What Do Leaders of Successful Businesses Do? And 7 Habits of Effective Leaders

What Do Leaders of Successful Businesses Do?

For a business to be successful, it must have a strong leader. Leadership can make or break a company. This is why public companies pay several million dollars for a new chief executive officer. Below are nine characteristics of successful business leaders. It is therefore important to ensure you are equipped to manage the situation in the best way possible.

Guy Kawasaki has given his opinions on how to handle this difficult process in his recently released book; “Reality Check”. We have summarised a few of his key tips below:

1. Have a positive attitude. Believe that your business is the best business in the world. Self-confidence leads to decisiveness and in particular, the ability to back your own judgment and to take risks. Be determined. Be persistent. Be resilient. Overcome setbacks. Do not dwell on past mistakes and learn from your errors.

2. Love what you do. Enjoy your work and the challenge it provides. Work should be fun, not merely something to be tolerated. Enthusiasm generates a hard work ethic and a passion which becomes part of the culture of your business.

3. Seek wealth creation. Aim to maximise your sales by increasing your prices, selling more to your existing customers or obtaining more customers either in your local area, in another state or in another country. Control your costs. Eliminate waste. Sell unproductive assets and discontinue unprofitable products. Know your business. Measure your marketing. Strategic partnerships with suppliers and customers can give your business greater flexibility and enable you to better manage your costs and maintain or increase your margins. Maintain your competitive advantage. Study your competitors’ assets, capabilities, marketing, costs and culture.

4. Delegate. It is impossible to do everything yourself. It is also unwise as it is more productive to get those with the appropriate skills to do appropriate tasks. The ability to get people with different skills to work as a team is a starting point for all successful businesses. Recruit high quality staff with complimentary skills and organise these people in the most efficient way. Motivate your staff and encourage them to think independently. Non-performing staff which don’t fit the culture of your business need to be replaced quickly because they can affect relationships with your customers and other staff members and ultimately the profitability of your business

5. Seek financial, marketing and legal advice. Have a vision and clear goals. These goals should include future income and the achievement of various tasks. A strategy to grow the business and a detailed business plan consisting of marketing and financial plans are important. Manage your growth at a rate that enables your cashflow to remain positive.

6. Concentrate on doing what you do best. Specialise. Focus on single industries rather than diversifying. Maintain your core business. Outsource non-core activities and functions. Dominate a niche market rather than attempt to serve a large number of markets.

7. Have systems in place. You need the business to run efficiently even if you are away from the office for 12 months. The best example of a company with efficient systems is McDonalds. Teenagers can run their outlets profitably and efficiently because appropriate systems are in place.

8. Worksmart. Success does not mean working 100 hours a week. Today, it is more likely to mean working 35 hours a week and spending time with our family and pursuing your leisure interests. Working smart is much more important than working hard. Spend time working ‘on’ your business and not ‘in’ your business. Seek continual improvement. This may mean more efficient procedures, better systems, better marketing or better cashflow.

9. Have a good support base. Hire staff you can rely on for advice. However, use discretion when listening to advice from others. Encourage training. Foster an attitude of continuous learning both for yourself and your staff. Have a mentor. Be a mentor to your senior staff. Read and attend seminars. Notice what others are doing.

7 Habits of Effective Leaders

EFFECTIVE LEADERSHIP IS something we need to focus on daily. It’s something that takes practice, questioning how well you’re doing, reassessing and best of all continuing to try!

Like any learning, watching others who are good at leading and following their example (otherwise known as R & D – rip off and duplicate) is a successful strategy to follow. So here are the habits of effective leaders:

Clarity of Vision (and ability to share that vision).
Healthy discontent for the present.
High standards of excellence.
A sense of urgency (operating at pace).
Strong commitment to implement.
Ability to eliminate likely distractions.
Build a strong team.

5 Secrets of the Top 1% Most Successful Business Leaders in the World

Are you successful but feel burned out working 50-70 hours per weeks? Do you feel your business or company hitting the proverbial wall and plateauing in production overall? The most successful business leaders know working harder and longer hours are not the answer to overall business success and personal happiness. The following content is designed specifically to apply to multiple business industries, varied professional leadership positions and one’s own personal life. If these core concepts are learned and applied regularly in one’s own business and life, powerful positive results will result, and personal freedom and professional business success will be attainable again.

