The Real Deal or No Deal – How to be Successful in Business
After starting my career at the first and oldest bank in Australia, I learnt a lot about making sure a client was a good risk before lending them any money. This is the theory of business, combing theory and practice.
There are a variety of ‘Success Factors’ that people aspire to in business. These may include:
- Profit
- Freedom
- Flexibility
- Challenge
- Innovation
- Power
- Personal development
- Legacy
As my business has grown, I have helped other businesses grow and develop through training and consulting. What I have found over time is that successful business owners have certain traits that contributed to their success.
1. The Real Deal or No Deal
Become a Successful Entrepreneur
Successful entrepreneurs are very good at assessing whether or not an opportunity is the real deal or not.
They are also willing to say no deal.
This is not just a value proposition or risk assessment concept. They rely on both instinct and data. However, sometimes instinct is wrong and they will still look at the data. Other times, instinct is right and the data is incomplete but they will use a variety of other assessment tools to determine the viability of the opportunity.
Most importantly, they are willing to walk away. It could be the best deal in terms of data but they seem to have a sixth sense about whether or not they should get involved.
2. They see the Big Picture
Business is not just about money. Some of the most successful entrepreneurs and business owners do not make loads of money. But they have a clear sense of purpose about their life and their enterprise. They empower others and create opportunities for them. They have a sense of social responsibility.
The saddest business owners are those who are motivated by money. They often do not have enough time for the simple joys of life and have lost touch with themselves, their family and friends.
3. They are Honest about their Capabilities
True entrepreneurs know when to get professional advice. They are also able to differentiate between good advice and loose talk, which usually sounds great but it does not help in effective a decision-making.
They know how to delegate to the right people and are confident in recruiting. It is important to remember that good leadership requires authenticity and adaptability, so responding to the daily and longer term challenges often requires a review of the people involved and the willingness to make tough decisions and implement them.
4. They are Constantly Learning
It is impossible to be in business and sit still and rest on what you already know. This does not mean that you have to be up to date about every latest development, but you do need to have an understanding of deadlines, your competitors, the market trends and the tools that you are using to achieve your goals. For example, it is not always necessary to know how all of the different social media networks operate, but it is important to know how they can be utilized for your advantage and how they can affect the business.
5. They are Fit and Healthy
The best business owners know that they need to sleep, eat well and exercise to maintain their energy, ability and appearance. Some of the most influential people in the world start their day early, meditate, exercise and monitor their diet and health for optimum performance.
6. They can Handle the Truth
True entrepreneurs take full responsibility for their actions. They are willing to admit when they are wrong and do something about it. They have the resilience to get up again and again and again after being knocked down. They apologize willingly. It is not about saving face, it is about saving the business.
7. They Keep an Eye on their Competitors and their own Metrics
This is not to steal the business from someone else. It is designed to make sure they are keeping up to date with what is happening in the marketplace and how each player in the game is adapting to the influences and variables.
Likewise, they keep a close eye on their performance and they know what needs to be measured and they monitor it. They have learnt how to read financial statements and identify both good and bad trends. Forewarned is forearmed.
8. They Surround Themselves with other Successful People
Entrepreneurs don’t always come from entrepreneurial families. So they may not have the support of the family. They need to start from scratch, and find their own way forwards.
9. They are Constantly Working on their Mindset
To perform at your best, you need to be able to understand yourself and why you do what you do. Entrepreneurs are able to identify when a particular issue is impeding their progress and they work out how to overcome it. For example, they may hate ‘doing the books’ so they try and understand their own reluctance to undertake that task, try to overcome their resistance and keep control of what they need to do and delegate the rest. This could involve seeking professional therapy and it may bring up uncomfortable feelings, but they understand that to be successful, their mindset needs to evolve.
10. They Share Credit
Truly successful people are usually the first person in any group to say thank you. They give specific feedback. They acknowledge great effort. They also realize that they are in a position of privilege and they need to share their rewards, either intrinsically or extrinsically. They also plan for the ‘leaner’ times and have backup resources available if required. They never assume that all of the rewards are exclusively for them – because they understand that by sharing the rewards, more will come – there is enough for all.
A successful entrepreneur will always leave behind a legacy and share his knowledge with the younger generations.
