4. Money:
Success
Is not measured only by Money And 'Stuff' Believe it or not, much of the
potential for success in your small business depends various other factors. But
when it comes to defining success, the business magnate says wealth has nothing
to do with it. "Too many people measure how successful they are by how
much money they make or the people that they associate with," Branson
wrote on. You can business is your baby,
and cash is the food your baby needs to survive and eventually grow and mature.
If you can't provide your baby with what it needs, then why are you creating it
in the first place? Set your business up for success before it exists. Certainly, to set up a new business, you need
a money for initial investment. Many
people wonder whether it is possible to start a business with no money. In most
cases, a person does have to spend at least some cash to get a business
started, even if the only money he spends is on a business license. Many
entrepreneurs also find that success comes easier when they have money to
invest in their businesses. Without it, securing the supplies and equipment
they need and tackling unexpected expenses can be difficult. Money plays a significant role in starting a
business. In most cases, entrepreneurs find it necessary to make at least a
small monetary investment in starting their businesses. Although there are ways
to start a business with little money, a business person is usually required to
at least obtain a business license, for which a fee is charged. Even if a
person finds a way to start a business without spending any money, it is likely
that he will eventually have to invest in it to help it grow and thrive. In many cases, a new business owner will have
to make a significant investment to get his business started. However, this
monetary investment may not be a one-shot deal. Often, business owners also
need additional money on hand to help them maintain their new businesses while
they work toward attracting customers and earning a profit. In some cases, it
takes months or years to get enough paying customers to allow a business to run
on just the income it generates instead of needing additional investments from
its owner.
Many
people who are just starting out in business are under the wrong assumption
that they will only need money to buy startup supplies and advertise their
businesses. However, many other expenses go along with starting a business. For
example, a person may have to pay for business licenses and special permits to
operate his business. Credit can be just
as important as money when it comes to starting a business. If a person has
good credit, he may qualify for a loan to cover his business startup expenses.
If his credit is poor, covering a larger than expected order or handling higher
than projected startup costs may prove more difficult.
A
businessman needs money to do to start
new business:
a)
Get over the
company-name thing.
b)
Get your Employer
Identification number or EPF number.
c)
Register your
trade name.
d)
Get a Labor
licence.
e)
Get your business
license. ...
a)
Ask your locality
about other permits. ...
b)
Get a business
bank account.
c)
Get land or
building hired or purchased.
d)
Get Machinery or
equipment for business.
e)
Get electric
equipment or power supply installation.
5. Good
Work Habits:
Every
entrepreneur or businessman needs to keep a good working habits for the
business success. Intrinsic values of
human being are very much important, to be successful in personal and business
life. Good working habits includes :
| 1) Punctual. |
| 2) Initiative. |
| 3) Neat, tidy and clean |
| 4) Hard working and persistency. |
| 5) Systematic planning |
| 6) Efficient management. |
| 7) Problem solving tactics |
| 8) Follow-up for every project plan. |
| 9) Maintaining a healthy body, mind, and spirit/mood. |
| 10) Self-Control, attire, and manners |
| 11) Build a Contacts network. |
| 12) Limit mindless distraction. |
| 13) Prioritize the work |
| 14) Appreciate and reward for good work by employees. |
| 15) Good leadership |
| 16) learn from mistakes, failures or losses. |
| 17) Engage an Accountability |
| 18) Adopt work automation through new techniques and software. |
| 19) Love to learn, learn to teach and trainings. |
To
succeed at a workplace, it is ideal to develop good work habits that could
increase your productivity and job satisfaction.
Risk Taker.
Adapt to change.
Pick the job you love.
Set goals based on vision.
Be positive to learning new things.
Be the best mentor & coach.
Be a good in education.
Be a good in having know-how.
Be a good in connectivity and
contacts.
Be a bold in accepting
accountability
To
succeed in the workplace, it's a good idea to develop work habits that reflect
a desire to help the organization. Managers and coworkers enjoy working with
people who report to work every day, interact in positive ways, take pride in
their work and complete their assignments on time.
Punctuality
is a sign of professionalism and helps you stand out as a reliable and
trustworthy employee. Being punctual helps establish your reputation as a
dependable and consistent worker. If you don't get your part of a project
completed on time, you keep others from being able to finish their tasks.
Discipline
ensures individuals maintain silence at workplace and work as a single unit
with their team members to achieve organization goals and objectives. Discipline is important as it binds the
employees and also motivates them to respect their organization.