5 Secrets of the Top 1% Most Successful Business Leaders #1: Efficiency Does Not Equal Effectiveness.

Usually the most ‘busy” people in life are the least productive. Learn to live and work smartly. Time management is important – as a daily schedule. However, a daily schedule should only be a part of the long-term vision and planning formed in annual, monthly and weekly planners. Simply going to work and reacting to events that take place removes the control from your life and your business goals. It also adds extreme stress that can become unhealthy as it develops a vision that work and life circumstances are outside of our control. In fact, our circle of influence on areas of our life gives us as much control as we want. By using mental imagery and envisioning tough situations in your day or week before the happen – and how you will want to act, can help you anticipate conflict and keep the stress-level down and more in control of your actions and emotions.

5 Secrets of the Top 1% Most Successful Business Leaders #2: People Are Your #1 Asset.

Spend 20% of your time listening to your people and teams. Notice I said listening, not talking. This is on purpose. Try to make sure you are spending informal time “touching” and relating to as many team members as possible. Cultivate a relationship so they know you care about them as people first, employees second. In turn, they will start to see you the same way. Set aside scheduled time weekly to informally stop by or “make the rounds” visibly with your teams. Do not talk about work until they bring up the topic. Keep it light and personal.

5 Secrets of the Top 1% Most Successful Business Leaders #3: Your 2nd Most Important Asset is Your SELF.

– As the most important investment in your business – take care of yourself first. Balance is the key to everything. Make sure you touch on the 4 major areas of life every week: Physical, Mental, Social, and Spiritual (PMSS).

Try this exercise first: brainstorm for 5 minutes all of the roles in your life. Clearly define them and place them under the 4 above life areas (PMSS) – and see if you can place at least one role under each of these umbrellas. If you can’t – you may have discovered a root problem to your stress and imbalance already.

Rank your roles in one life list- #1 being the most important. Once you have prioritized your roles – spend 80% of your time in the top 20%. Make sure you are spending time weekly in each of the four categories – Physical, Mental, Social, and Spiritual as closely as you can. Keep balance for personal and professional health.

5 Secrets of the Top 1% Most Successful Business Leaders #4: Lead Leaders Not Followers.

This concept may take some explaining, but there is a critical difference in the above sentence that may have the single most impact on your overall business success. You will grow as an organization in numbers only if you add followers, but you will multiply and exponentially increase your ROI through duplication if you grow leaders. The old adage, “Give a man a fish, feed him for a day; but teach him how to fish and he will eat for a lifetime,” applies in principle here. If we tend to micro-manage our teams and people – we will create a bottle-neck in work process and flow. Our employees will become frustrated in our lack of trust as leaders in their capabilities to perform the tasks and solve problems without us.

We need to nurture and grow – teach and trust our people we rely on the most for personal and business success. Developing the aforementioned relationships with your people and getting to know them better will allow you to grow and help them in their weaker areas and take advantage of their strengths. As a leader your goal should be to guide and develop all your people on your teams to reach their maximum leadership capabilities individually. As their talents grow – they will take on more responsibilities – in line with the company vision and mission – and most importantly free up your time to work on income-producing activities.

5 Secrets of the Top 1% Most Successful Business Leaders #5: System, Process, People = Automation

A well-known vision and mission for your company and a system of “how we get work accomplished here” are foundations of the most successful business leaders worldwide. Your employees should take an active role in the process of forming the company mission, vision, and system. As the leader you can guide them through the process of where you want to take them and still build the trust and empowerment. All people will believe in you as the leader if you believe in them first. The key is employee trust and buy-in that is developed over time by empowering them in their roles, trusting them with appropriate decisions without you, and allowing them to participate or “have a voice” when company decisions are made. This trust and empowerment will dramatically improve your company’s work culture, employee motivation will become internal instead of external, and your retention numbers will soar as a result. People will WANT TO work for you as a leader.

***If you found these concepts helpful – feel free to find similar resources and helpful tips by checking insights and stories from other top 1% business leaders, entrepreneurs, and worldwide success stories: www.entrepreneurs-life.com

10 Steps to Generating Your Next Successful Business Idea

You don’t have to be a genius to come up with a business idea. It’s the exact opposite! It’s really simple to come up with business ideas all the time, however, the challenge lies in coming up with a business idea that works for you and suits your personality and needs.

This is where most people get stuck, many people want to start their own and think about it all the time, the big question is, what business should I start? And it is not a small question, often, the kind of business you are in will dictate whether you will be successful or not.

So, if you have some sort of framework or directions to get your mind focused on business ideas that will suit you and work with your own situation, then you’ve taken a big step toward becoming successful in business.

1. Start thinking! Get your brain to work
Whether you’re too busy with your daily routines to take the time to think and reflect on what you want, or feel that your brain is too pressured and lacking the ability to run wild with your imagination, worry not. This article has tips and advice that will help you get started with the creative process.

