3 Principles you need to succeed in any business
Regardless of the type and nature of your business, the success of any business rests on three basic principles. Though unaware of it, many business owners or entrepreneurs have followed these principles and have been very successful in their business venture. Others have neglected it or are ignorant of it resulting in business failures. Success can be reduced to a formula. And failure can also be reduced to a formula. You need to apply the one and avoid the other. Success can truly be yours when you understand and employ these three basic business principles:
1. Inspiration – As defined by the Oxford Dictionary, inspiration is “the process of being mentally stimulated to do or feel something, especially to do something creative.” Inspiration is that 'somebody' or 'something' that makes you want to be better, more successful; the reason why you want to create or do something. It is the passionate, burning desire that emanates from the core of your being that leads to the fulfillment of a goal. Inspiration is that which motivates you to act.
Often we see inspiration as something that occurs in a flash or by accident. However, as the Dictionary states, inspiration is a process – a constant process of re-alignment and re-evaluation. So many things can be a source of inspiration and people can be inspired in different ways. People, things and situations can be a source of inspiration. Coming from a poor background can be a source of inspiration for you and motivates you into success. Seeing other people who have succeeded in your line of business can also inspire you into action.
The best form of inspiration occurs when you are totally dissatisfied - dissatisfied with the present state of things in your life, in your family, in your community or in the country. Inspiration can come as a result of your dissatisfaction of the way your business is running. Being dissatisfied converts the magic of desire into reality. To be dissatisfied, you must want something so badly that’ll you’ll do something very positive to try to get it. It is hard and sometimes impossible to inspire those who ‘feel’ satisfied. Inspiration is very key to the success of your business. It keeps you on your toes, energizes you and keeps you focused towards your goal.
What is it that lights you up or wakes you in the middle of the night? Once you can get a grasp on it, stay with it and use it to inspire yourself into action.
2. Knowledge – Let’s get back to the Dictionary again. Knowledge is “the information, understanding and skills that you gain through education or experience.” It’s that state of knowing a particular fact or situation or simply the knowing about something or how to do something.
Do you have a firm knowledge of the business you are engaged in? Do you know the processes involved in your business from start to finish? If you are a manufacturer, do you know the sources and alternative sources of your raw materials? If one or two of your raw materials is scarce, is there a good alternative you can leverage on without adversely affecting the quality of your finished product? What about bookkeeping? Many businesses fail because the owners are so impatient to learn the rudiments of the business or acquire the knowledge that would have helped them succeed in the business.
How can you acquire knowledge? Simple! By learning from those who are willing to teach, from other’s experiences, and from books. Concentrate your efforts in gaining from those who are willing to teach you and from books. You can gain knowledge from experience when you are inspired into action. Knowledge can also be gotten from history and by casual observations of events around you. But these various sources of knowledge need to be organized in order to be useful. In other words, you must know what you know. It takes less work to succeed than to fail when you have the right knowledge about your business.
To acquire knowledge, ask advice from the man who can give it, and remember, almost anything can be found in a book. It’s never too late to learn – so never you stop learning.
3. Know-how - If knowledge is knowing how to do something, know-how is doing that something the right way, repeatedly, with skill and effectiveness and with little time and effort. In other words, know-how is the application of knowledge successfully and repeatedly. It’s a habit and evolves naturally from experience. Know-how is one of the three principles of business success. It develops through practice. It is said that practice makes perfect – for practice develops skill and technique through the application of knowledge. Practice overcomes handicaps. Through practice and repeated efforts, failure is turned into success and every setback is turned into a resounding comeback.
When you master these principles, you’ll discover that it takes less work to succeed than to fail. It takes less time to achieve success when you concentrate your thought and effort to acquire the necessary knowledge, know-how and inspiration to achieve your business goals and objective.
Ignorance of these three principles or failure to use them is the reason many a person who is successful in one business or endeavor may be a failure in another. Many successful people in a business or profession often fail in a new venture. These are people who have gained skill through experience and have risen to the top of their career. But when they find themselves in a new business, they fail to acquire the needed knowledge and experience to succeed in the new venture. Those who recognize and apply these three principles always succeed in any business they venture. They are those we often recognize as having the Midas touch. We say that whatever they touch turns into gold. They are not doing anything extra-ordinary. They merely apply their knowledge, know-how, and are inspired to action in whatever business they do.
Finally, the three principles are a trio and it wouldn’t be if you fail to apply any of the constituent parts. They must go together.