Successful Business – Top Reasons

1) Direction.
Every startup needs a leader with a vision. During the difficult times, the CEO needs a clear idea of the end mission and how the company needs to get there. A good business leader keeps the long-term in mind, while dealing with the immediate needs of a new company.

2) Speed to market.
You can’t be second when it comes to startups. Especially with the rate of technology development, the faster a startup can produce its service or product, the better chance it has in delivering to customers. Young businesses have to compete with established industries. One of the reasons businesses succeed is that they reach consumers first.

3) Financial savvy.
Successful startups know how to work within a budget. Managing finances and keeping a young company out of debt it can’t repay is key to becoming successful. Companies just starting out need to do more with less.

4) Well-Connected.
Just like early career builders, young startup companies can gain a leg up by knowing a few well-connected individuals. These companies use their social network for their first clients, investors, and mentors. As the old adage goes, it’s not what you know – it’s who you know.

5) Dedication.
Startups need leaders who are willing to work hard and stick to their goals. This leadership inspires others to commit to a strict work-ethic, aligned with the company’s mission. All employees must be committed and dedicated to the goal.

6) Perseverance.
Even when times get tough and the road to success offers bumps and blockages, startups need to persevere to achieve success. The majority of startups bail when money is tight or disagreements arise between founders. Successful businesses stick it out in turbulent waters and remember their end goal during difficult times.

7) Quick to Adapt.
Successful startups are comfortable with change. Leaders who know how to make smart decisions without a clear roadmap can take advantage of opportunities that more cautious companies can miss.

8) Knowing How to Attract Investors.
Money talks in the business world. Without the startup funds, companies can never get up off their feet. Smart business leaders know how to generate capital to give their million-dollar ideas a shot.

9) Confidence.
Startups need unwavering commitment to their mission and goals. Without the confidence that the company will succeed, the startup will dissolve when facing initial obstacles.

10) Efficient Time Managers.
There’s no down time when it comes to startups. If the leaders of a company are not putting in time around the clock, success is unlikely.

11) Execution.
Everyone can have a million-dollar idea. It takes moxie and strategy to put an idea into action. Knowing how to execute sets apart successful businesses from the failures.

Building an Online Business – Four Keys to Success

There are many aspects of running a successful business. Here are four vital components to building a successful online business.

Education:
There is so much to learn about running an online business. No one knows it all in the beginning. Take the time to learn a new principle, and then apply it. Give it a try. See how it works. There are many great free resources online to help you learn the things you need to know. Spend part of every workday learning something new. Sign up for free newsletters and ezines (online newsletters). Many of them have great information on running a business. Find someone who has been successful and ask lots of questions. Having a mentor can smooth the road ahead.

Marketing:
Every day do something to drive traffic to your website. There are many methods of driving traffic to your website that are free or very low cost. Check into ezines. You can write articles for them or place ads in them for very little cost. This is a great way to find targeted customers for your business. Choose the ezine that your typical customer may be reading on a regular basis. If your ad is backed by an ezine that they trust, they are much more likely to trust your ad and buy from you. There are free ezine directories listed online, which will give you many different options to choose from.

There are classified ads online that are very inexpensive. You can do a press release. You can combine traditional methods of advertising (newspapers, direct mail, magazines, radio) with your online advertising to reach new customers. If you have the budget, Google AdWords is a great advertising method. After looking around for a little while at all the different traffic generating methods, pick one and really go after it to become an expert at that method of driving traffic to your website.

When you find something that works, do more of it. Keep doing it and increase how much and how often you do it.

Patience:
Once you have made a decision on a business, stick with it. Don’t give up in a few days or weeks. Work at it every day for a full six months. Then look back and decide if this is going to work for you. It takes time to build experience and knowledge and get some marketing going for your website. The amount of traffic you have your first week or two has nothing to do with your future traffic. With time, you will get better and better at driving traffic and turning visitors into sales.

Focus:
Don’t get distracted by the billions of offers out there. There will always be someone telling you that the grass is greener if you buy a different program. If you really believe your business idea is good and will work, give it a shot at success. Stick with it for at least six months.

With time, effort and patience, your dreams can come true. There are over 1.5 billion people on the Internet. The world is your customer pool. Think big. Dream big. Work hard and your dreams can come true!

Entrepreneurs Could Learn Lots from US-Based Asian Small Business Consortium Strategies

Over the years I’ve been quite impressed at how many of the Asian-American small businesses stick together and really help each other out. It’s an impressive display of camaraderie and confidence. Their strategies work so well, they have a much better chance at success, which allows new start-up small businesses and shop owners drop their failure rates significantly over the average small business rates in the US.

Last week, I was discussing this with an acquaintance from the Philippines, and she noted that the Chinese business owners there, do the same thing, and they use the same strategies. She noted; “The Majority of those who own big businesses in the Philippines are Chinese. I admire their way in managing their business though, and Chinese community or family helps each other when it comes to their financial needs.”

Yes, and this happens in Los Angeles too, not just with larger and medium sized businesses, but also with small businesses. Not just with the Chinese, but it seems all Asian-American Business Owners. There are rare cases where I’ve heard they tend to exploit their own, which is unfortunate, but not any more than perhaps wealthy Anglo-Americans have in past periods, after all, that is known by just reading our history books.

One interesting point in Los Angeles, is that I’ve observed the Korean Small Business consortiums doing the same thing to support each other, and they form ad hoc groups to loan new business owners money to get started and then they do the same later for future business people. During the LA Riots, some of the African-Americans in LA were angry at the Koreans for being such good business people and they said they are exploiting them. Sometimes with such strong business strategies it’s easy to create animosity in the local free markets, when you dominate so many sectors.

My acquaintance in the Philippines noted that the Chinese Business People there would never allow their relatives to become poor, so they support each other. Maybe it’s this attitude which helps propel their ventures so well, a sense of closeness and community – almost a community within a community if you will, with a small business enterprise motif – and you know what? It works! Perhaps, this is why I’ve always been impressed with the way that Asian-Americans stick together in business and work with each other.

Every entrepreneur could learn from these strategies, so, I thought I’d mention it to you. Please consider all this and think on it.