What makes a business successful

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What makes a business successful

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[I originally wrote this article on what makes a business successful in 2010 or so.  I found these 10 rules for success in the real estate business posted online and I immediately printed and put on my wall.  They’re simple rules, but they’re filled with logic.  I also think they transfer to most businesses.]

1. Positive attitude is a MUST. I could dwell on all the deals that didn’t work out and all the challenges of being self-employed.  But instead, I focus on opportunity and possibility.  there has been a lot of doom and gloom recently.  But this is still the land of opportunity.  You know who realizes that more than anyone?  Immigrants.

2. FOCUS! Even more than hard work.  I’m kind of lazy.  I spend many days at the park, at cafes, at movies, etc. But I have put systems into place to generate potential deals on a regular basis.  And when there is a deal, I’m like a shark, like a bulldog.  I bite and I don’t let go without a fight.  If there is a way to make it work, I make it work!

3. Don’t deal with flakes. Associate (in business) only with people who are successful or have the right attitudes to become successful.  Also be aware of those who over promise but under deliver.  Talk is cheap.  But I guess that’s a form of flakiness too.

4. Use multiple strategies for getting deals.

5. Use massive and consistent effort. Don’t expect meek and weak efforts, or occasional efforts, to yield any impressive results on a regular basis.

6. Become an expert in your market. Learn to adapt to changing markets and different market and property types.

7. Is greed good?  Depends. Be SMART GREEDY, not dumb greedy.  Smart greedy = trying to maximize your profit on each deal through negotiation (most profitable activity known to mankind), deal structuring, cost controls, etc.   Stupid greedy = taking foolish risks; cutting corners that shouldn’t be cut; destroying relationships for short term gain; etc.

8. Don’t put all your eggs in one basket. If any ONE deal, agent, client, investor, etc. can make you or break you, you’ve put yourself in an overly vulnerable position.  

9. Business, like life, is filled with ups and downs.  (Trust me, I know.  If you haven’t already, read my story).  Try not to let either affect you too much.  That said, do re-evaluate and readjust as needed if you aren’t getting the results you desire.  First, review 1 through 8, and ask which one of these you could be doing better.

10. Always aim higher! Demand and expect more from yourself than anyone else would.

I was thinking about what makes a business successful and when I saw these 10 rules for success in business, I knew I had to share.  I printed it out and it’s been on my office wall ever since.  If you’re the original author, please let me know so that I can credit you 😉

Have any success tips to add?  Would love to hear them.

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#rulesforsuccess