The first step towards creative thinking is understating how the mind works and how to stimulate your brain. I will dig deep into this topic, because we might need several book to cover it, but I will briefly mention the key elements.

The brain has two main parts; the right and the left hemispheres, each of these have different functions and work differently. The right hemisphere is creative and artistic part, it’s the part that appreciates art, it uses shapes, colors and images to analyze and process information, and it’s also the part that controls creativity and the imagination.

The left part is the logical part, it’s the part that performs mathematical calculations, looks for causes and effects, uses words to describe and define, and it’s also the part that controls speech, grammar and word order.

For you to be successful in business, you have to have a balance on both sides. You have to be imaginative and creative to come up with business ideas and to come up with creative solutions for business problems. You also have to be logical to analyze and define business opportunities, calculate business risks and weigh your options to deal with the daily business issues.

The brain is like a muscle, if you don’t exercise it regularly to get it in shape. You can’t prepare for a marathon by sitting on the couch all day. Common barriers to creative thinking are habits, attitudes, daily routines, lack of confidence or the constant need for guidance from others. A good way to break or overcome those barriers is to be open minded, be receptive to new things, take new challenges, or by simply giving your brain the green light to think creatively. So take the time to think and get your brain stimulated.

Change is one of the best ways to stimulate your brain and discover new ideas. A change of scenery can help you clear your mind off your daily issues and give you some clarity to start thinking creatively, you can go to a garden, beach or anywhere you like and take the time to exercise your brain. A change of people will also help you, by meeting new people and listening to them talking about their issues or frustrations, you can gain a better insight into their needs and aspirations, which is the basis of any successful business. A change of place will also definitely help you discover new ideas you have not seen or heard of before, you might see a new type of store in your trip to Tokyo that you think will work well in your city.

Bottom line is, you don’t need to go to the other side of the globe to find new ideas, the small changes that you make in your daily, will pay in a big way.

2. Buy a notebook
Now that you know how to stimulate your brain and get started with the creative thinking process, you need to keep count on your ideas and make sure that you can document them to study and examine them further.

Every business you can think of started with a small idea somewhere, from a small observations, a frustrating situation, or while taking a shower. The difference is that those people who had those ideas took the time to think about these ideas and improve on them to create successful businesses. You never know when the inspiration comes, so keep a notebook close to you at all times to write these ideas down whenever they come.

3. Follow your passion
Once you start your business, you will spend most of your day for several years doing that business. So make sure you chose a business that you feel passionate and excited about. If you don’t like the business you are, chances are, you might not succeed in that business, probably not because you don’t have what it takes, but mostly because you might lose interest too easily in the face of the challenges that will come your way.

Starting and building a successful business is no small task, it will be a lot of work, you will face many problems, you will have to deal with situations you never encountered before, so it better be something you love doing. You will find that when things go tough, it is your passion that will get you going and make you overcome the hurdles. If you don’t love what you’re doing, you will take the first exit when problems arise.

Additionally, if you do something you love personally and understand its motivations, you will be in a better place to understand your customer needs and deliver on them. Understanding customer needs and their motivations to buy is a key element of understanding your business and ensuring its success.

Having that said, when you decide to take an old hobby into a new business, you have to work out the calculations and make sure that there is enough demand for this product or service, and that people are willing to pay for it. Otherwise, you will end up doing something not many people are interested in.

4. Keep your eyes open
New business opportunities get born from new situations every day. Keep an eye on what is happening around you, make it a habit to read the newspaper and identify new opportunities. You may read that people are complaining from poor health services in your area, or the lack of schools in your neighborhood.

Talk to your neighbors and the people you know, what is frustrating them? What would they want to change in your neighborhood? Is your neighbor complaining that she needs to drive long distances to get to the nearest dry cleaner? Or is your other neighbor complaining about the lack of groceries in close proximities to where you live? Are you coworkers frustrated that there are no restaurants close to your work building?

If you keep your eyes open to new developments and changes around you, you might capitalize on the emerging opportunities that arise. You don’t need to come up with an original and unique business idea to be successful, often, it’s the ideas that have been tested time and time again that prove to be successful, so look into your area, and see what is missing, it could be your next business.

5. Capitalize on your strengths
Most people are good at something. Look at your experiences and career, what is it that you can do well? Have you been working in project management for 15 years and know the ins and outs of the business, this is often the best place to start.

Most people are afraid to start their own business because they focus on the weaknesses and think that they will fail because of the things they cannot do well. No one is perfect, not every successful business owner is a superman.

