What are the Ingredients for Business Success?

Mike Taylor | April 16th, 2010

Have you ever wondered why some business people are more successful than others? It doesn’t seem to make a difference what product or service they are selling either – certain individuals just have a natural ability to make a business progresses. Our founder, Richard Rea, identified 11 common ingredients found in all successful business people. If these ingredients are included in a business, it’s hard to see how it could fail. See how you rate against them!

Work hard work and be dedicated. They know no hours. No personal sacrifice is too great. They live, eat, sleep and breathe their business.

Be humble. There is no task too menial for them to tackle.

Know your business. They read everything they can about business, talk frequently to salesmen and visit other similar businesses to learn their successes and failures.

Be tough competition. This doesn’t necessarily mean to offer merchandise at a lower price. Convenience, selection and courtesy are often more important to consumers.

Be dissatisfied. Successful business people never rest on the past. They continually look for ways to improve every phase of their business.

Learn from mistakes. They don’t quit just because it didn’t work the first time. They learn from their mistakes and try another way.

Protect your credit. Many business people will extend their credit to the utmost and therefore have nothing in reserve to meet emergencies. The successful business person plans carefully and maintains good credit for emergencies and expansions.

Live within your means. Unfortunately, many business people can’t wait for the financial benefits of success and immediately start borrowing from future company profits. The successful ones live within their means and always plow some profits back into the business.

Be flexible. Successful business people never become rigid in their thinking. They don’t shy away from new and challenging ideas and are flexible in their willingness to pursue new products and ideas,

Treat people right. Successful business people have mastered the art of making customers feel like they are the most important people in the world, and they are! They treat their employees the same way.

Have a plan or goal. They realize that action they take today will have an effect on the business five years from now. Therefore, they have a vision of what their business will look like in the future.

Well, there you have them. How did you stack up? It’s never too late to change your ways. Remember, what you do today will affect where you’ll be in the future.

Although Richard Rea is no longer with us, the advice he gives is just as relevant today as it was when it was first penned.

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