As
important as routine is, the most effective entrepreneurs understand it is
imperative they be flexible enough to pivot on demand in response to unforeseen
or changing circumstances. Being flexible enough to change direction greatly
increases their chances at success and it also enhances their own learning,
growth, and education. The routines they live by are simple by design because
this simplicity is easy to maintain no matter their circumstances. Successful
entrepreneurs make it a habit to only need the bare essentials. This increases
productivity because their set-up to work and communicate doesn't require
anything special for them to be effective whether they're at the beach or in
the office.
Simplicity
is the secret weapon effective entrepreneurs swear by. They're known to create
and live nearly obsessively by simple yet practical routines. Creating simple
routines helps them avoid taking on workloads which are beyond what they can
reasonably tackle. Successful entrepreneurs are the most productive in
achieving their desired results when they aren't overwhelmed with stress. For
this reason, they set limits around themselves. They worry less about pleasing others
and more about producing high quality work.
The
most successful entrepreneurs have mastered effectiveness because it makes them
work smarter, eliminating unnecessary effort and wasted time. Success cannot
happen with any consistency when approached in a lazy, haphazard, hit-or-miss
fashion. The most effective entrepreneurs do not entertain ease or
disorganization as a part of their decision-making process. They make sure to
be detailed, organized and fully prepared before executing on any goal or plan.
Successful
entrepreneurs never undervalue the importance of sleep. They desire to be
sharp, emotionally available, and on-the-ball in all areas of their career.
There is a proven and well documented body of evidence on the bi-directional
relationship between sleep and stress: a lack of sleep creates an increase in
emotional reactivity and decreases in frustration tolerance, which contribute
to another night of poor sleep. It's a horrible cycle. Successful entrepreneurs
do not want to waste time being up at night stressing about how poorly or
ineffectively they handled situations or people during the day. If poor
sleeping patterns are left unmanaged, effectiveness becomes impossible.
Successful entrepreneurs trust that work isn't going anywhere. They carve out
the necessary time for sleep and are all the better for it.
The
most influential entrepreneurs spend a significant amount of time in their
heads thinking and visioning. They are naturally innovative and crave being in
the constant process of discovery. They credit their imagination as their most
powerful asset. They have always dared to dream, and to turn those dreams into
a reality.
Effective
entrepreneurs rise early believing in the concept of, the early bird gets the
worm. They start each day with some form of physical activity. It's the method
they use to wake themselves up, get their blood pumping and their mind sharp.
They prefer to getting into the office before others to work without
interruption on the goals they set for themselves the night before. Getting in
early puts them ahead of the game and one step ahead of their stress. When the
environment is quiet and free of distractions they accomplish their work more
efficiently and with higher quality.
Successful
entrepreneurs increase their efficiency by putting work first and socializing
second. Socializing is important and life-giving for them. They see the value
in getting out to be around people, not just for the human interaction and
feelings of interconnectedness, but because being around others reduces stress
and increases innovation. They choose to schedule this time at the end of the
day when their work-pressures are off. This allows them to be fully present to
those they are connecting and developing relationships with.
6. Positive
Mental Attitude.
A
positive attitude helps you cope more easily with the daily affairs of life. It
brings optimism into your life, and makes it easier to avoid worries and
negative thinking. If you adopt it as a way of life, it would bring
constructive changes into your life, and makes them happier, brighter and more
successful.
There
are many advantages of a positive attitude at work, and some of the advantages
and benefits are: Creates a positive environment. Helps to Achieve Goals and
Career success. Stress reduction and management.
Positive
mindset helps you to seek happiness, health and a happy ending regardless of
the situation. Lots of successful people have recognized the positivity as the
key to success. Power of positivity may change your personal and professional
life. Thus, in the tough situations, people ask you to think positive.
Being
an entrepreneur doesn't just mean you've started a company, it means you've set
out to begin a conquest of success, failure, and overcoming your fears. One of
the most important lessons I have learned is that you must think differently to
become a successful entrepreneur.
Positive
mindset helps you to keep good relationships with your associated members,
co-workers of the business.
Positive
thinkers have more energy. Whether you
see things positively or negatively, this personality trait is called
"dispositional affect". Scientists have long concluded that those of
a positive dispositional affect have more energy and enthusiasm than those who
have more negative affectivity. That said, low levels of negative affectivity
isn't a bad thing, as these people can be more calm and relaxed.
Entrepreneurs
are usually highly energetic individuals with tons of self-motivation. However,
entrepreneurship is a battle that not many can endure. Maintaining that
entrepreneurial spirit is something every CEO struggles with throughout the
lifetime of their business.