Instead of focusing on the things you cannot do well, focus on the things you are good at. What can you do better than others? How are the others doing it? And how can you do it differently? Sometimes, you need a new idea to start a business, maybe a small change to an established idea is your answer. If your industry is behind other industries in the way it does business, maybe you can come up with a new system to automate their processes or to computerize their records.

Bottom line, look at the things you know best, and focus your thinking on these areas. They don’t necessarily need to be from your work life. You might discover that you are good at helping your friends sort their personal finances, so you might think about opening a business where you help individuals plan personal finances.

6. Explore new things
As mentioned earlier, change is one of the biggest stimulators to the brain. Even if you don’t want to open your own coffee shop, next time you’re in one, look at how things are done and think of new ways to improve it. Often this thinking might lead you to new ways to improve on your business ideas in your chosen field.

Strange enough, your next business idea might be something that never crossed your mind if you haven’t been to that business meeting out of town. The more you experience, the wider your options are, leaving you in a better position to generate new ideas and come up with new thinking.

7. Check your bank account
Starting and running your business requires money. Depending in your situation, you need to think of businesses that suit your budget. Everyone’s finances are limited, so make sure whatever business idea you come up with is doable.

If you have a small amount of money, then look into business ideas that are not cash hungry, maybe start small and then grow with the business.

Having that said, there are places where you can get finance for your business, like banks, venture capitals, family, friends and small business associations in your area. Work out in advance the level of finance you are able to raise, and focus on business that will not exceed those limits.

Another key point to consider here, while there are obvious benefits to getting outside financial help to start your own business, those will usually mean that you will have to share your business with others or be in debt. Think carefully about these options and decide in advance if these are risks you want to take or you want to do it completely on your own.

8. Know what you want in life
Aside from your business goals, think about the reasons you want to start the business in the first place. What is it that you are looking for? What are your goals in life? Are you starting a business to be able to spend more time with your family? To make more money? To be respected among your peers?

Whatever your goals are, make sure that your business idea complements these goals and help you achieve them. If your goal is to find more time to spend with your family and do other things, then starting a business that requires you to work 16 hours a day or travel constantly might not be the best idea.

More often than what people think, money is not the real reason most why most people start their business. While financial freedom is a big perk of having a successful business, any business can make money, the type of business and how you run your business will be dictated by things other than money alone.

9. Choose a business that suits your personality
Are you morning person or a night creature? Each person has his/her own peak hours of the day. You will find very few successful bakers or newspaper owners that don’t like to wake up in the morning. If you are not a morning person, avoid businesses that will need you to work in the early hours of the morning. If you are a night person, then maybe running a night club or a restaurant that stays open till late hours is more suitable for you. conversely, if you sleep early, running a business that requires you to stay late might not be suitable for you.

Are you an indoor or outdoor person? Do you like working in an office for long hours or can’t stand the office and feel that you need on the move all the time? If you like the office quiet environment, then pick a business that can be done from an office. If you like to be on the move, pick a business that requires you to go to different places and meet new people.

Are you brainy or handy person? People do things differently, some people like to do things that involve thinking and working their brains, other people like to do things that involve craftsmanship and handy work.

Are you a shy or outgoing person? If you are a shy person, then becoming a public speaker might not be the best idea for you. If you are an outgoing person and like to meet new people all the time, having an internet based business might deprive you from that joy.

I think you get the idea, think of your personal traits and attributes and pick a business idea that suits your personality.

10. Read about other people that started their own business
A large part becoming successful involves looking at other successful people and learning how they achieved their success. Reading autobiographies about prominent and successful business figures and learning how they started their journey will give you great insight on how they did things and what exactly they did to become successful.

You find that most of them started from nothing. Many of them failed in several businesses and had to listen to people that told them they will never be successful. But they stood up and tried again and again until they succeeded. It is not whether you fail that makes you the man you are, it is how you stand up after the fall.

Study their characters, what do successful have in common? How did they achieve their vision? What challenges did they have to overcome? Look for similarities between their stories and your situation right now. You will find that it is a great source of inspiration and motivation. If others just like you did it, then you can do it too.

I hope you found that this article have inspired you to start thinking about your next big idea! If you have any stories you would like to share about how you came up with your own business idea or any extra points you think the readers would like to know about, then please do comment below and share the knowledge.

Thank you for reading and have a good day.

Tips for a Successful Business

Tips for a successful business can help all business owners, whether you are just starting out or if you have been in business for a lengthy amount of time. Just because you believe that you have a product to sell that you feel will be a huge success, doesn’t necessarily mean that your business will be wildly successful. You must properly manage the business utilizing proper techniques to operate the business on a daily basis.

