Hi guys, how is July treating you? Well as usual its work and more work, I am writing a paper on “How to build a successful business” I would like to share some of my findings here for your comments, I got some stuffs from the internet and have tushed it up.. so let me know what you think.
Men like Warren Buffett don’t just stumble onto the world’s rich list year after year and not know a thing or two about how to run a very successful business. Buffett is more than just one of the greatest investor’s of all time, just like McDonald’s is not just in the burger business, but also in the real estate business considering their immense portfolio of prime real estate around the world.
So if your thinking about starting your own business, like thousands are doing every day around the world then who better to learn from than “the Oracle of Omaha” Warren Buffett:
1. Stop trying to start: start already, Get your hands dirty.
“Can you really explain to a fish what it’s like to walk on land? One day on land is worth a thousand years of talking about it, and one day running a business has exactly the same kind of value.” – Warren Buffett
It is extraordinary how often I hear someone with an excited look on their face declare that they want to go into business and leave their dead end job. They continue to talk about all the benefits and opportunities that starting a business will bring to them in a manner that is more to convince themselves, then it is to convince those around them that they are making a smart decision with their life.
But what is surprising is then nothing happens. Instead of starting a business with gusto they start to talk about it and drag out the whole process by weeks, months and sometimes even years. They start to see skill sets that they find lacking in their arsenal and look to investing a period in learning. This might take the form of looking at their job to learn more skills, maybe take a few courses or buy some reading material.
But it is always very good to know what you are getting into before you move.
2. Find Your Business Opportunity and Believe In It
“You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right—and that’s the only thing that makes you right. And if your facts and reasoning are right, you don’t have to worry about anybody else.” – Warren Buffett
Brilliant business ideas and great business ventures are created every second of every day. They are all around you if you are willing to look. A common complaint with aspiring business people is that they don’t know what business to start. They approach starting a business like they would as an employee, they look for a safe option one with low risk. They are looking for that magical bullet and thus in the process get bogged down looking for that million dollar business idea hiding in the haystack.
3. Be happy with what you do
“I get to do what I like to do every single day of the year. I get to do it with people I like, and I don’t have to associate with anybody who causes my stomach to churn. I tap dance to work, and when I get there I think I’m supposed to lie on my back and paint the ceiling. It’s tremendous fun.” – Warren Buffett
If you want to achieve lasting success in any endeavor it has to be more than just will power, discipline and hard work. While all these ingredients are often associated with high achievers, another common trait overlooked is following your passion. Starting a business is more than just a 9-5 job, it’s an all consuming activity and if you don’t have the passion in it then it’s just about money. Nothing great is ever achieved if it’s just about money. It needs to be more than that. Passion enables you to overcome the up’s and down’s of business, the ability to soldier through the difficulties and the long hours.
Life is too short to just labor away long hours in any undertaking that doesn’t give you fulfillment and joy. You might as well just get a job because at least you’ll have less headaches and pressure. You’ll also probably be able to walk away at the end of each workday with your sanity still in check.
Starting a business that you aren’t passionate about is akin to buying yourself a job you hate and having an idiot for a boss. Sure you can argue “if only I can make a few million then I can retire somewhere”. The problem is whether that future thinking is really worth the exchange of your present moment happiness. Is it worth exchanging the countless hours spent in misery so that you might enjoy serenity at some future point in time? The great disappointment in life is that the future may never come and it may not look the way you wanted it to. Statistics show that 90% of all small businesses fail in their first year; most of them probably were trying to make a quick buck without thinking through what they truly wanted to do with their life.
4. Utilize Good Advisor’s And Mentors
“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without the first, you really want them to be dumb and lazy.” – Warren Buffett
You don’t have to feel that going into business is a long and lonely journey. There are many people who have ventured on the journey as you and many are more than happy to share their business wisdom that they have fostered along the way. Finding good advisor’s and mentors means that you are building a team of quality people around you that will help enable you to make better informed decisions.
These are a few I could come up with for now, but the most important thing in life is to make a decision to start something,
“History would forgive you if you take a wrong decision but would certainly not forgive you if you don’t take any decision”
Always remember, starts are not celebrated, endings are, what you do today determines your tomorrow. Start up now…trust me it’s not that easy, but you have to start, and this applies to me too.