4 Top Characteristics of Super Successful Entrepreneurships

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With so much information available to us, there’s no reason we can’t be well informed about business building. A large percent of new businesses fail because the entrepreneur are not aware of the skills they need to keep the enterprise afloat.

Most entrepreneurs have excellent skills in their profession and have enjoyed various levels of success. They have managed to schedule, prepare and provide their service or product in a way that has convinced them that starting a full fledged business is a great idea. However, the SBA reports that more than two-thirds of the 29 million startups fail each year. Something is seriously missing. Rather than looking at why these businesses fail, this article explores the reasons businesses succeed.

Jan B. King in “Top 10 Reasons Businesses Succeed” reported ten eye-opening reasons some businesses avoid becoming a fail statistic.

The first and most fundamental reason is ”The experience and skills of the top managers [owners] . Over half of business failures are directly related to managerial incompetence.”

We see the use of the term ‘management’, in thousands of articles and books. It actually means many different things according to whoever is using it. I like to refer to scientific or researched based findings for a definition of management. Frederick W. Taylor, in his works on scientific management offers the best definition of management as a science or set of skills.
“Scientific management [set of skills ] is a theory of management that analyzes and synthesizes workflows. Its main objective is improving economic efficiency, especially labor productivity.” Wikipedia
Considering Taylor’s conclusions, we can describe management as the responsibility for designing and executing a strategy with clear objectives, targets and deadlines. You also have the responsibility to design methods (systems), set standards, guide the performance of workers, and measure results. In addition, management includes hiring, training and promoting workers.  You will train and coach the appropriate employees required to successfully meet the objectives as described in the strategy. In other words, management is the organization and coordination of the activities of a business in order to achieve defined objectives. You will apply change management skills as you find the need for making the various types of changes to your established strategy and systems. People skills, such as communication and conflict management skills fall under the umbrella of scientific or skill based management. Management skills have been the focus of years of management research. Today we have time-tested and universal management skills available to managers because of this rigorous research. Of course, there will always be improvements in the discipline but basic business management skills will stay relatively the same. The best managers will continuously learn and improve their management skills.

 

A second reason new businesses succeed according to King is “The energy, persistence and resourcefulness (the will to make the business succeed) of the top managers.
Many business owners have failed or come close several times before their “instant” success. Don’t give up.”

This highlights the reason persistence and determination show up in all the results of business success studies.
A Purpose or Mission that you are passionate about will bring out the persistence and determination you need to get through the many problems you face as you grow your new business.

Md.Ashiqur Ran reported that “Albert Ellis was an American psychologist. Ellis said, ‘the art of love is largely the art of persistence’. Really, if you want to build something firstly you need to love it then love to do it again and again and it is the power of persistence. Persistence helps to conquer something invincible. ….The habit of persistence is the habit of success. Failure reminds us to be more persistent! It’s nothing.”

 

A third reason businesses succeed according to King: “A product that is at least a cut above the competition and service that doesn’t get in the way of people buying. There must be a compelling reason to buy; the product is great, the people love to provide service, and the buying experience is easy and fun.”

This reason implies the business has great Values or principles, excellent operating Systems, talented workers and customer empathy. The business enjoys values such as innovation, excellence, integrity, fun, and customer rapport. Successful businesses have also designed their Systems or operations and documented them to enable consistent application by all workers.

The workers share a belief in the Values and understand the significance of the customers

Probably the most important difference is the successful businesses have chose a product or service that is different or better than what has been available to their customers. They have found an innovative or creative way to be different and they continue to create and innovate.


King’s fourth reason businesses succeed: “The ability to create a “buzz” around the product with aggressive and strategic marketing. Make scarce marketing resources count. Do as much homework about your customers and their choices as you can before investing your marketing dollars.” There are many ways to market your business on a shoestring. The internet offers tremendous opportunities.Social media through blog posts is extremely popular and beneficial as well as you tube and podcasts. Many marketing tools are possible with a little research. Giving something away , personal appearances offering coupons and networking are just a few of the many ways you can market your new business. Uses as many as you can.

 

 These are four primary reasons businesses succeed. If you have mastered these four steps, the rest is fairly easy. See King’s article for the rest to avoid being in the “fail’ statistic.

