What are 10 golden rules that set the foundation for starting a small business? Building and advancing on that, how best to move forward and succeed in your own business?
STARTING IN BUSINESS: We are not claiming to have the only magic formula for every single business to triumph.
Even so, these ten basic ground rules of building a successful business are a good place to start. They should be enough to get you moving in the right direction and keep you running on the right track.
Research shows that, as a rule, the winning majority of all successful business owners and champions share these top ten practices.
Join us in staying ahead of the game. Take a few minutes to absorb these essential business guidelines. Learn how to prosper and flourish from the advice of top entrepreneurs.
The first ground rule of setting up your own business is clarity. Not only do you need a clear vision (destination) but you must also believe in it. Every successful business has a roadmap to follow.
A business roadmap should be one made of reasonable goals with achievable results. You must like whatever you do and 'truly' believe that it will be a success - and legal!
Starting a successful business is like building a jigsaw puzzle. You need to find all the right parts to complete the final picture. Use your best influence with venture partners.
Work with people who fill the gaps in your weaknesses or compliment your skill sets. Tycoons rarely make it big in business by themselves alone.
Having only one of anything is often a recipe for failure. Diversification is a huge benefit. It can help you sell multiple products or provide more than one service.
Most prosperous business people say confidence comes with success. But you need to build your confidence to gain success. Let's face it, people will not believe in your idea unless you do too!
You can increase your own self confidence by gaining extra experience. A good step is learning some new skills in your industry. Feedback from your customers is vital. You need it to make business improvements and reduce costly failures.
Entrepreneurs and tycoons consistently aim for top results. In fact, they get driven by results. They make things happen - and often! The most successful business people plan for success. They achieve it, they duplicate it, and then they expand and multiply it.
The road to success is bumpy and it seems never ending at times. Making solid commitments, and following them through with decisive action, is an invaluable quality. Work hard, work smart, but most of all - take care of your health and your mind.
Persevere and it will reap rewards. Success rarely happens without perseverance and tenacity. Few magnates reach the peak of industry without sheer determination. Going the extra mile and fighting battles outside of their comfort zone is the norm.
You need to understand enough about your market and know when to enter into that market (or not). Try to understand the changing needs of your business. Anticipating market trends is often the difference between success and failure.
Marketing is crucial and ignoring it could be fatal. If it is not your strength, find someone who can do it for you - effectively!
People are the engine room and the lifeblood of industry. Thus, building personal and business relationships is an integral part of success. Cherish and respect your team, your service providers, and the vendors.
Embrace the web Internet and the wonders of modern information technology. Consider it mandatory if you are serious about succeeding in business. You may be old school and refusing to accept the web as a serious ally. But, your customers are using the Internet to find the products or services that you offer.
Learn how the web helps businesses grow through online sales and Internet marketing. They often dominate local searches for your niche. Ignore it at your peril and then your competitors will thrive instead of you.
One core characteristic overlooked most often is good old fashioned instinct! The mindset of a successful business person is built around intuition and instincts.
Yes - research all the facts before making a decision. But, in business it often comes down to what feels right and what does not!
10 Tips for Building a Successful Business in the United Kingdom