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    How to have a successful business
    Businesses can be one of the most self-sustaining forms of employment to the worst kind of choice to make and end up in bankruptcy. It's just a matter of planning, perseverance, good choices and patience. In order to succeed in the entrepreneurial world, one must know how to manage a business and correctly make the right decisions in order for one's business to prosper.

    The first thing that one must consider is capital. Capital is the amount of money that you want to invest in starting your own business. This is the money which you let go and the money you risk in order for you to start earning income. The amount of capital varies from one type of business to the other. For small scale businesses, sole proprietorships, you only need to invest a small amount of capital. For partnerships, big scale businesses and even corporate businesses, huge amount of capital is needed.

    Now that you have capital, choosing the right kind of business is next. In this step, you must have a very good grasp or knowledge and should be very interested in the business that you plan to open. If you are not interested and your heart is not up for it, your business would likely fail. You must also have a vast knowledge of the technicalities and problems that may arise from your business and have the ability to troubleshoot and deal with the problems.

    The next thing that you should have in starting and maintaining your business is patience. An instructor of mine told us before that the first year of business would most likely be a deficit. Do not expect to yield profits at the very start of your business practice, but if it does then that would mean that your business has hit a niche in the populace and would most likely be very profitable. Continue to be patient and persevere in every situation, through good or bad times and you will see the prosperity that it would bring. And lastly, always thank the Lord your God for only through his grace, blessings and favor will you be able to succeed not just in your business but in your life as well.


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    Yes, I think people don't realize how serious and hard opening a business can be. It is very expensive, and there are many unexpected costs that may occur. When deciding to open a business, you need to realize the costs that you know you have, plus a lot that will come up along the way, if something breaks, or you need to do something a different way. Capital and a good business plan are probably the most two important things to having a good business!


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    To me personally, the requirements to have a successful business are (1) KNOWLEDGE about doing business, (2) PASSION in doing the business and (3) COMMITMENT in running the business. Sometimes, when we have gathered enough capital, we thought that we are ready - we thought that we have the passion in doing it, and we thought that we can commit to it. However, running a business not only based on what we thought how it is, I have have met so many businessmen who never succeed in the beginning not because they do not have these thing, but there are external factors affecting their operations that sometimes pinned them down to the extent that they almost gave up. But because they have these three things.. they refused to give up and started all over again, and recovered until the business runs pretty well.

    That I think, is how to have a successful business.


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    Quote Originally Posted by owesem75 View Post
    To me personally, the requirements to have a successful business are (1) KNOWLEDGE about doing business, (2) PASSION in doing the business and (3) COMMITMENT in running the business. Sometimes, when we have gathered enough capital, we thought that we are ready - we thought that we have the passion in doing it, and we thought that we can commit to it. However, running a business not only based on what we thought how it is, I have have met so many businessmen who never succeed in the beginning not because they do not have these thing, but there are external factors affecting their operations that sometimes pinned them down to the extent that they almost gave up. But because they have these three things.. they refused to give up and started all over again, and recovered until the business runs pretty well.

    That I think, is how to have a successful business.
    The last thing you wrote is for me the most important. All the lessons will be learned, by others or your experience but the only thing that separates a winnder and a loser is DEDICATION and NEVER GIVING UP! Ive heard so many succesful people say this its crazy


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    Beautifully written fredkawig!

    Apart from the points you touched I think it's also important to always stop, look back and analyze the progress of your business up to that point, then tweak and continue. You don't want to fall intro the trap of going forward with your eyes closed fearing the money loss or not reaching your dream/goal. This happened to me in the past and there were times when I lost my faith in the business I invested passion, time and capital in.

    Having your own business may be the harder choice than simply getting a job, but when success comes, you'll remember why you started in the first place!


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    #6
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    For a prosperous business, every business should have three basic qualities first is high amount of patience, an optimistic approach and inquisitive nature. These three things will help to handle each of the situations calmly but a good environment and a peaceful mind is also a responsible in handling the situation as an active mind helps to tack a right decision at a right time is also the need of the hour. So, ensure to develop these qualities that would help to make a profit from your capital income and see the benefits. All the best! Good luck!


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    the only thing new commercial enterprise proprietors do wrong isn't always planning their capital well, then having the eating place fail quick.


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    the most effective thing new commercial business enterprise proprietors do incorrect isn't always planning their capital nicely, then having the eating place fail brief.


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    Quote Originally Posted by owesem75 View Post
    To me personally, the requirements to have a successful business are (1) KNOWLEDGE about doing business, (2) PASSION in doing the business and (3) COMMITMENT in running the business. Sometimes, when we have gathered enough capital, we thought that we are ready - we thought that we have the passion in doing it, and we thought that we can commit to it. However, running a business not only based on what we thought how it is, I have have met so many businessmen who never succeed in the beginning not because they do not have these thing, but there are external factors affecting their operations that sometimes pinned them down to the extent that they almost gave up. But because they have these three things.. they refused to give up and started all over again, and recovered until the business runs pretty well.

    That I think, is how to have a successful business.
    I agree from you.We can get experience from the other that how they are doing their business and where they did mistakes.So we try to recover these mistakes for better achievement in our business.


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    Quote Originally Posted by owesem75 View Post
    To me personally, the requirements to have a successful business are (1) KNOWLEDGE about doing business, (2) PASSION in doing the business and (3) COMMITMENT in running the business. Sometimes, when we have gathered enough capital, we thought that we are ready - we thought that we have the passion in doing it, and we thought that we can commit to it. However, running a business not only based on what we thought how it is, I have have met so many businessmen who never succeed in the beginning not because they do not have these thing, but there are external factors affecting their operations that sometimes pinned them down to the extent that they almost gave up. But because they have these three things.. they refused to give up and started all over again, and recovered until the business runs pretty well.

    That I think, is how to have a successful business.
    These factors are important as well but according to me plans (like business, financial etc.) are really important for successful business.
    Knowledge about Economic and political conditions of the host country is also very helpful.


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    Last edited by Dale; 11-15-2014 at 05:12 AM.
    Business Plan and Financial Plan should be the extremely practical as explained in the Blog.
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