closing down the business. I guess he didn't really study enough on that business but just followed the trend. I will remember these points and I will keep improving myself.




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Judas2018

To be a successful business owner you have to be obsessed. With your business, and everything about it. Including how to make it better and keep it successful.




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AmieBotella

I must say, this also applies for businesses that do not rely on online marketing. Offline business can follow these rules too. I just realized that my steps before when I established our small business does go on with this strategy. I specialize in my products. Back then we used to sell construction products particularly the roofing products. I am not afraid to ask for assistance from suppliers. We studied each suppliers on where we can invest and earn more. And oh did we always follow competitors' prices. We target sales and Lastly, we market all over. We need to have at least 10 new prospects per week in order to win around 3-5 of them. This is where our work depends on really. When we cannot fine new prospects, our sales will eventually follow down. I am proud to say that we did this when I was in my early 20s. And now, we are trying to learn this whole new (or not so new) world online. Hoping we'll succeed here as well.




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Everett

Ever since starting my business online, which is my own marketplace for selling my own scripts - perhaps some of you have seen that website - it has been very stressful for me.

I am so backed up with support requests that I can not keep up. Another thing is, even if I want to hire someone to reply to those support requests I won't be able to pay them so I have to do all the work.

I love being able to have my own online business, but it is sometimes very stressful and frustrating. It has come to a point now where I have to change things up a bit. For instance, the website offers 24/7 support for every script purchase. I can not do this anymore because it's really exhausting and I am only one person so I have to change that, and maybe add a feature to charge those that want the support. A lot of marketplaces in the field in which I am part of are starting to add monetized support options and I now know why -- too many support requests for such little time!

So if you are thinking about starting a business online, make sure you can provide outstanding support.




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Martinsx1

These points listed and discussed here on this topic are very good and well detailed, but I would like to add one more piece to it which is "PERSISTENCE". I personally find this quality as the most alluring feature that ensures the continued successful of any business man or forum owner or any one out there in the world with anything he or she specializes on.

It's where others gives up that the success of another person begins. So therefore having that granite to not give up even when things are difficult with lots of challenges is what makes one successful business individual different from others who lag behind.




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Corzhens

It is a wrong move to put up a business that you know nothing of. I agree that you have to be a specialist and better if an expert in the field before you put up a business. In one forum yesterday, I have read a post about wanting to put up a website that will sell electronic items. The idea was taken from one store in the mall that business is great because people are after the technology. But the potential business owner doesn’t know what the business is all about. It is a given that such kind of business owner is doomed to fail. But in fairness to him, he is doing a research for the viability of his planned business. At least he can get honest opinions from the forum.




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