Universal "Secrets" Of Business Success
by: Marty Foley
One definition of the word "secret," according to the New Merriam-Webster Dictionary, is something "kept from general knowledge." Judging by the high failure rate of many entrepreneurial ventures, the principles of business success that I'm about to share with you could rightly fall under the definition of secret.
I was a student of business practices before I developed my own successful on-line business. If you're like me, you believe much can be learned from others that have already been successful, rather than trying to reinvent the wheel.
I've found in reaching my own goal of "leaving the rat race" to run my own profitable Internet business from home that many success principles are largely applicable to any business, on or off-line.
The rewards possible from owning your own business aren't just financial. There is also the freedom and exhilaration that working for yourself can give you.
Let me share some of these business success "secrets" with you:
1) The main thrust of business is to provide more and better products and services, to larger numbers of people, at less cost. Any business activity not related to achieving this objective - while it may be important - is less important than this ultimate goal.
2) Related to the above is the maxim: "Everything is marketing." The world cannot beat a path to your door to buy your "better mouse trap" if people don't know about it. Marketing is the key to letting the world know about your products and services. There have been many products with great sales potential that faded into obscurity due to poor marketing. If you want to succeed in business, effective marketing is crucial.
3) Keeping a tight rein on expenses is a wise business practice, but it does not mean being "penny wise and pound foolish." Frugality is not encouraged in many societies. Entrepreneurs find it a boon when kept in proper balance. One of the greatest opportunities of doing business on-line lies in the ability to reduce overhead expenses to a minimum.
4) There must be a willingness to take risks. I'm not talking about foolhardiness, but carefully calculated risks. You should not risk more than you can afford to lose, but you can't afford not to take certain business risks.
One prime reason that many never take the plunge and attempt to develop their own business is their fear of taking risk -- risk which could result in failure. However, failure has often been a stepping stone to success.
5) An entrepreneur must deliver good quality products and services and stand behind them. Related to this is good customer service.
One is not in business only for one's self. Even if your place of business is far removed from where your customers are located (such as through the global business reach that can be achieved with the Internet), you still have a responsibility toward your customers, and if you have employees, to them as well.
6) One should seek ways to improve their goods and services, as well as ways to increase efficiency and expand their marketing reach.
I've just revealed a handful of universal principles required for business success. Look around and see if you can find them being applied by ultra-successful businesses. No doubt you'll see them used by the majority. If you apply them yourself, they can contribute toward your own business success.
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