Blood Sweat and Tears: The Real Keys to business success
We’ve all hear it before: “Do what you love. Love what you do. The rest will fall into place.” If only business-success truly were this easy; we would never see struggling entrepreneurs, battling every day just to keep their businesses afloat!
While love and passion are certainly important, the truth is that love simply is not all you need. Here are some real keys to building a successful business:
Key #1– The Blood: Spending within your means Every living body needs blood pumping through its organs to keep it alive. Businesses require money. Ensuring that you have the funds required to start-up and sustain your operation through its infancy is a critical component of business survival. This doesn’t mean that you need to be a millionaire to go into business for yourself. But, you do have be in a financially stable position to ensure that all your basic needs are met. It also means that you have to make very cautious financial decisions in your start-up period in order to not incur more debt than you and your company can handle.
Key #2– The Sweat: Hard work reaps rewards In business, there is a tendency to focus on the things that we know and enjoy doing. Unfortunately, these are seldom the things that will generate income. While you certainly do need to focus some attention on brand development and marketing, you also need to make sure that the more operational needs are being met. What are you doing to improve your actual sales? Are your financial books and business plan up to date? Do you have a sales strategy? Unless you are finding ways to minimize your expenses and maximize your profits, you are jeopardizing your potential for success, so get off Twitter and get on QuickBooks.
Key #3– The Tears: Perseverance and Adaptability No matter who you are, you are going to encounter challenges in your business. Ultimately, what separates the successful from the others is the ability to push through and overcome these obstacles. The most important quality of all entrepreneurs is the ability to persevere where others let go. This does not mean that you should bankrupt yourself- but it does mean that you should investigate alternate strategies and think outside the box before you call it quits. If you do not learn to bend in your business, you will surely break.