These
two mindsets spell out the difference between positive thoughts and negative
thoughts. Negative thoughts tend to limit thinking, undervalue achievements and
generate a variety of negative feelings. Negative feelings, in turn, can lead
to lack of confidence and underperformance. People with a positive mindset, on
the other hand, tend to have a better outlook on life and are more energetic,
productive and successful.
An
entrepreneur with a fixed mindset will suffer failure and give up. An
entrepreneur with a growth mindset will take a failure and use it as a chance
to demonstrate the resilience and determination necessary to overcome that
failure. A fixed mindset views the market as limited and shrinking, while a
growth mindset sees the market as ever-growing and full of opportunities.
7. Positive Image.
Self-Image Is
The Key To Success In Business. If your image in the
business field is doubtful, deceptive, fraudulent, lying, dishonest etc., then
success to business is become very low degree and if your image in the business
field is impressive, honest, hard working, a role model, reliable etc., then
success in business life is become possible. Dishonesty can be
devastating for organizations, with high-profile cases bringing both public
embarrassment and severe disruption to organizations and their members. For
example, in 1999 Lotus chief executive officer (CEO) Jeff Papows resigned amid
controversy surrounding lies about his military record (inflating his attained
rank), his educational attainment (augmenting both the degrees earned and the
prestige of institutions attended), and his personal history (claiming to be an
orphan, although his parents were both living). Similarly, the string of lies
told by professional cyclist Lance Armstrong about his use of banned substances
caused untold reputational harm to his former teammates (many of whom he
wrongfully sued for libel), his sponsors, and the nonprofit organization that
bears his name.
Truthfulness
and accuracy are critical for effective organizational functioning, but
dishonesty (in the form of lying, misrepresentation, and fraud) continue to be
pervasive in organizational life. Workplace dishonesty is an inherently unique
behavior that should be distinguished from broader categories of unethical
workplace behavior and organizational deviance, in that dishonesty is an overt
social behavior —that is, requiring an audience to exist as a behavior.
Compared to stealing or cheating, dishonest acts require knowing fabrication of
false information, intended to deceive an anticipated audience. Thus, considering
the overt social aspect of dishonesty (compared to the relatively clandestine
behaviors of cheating and stealing) may add conceptual clarity to the construct
of workplace dishonesty, which is surprisingly absent from extant literature.
In a
perfect world, investors, board members, and executives would have full
confidence in companies’ financial statements. They could rely on the numbers
to make intelligent estimates of the magnitude, timing, and uncertainty of
future cash flows and to judge whether the resulting estimate of value was
fairly represented in the current stock price. And they could make wise
decisions about whether to invest in or acquire a company, thus promoting the efficient
allocation of capital and creating a good and positive image is essential.
1.
Creativity :
One of the important factor is that
a business needs to be successful is creative thinking. A business owner needs
to be a creative from his mindset. Creativity is a spark of an idea that a
business leader needs to achieve their goals. Creative thinking involves
thinking of different ways to do things to achieve a better result. If creativity is efficient and set an
efficient mechanism for the business, then it results in fast business growth.
The people with creative mindset
find ways around obstacles because they see them not just as roadblocks but
also as opportunities. Creativity is
noting but periodical review of business obstacles, opportunities and business
growth. The people with creative mindset keeps on
creating an ability to produce new and unique ideas. Creativity improves the
process of solving problems. Creative
thinking involves thinking of different ways to do things to achieve a better
result. It could also include :
| 1 | Re-organization, |
| 2 | Smart Planning review, |
| 3 | Hiring talent resource, |
| 4 | Smart Technological change, |
| 5 | Expansions and re-development |
| 6 | Each review has clear predefined objectives |
| 7 | The risk management. |
| 8 | Testers are valued reviewers who contribute to the review |
| 9 | Defects found are welcomed and expressed objectively |
| 10 | People issues and psychological aspects. |
| 11 | The review is conducted in an atmosphere of trust; |
| 12 | Review techniques are applied that are suitable to achieve the objectives |
| 13 | Checklists are used if appropriate to increase effectiveness of defect identification |
| 14 | Training is given in review techniques, especially the more formal techniques |
Some
important benefits of creativity in the workplace include - Better teamwork and team bonding,Increased
workplace engagement and interaction,Increased workplace problem solving and
productivity. Creativity
helps to generate ideas and approaches to solve problems. A goal- oriented
force that moves individuals to action. The belief in yourself that helps you
stay motivated to achieve your goals. If you lack creativity, then it will lead to lazy and daze in working activities.
