The process of running one's own business?

Answer 1

Building and running a business requires substantial amount of thought and skills that go hand in hand. Some people count on education while others believe its risk which is a factor to building a business. There are several factors which lead to successful businesses. Here is a short and simple list of steps to help you get a lead in starting and running a successful business.

1. Humility : Being humble is what makes a difference. Always give a passion for learning more by accepting you don't know. This will open doors to a lot of knowledge and skills.

2. Study and study : Business Literature is available in plenty. Try to gain the knowledge of business.

3. Give a habit to listening : Wherever you dip your hands in business will have its own puzzles to solve. Try and try it until you meet success.

4. Maintain a Board of Directors : Many large corporations keep Board of Directors. This can be one of the reasons for their success since the important decisions taken are done by the board. Keep a faithful yet sharp minded board of directors who would assist you in taking decisions. Do not fall to the advise of one person. Listen to as many advisors as possible and then analyze on their advice since every time the advise may not be true.

5. Get New team of advisors if you dont find comfort with the existing : Get rid of advisors if you feel they argue with you constantly on every matters of the business. If you feel they don't support your discussions in almost 90% of the decisions done, look for new trusted advisors.

6. Make sure your business deals are a success : Building successful relationships leads to successful businesses. Relationships in business are built on trust. The more stronger the trust, the more successful is the business. When working with clients, see that your clients and partners succeed because they will ensure you succeed. If your clients aren't acting, then fire them and get newer clients.

7. Honesty hurts : Learning to deal with pain when something goes against you makes you fit and better for the business. So learn to deal with the pain in business.

8. Don't be greedy : When getting into deals, see that, you make the most of it, also on other hand see that people who get you into deals wont bring to you greedy ideas and promise you a lot. See that you stay away from greed so that success doesn't flee.

9. Get into good deals : See that you always enter deals which are simple and good. Don't enter into complex deals or else you'll spoil everything.

10. Work Hard : Be determined to work hard. Hard workers are always winners. Facts show executives perform better and work much harder than other category of employees. If you manage five people, then you are the steward for the careers of five people. Try to convert the word "Manager"" into "Servant" when you hear it. This will help you understand better.

These are just the tips to successful business. Hope this helps.