How starting your own business can lead to financial successful? What are the factors lead to business success?
Building your own successful and profitable business is one of the best options you can consider if you are seriously want to achieve your own financial freedom.
There are many reasons why you should start your own business; a successful and profitable business can improve your quality of life in the following ways:
1) Free time for yourself and your love one-You have control over your own schedule,
you can have more free time for your leisure activities; spend more qualify time with your children and your family!
2) Financial rewards-running your own business could potentially reap rich financial rewards for yourself! Success businessmen can multiply their profit and making ton of money by expanding the scale of the business. This includes opening new market, opening more branches, selling more products and many more ways!
3) Passive income-Business income is a good source of passive income. Your business could operate for 24 hours and 7 days per week. The potential of business income is not limited by number of hours we worked. In this regard, passive income is more favorable than our earned income such as salary, bonus, and wages. The amount of our earned income is capped by the number of hours we worked.
Study show that only 10% of business can make money and survive in the long run. The following are some of the important attribute contribute to the success of the minority 10% of the successful business:
1) Passion-Success businessman ventures into the business that in line with their passion. Their passion bring out their best ability and motivate them overcome any difficulty in their pathway to build the successful business.
2) Money management-They need to apply effective cash flow management for the business. Without proper cash flow management, the business may force to close down even though the business making good profit. The business owner must understanding basis accounting concepts. Arm with the accounting concepts, they can analysis the trends for the expenses of the business. So that they can manage cost effectively and maximize the business profit!
3) Assembly champion team-In order to expand the business rapidly, the successful businessman need to recruit and evaluate the best team members for their business. By leverage on the skills of the competent team members, the business owner can concentrate on task they are most competent with and delegate other task to the team member's base on their competency. They learn how to motivate and retain the service of the competent team members.
4) Sales and marketing skills-they learn how to effectively marketing their products. How to convert leads into customer? How to retain customer loyalty?
Of course, there are many more important attributes contributed to the success of the minority 10% business. This include establish "Unique Competitive advantage" of the business to differential with other competitor, the successful businessman mindset, how to managing team, how to build successful business that works but without your daily involvement and many more.
Please feel free to visit http://newbornmillionaire.com/page11.html for complete guides how to start your business with minimal capital written by the self-made millionaire. The guide can shorten your learning curve and help to you avoid costly mistake!
Article contributed by Nelson Chen.