See more “success” ideas in: “20 Directives for Small Business Success: Do or Die”

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A Time-Tested Guide to Problem Solving For Business Building

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If you are building a business you must get comfortable with the reality that you will always have problems to solve. Problem solving will be your essential responsibility as you establish and fortify your business because problems are naturally inherent when building a business.

The fast pace of environmental and industry changes leads to new problems continuously. Working with people, because of our various perspectives, leads to more problems. The changing nature and realities of our customers also lead to problems. There’s no way we can escape the need to efficiently and effectively solve these problems.

“I’ve often contended that the best leaders are the best problem solvers. They have the patience to step back and see the problem at-hand through broadened observation; circular vision. They see around, beneath and beyond the problem itself. They see well-beyond the obvious. The most effective leaders approach problems through a lens of opportunity” Glenn Llopis

Problem solving skills help you understand your business more and give you a deeper and deeper knowledge of your industry. This approach helps to establish you as an expert in your industry and these skills will help to keep you focused and calm in the face of difficulties. They will add to your self confidence and impress your workers and affiliates with your sense of control and courage.

Every expert on problem solving suggests carefully defining the problem first. This step will keep you to the task of solving the correct problem. Asking “why” is appropriate in any problem solving situation. So, asking “what” the problem is and “why” it exists will often lead to to the correct solution up front.

Beyond the simple solution, three types of problems have been identified and fall into the category of “difficult problems”. universalclass.com has provided these examples of “difficult problems” a business owner may encounter.

Intransparency– This occurs when the full nature of the problem is unclear. This might happen when some element of the industry that you are not familiar with is involved. Such as being required to provide a service in your industry that you haven’t provided in the past.
Polytely (many goals) – Here many goals must be met by the resulting solution. Such as implementing an innovation that integrates systems, matches the skills of the workers and pleases your customers.
Dynamics- This refers to a problem with time constraints. Such as the need to make a decision quickly.

If you’ve created a culture of openness and trust for your business, problem solving and frankly, all business operational matters will be easier to manage. Your workers won’t fear reprise or judgement. They will know that unusual or unpopular solutions are welcomed for review.

Your attitude about the problem will likewise influence the quality of your decisions. Affiliates will notice your calmness in the face of challenges and your resolve to make an efficient and effective decision. Each time you solve a problem in your business you will get better at doing it. Often you can look to past problem solving experiences to solve the current problem.

“A leader must never view a problem as a distraction, but rather as a strategic enabler for continuous improvement and opportunities previously unseen.” Glenn Llopis

The most widely accepted problem solving process is the Polya Problem Solving Method. George Polya was a Hungarian who immigrated to the United States in 1940. The major contribution is his work in problem solving. In 1945 he published the book “How to Solve It” which quickly became his most prized publication. It sold over one million copies and has been translated into 17 languages. He is known as “the father of problem solving”.

Polya contributed 4 principles to the discipline of problem solving. See A. Motter for a complete description of the principles.

Principle #1 Get a complete understanding of the problem. In other words, know exactly ‘what’ the problem is and ‘why’ it exists. Polya highlights the need to understand the ‘language’ of the problem and the ability to put it in your own words. He also suggests drawing a picture or diagram of the problem to help with understanding what’s going on.

Principle #2 Develop a Plan. Polya revealed that there are many reasonable ways to solve a problem. He advises to choose an appropriate strategy when solving your problems.
Some of his suggested strategies are:
Guess and check
Eliminate possibilities
Look for a pattern
Draw a picture
Solve a simpler problem
Work backward

Principle #3 Devise and carry out a plan.  Design a plan around your strategy. Basically, he suggests you must use patience and persistence when planning and implementing your strategy and of course, if it doesn’t work, they something else. He reminds us that this is how mathematicians do it. They keep trying until something works.

Principle #4 Look back. Polya suggests that you can learn a lot by reviewing your process and results. Ask what worked and what didn’t. This allows you to evaluate your strategy and be better prepared to solve future problems.

It’s not too difficult to keep these guides in mind when solving your problems particularly when you know these guides are followed by the best problem solvers. Define ‘what’ the problem is and ‘why’ it is a problem, then apply Polya’s guide to enhance the growth of your business.

More business growth guidance: “20 Directives for Small Business Success: Do or Die”

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