If you are just starting out, the business plan that you write should include how you intend to market your product and what you feel is the edge over the competition. This set of plans will help your business have the positive outcomes that will net a profit. Strategic goals will help the entrepreneur focus and edge out the competition. Start the business on a small enough level so that it is easily managed and learning from mistakes is not as costly. If overhead is low then the company will be more flexible as market demand changes. If possible, use savings to launch the business rather than taking out loans from a bank.

Tips for a successful business must include planned outlines for daily operations. There will be rental agreements, equipment purchase and lease agreements, and the purchase of materials to create product, or product for resale. These agreements will help curtail price increases that could harm a developing business. Staffing the business will require a large investment of time in training and retention. Labor costs are usually the greatest expense of any business and as an owner you will need to wait to hire until you are turning a profit. The wages must be high enough to attract quality personnel, but low enough that the business can still turn a profit. Employee turnover is a huge cost to each business owner. If possible, try to offer earnings based on commission which will help foster incentives and loyalty.

A business owner may have the greatest business plan ever conceived, but without a positive ‘can do’ attitude, the business may fail. An owner who blames the employees for negative outcomes and refuses to take responsibility will find that he cannot make the changes that will be necessary to survive in the business world. An owner who is passionate about his business and its success is more likely to achieve that success than one who is not as motivated.

One of the most important tips for a successful business operator is that self discipline is very important. The entrepreneur must be willing to invest the time and patience that it will take to make the business succeed. This will often require that the business owner will work the greater amount of time than anyone in order to see the outcome desired. If the business is going badly don’t automatically assume failure. Rather, be willing to network with colleagues or do research to find strategic changes that will ensure success of the business.

If you bring experience to the table when you start your business you will have a greater chance at success. If you have worked with the product or performed the service for an employer, your experience will help when you open your own business. If you are selling a product that you feel that already exists but that you have improved on, you may find the niche and outpace the competition. As an owner you must constantly survey the market looking for opportunities on which to capitalize and looking at market trends in order to guide your business. Acting immediately, without over analyzing, will sometimes be the way to edge out the competition. Tips for a successful business can best be learned from other entrepreneurs who are willing to mentor you.

Your Mind And Your Enthusiasm Will Enable You To Build a Successful Business – No Doubt!

Do you know the secret of success? Do you know what to do to build a successful business? Do you know why many people out there fail to succeed in their businesses and in their life? One of the reasons is having a poor MIND coupled with lack of ENTHUSIASM. Your mind and your enthusiasm contribute 100% to the success of your business regardless of the level of your education.

The question now is “How do you use your mind to succeed in your business?” One thing you need to know is that everything you see around us had to be first an idea in the mind. Your mind is a storehouse of wisdom, understanding, intelligence and a source of ideas. What you store in your mind is what you get. If you practice success for your business, your mind will provide you with ways to succeed. It will give you ways to market your business to success.

If you think you can do your home business and succeed, then you can. That’s the principle you need to adopt. But if you think you can’t, the chances are that you cannot. We all have the same mind to start a business but the question is “How can we make full use of it to build successful businesses?” The answer is in having a lot of ENTHUSIASM to do our business. This is what separates winners from ordinary people.

ENTHUSIASM is the eagerness about doing or achieving something. It acts as a catalyst and motivator to do things. You MUST BE ENTHUSIASTIC about your business to get the energy and the wisdom to turn it into a successful business. Your mind is a success machine, which ordinary people never learn to use to succeed in their businesses. The day they learn to use it, they are no longer ordinary people and success becomes their trade name.

Whatever you program your mind to do, it will accomplish. Mentally think about your business succeeding, your mind will figure out ways for you to make it successful. Mentally think about your business failing, your mind will get for you a way to fail. This is why you need to be careful with what you set your heart on. It surely becomes yours.

Whatever the mind of man can conceive and believe, it can achieve. One famous criminologist stated that “When men first come into contact with crime, they abhor it (hate it). If they remain in contact with crime, they become accustomed to it, and endure it. If they remain in contact with it long enough, they finally embrace it, and become influenced by it”. This explains how the mind works.

If you want to do a successful business, spend your time working on it every day. Focus your mind to attain your desires through VISUALISATION, which is a practice of seeing your desires in your imagination day and night. Your subconscious mind works on your desires, picks facts and gives you answers through creativity.

As I conclude, I would like to remind you that enthusiasm is a key to building a successful business. Be enthusiastic about whatever task you do. Focus your mind on ideas and actions that will help you to succeed in your home business. You will obviously succeed and be counted among the highly successful people.

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