7 Secrets to Success

There are seven essential principles that you must practice as an entrepreneur throughout your
business life if you are to achieve maximum success. They have been taught and repeated in
thousands of books and articles over the years, and here they are.

1. Clarity: You must be absolutely clear on who you are and what you want. You need written
goals and plans for every part of your life. As Zig Ziglar would say, you must become a
"meaningful specific" rather than a "wandering generality."

Begin with your values. What do you believe in and stand for? What is most important to you in
life? What would you pay for, fight for, suffer for and die for? What do you really care about?
Someone once wrote, "Until you know exactly what you would do if you only had one hour left
to live, you are not prepared to live."

What is your vision for yourself and your future? What is your vision for your family and your
finances? What is your vision for your career and your company? Peter Drucker once wrote,
"Even if you are starting your business on a kitchen table, you must have a vision of becoming a
world leader in your field, or you will probably never be successful."

What is your mission for your business? What is it that you want to accomplish for your
customers? What is it that you want to do to improve the lives and work of the people you intend
to serve with your products and services? You need a clear vision and an inspiring mission to
motivate yourself and others to do the hard work necessary to achieve business success.

What is your purpose for your life and your business? Why do you get up in the morning? What
is your reason for being? And here's a great question: What do you really want to do with your
life?

Finally, what are your goals? What do you want to accomplish in your financial life? What are
your family goals? What are your health goals? What difference do you want to make in the lives
of others? And here is the best question: What would you dare to dream if you knew you could
not fail?

The greater clarity you have regarding each of these issues--values, vision, mission, purpose and
goals--the greater the probability that you will accomplish something wonderful with your life.

2. Competence: To be truly successful and happy, you must be very good at what you do. You
must resolve to join the top 10 percent in your field. You must make excellent performance of
the business task your primary goal and then dedicate all your energies to doing quality work and
offering quality products and services.

To be successful in business, according to Jim Collins, author of Good to Great: Why Some
Companies Make the Leap . . . and others don’t, you must find a field that satisfies three
requirements. First, it must be something for which you have a passion-something you really
believe in and love to do. Second, it must be an area where you have the potential to be the best,
to be better than 90 percent of the people in that field. Third, it must involve a product or service
that can be profitable and enable you to achieve all your financial goals.

According to the Harvard Business School, the most valuable asset a company can develop is its
reputation. Your reputation is defined as "how you are known to your customers." And the most
important reputation you can have revolves around the quality of the products and services you
offer and the quality of the people who deliver those services and interact with those customers.

3. Constraints: Between you and your goal, whatever it is, there will always be a constraint or
limiting factor. Your ability to identify the most important factor that determines the speed at
which you achieve your business goals is essential to your success.

The 80/20 rule applies to constraints in your business. Fully 80 percent of the reasons that you
are not achieving your goals as quickly as you want will be within yourself. Only 20 percent will
be contained in external circumstances or people.
What are your constraints? What holds you back? What sets the speed at which you achieve your
goals? And what one thing could you do immedi-ately to begin alleviating your main constraint?
This is often the key to rapid progress.

4. Creativity: The essence of successful business is innovation. This is the ability to find faster,
better, cheaper, easier ways to produce and deliver your products and services.

Fortunately, almost everyone is a "potential genius." You have more intelligence and ability than
you could ever use. Your job is to unleash this creativity and focus it, like a laser beam, on
removing obstacles, solving problems and achieving your goals.

The essence of creativity is contained in your ability to solve the inevitable problems and
difficulties of business life. Colin Powell said, "Leader-ship is the ability to solve problems."
Success is the ability to solve problems. And remember: A goal unachieved is merely a problem
unsolved.

The way of the successful entrepreneur is to focus on the solution rather than the problem. Focus
on what is to be done rather than what has happened or who is to blame. Concentrate all your
attention on finding a solution to any obstacle that is holding you back from the sales and
profitability you desire. And the more you think about solutions, the more solutions you will
think of. You will actually feel yourself getting smarter by focusing all your energies on what
you can do to continually improve your situation.

5. Concentration: Your ability to concentrate single-mindedly on the most important thing and
stay at it until it is complete is an essential prerequisite for success. No success is possible
without the ability to practice sustained concentration on a single goal or task, in a single
direction.

The simplest way to learn to concentrate is to make a list for each day before you begin. Then
prioritize the list by putting the numbers 1 through 10 next to each item. Once you have
determined your most important task, immediately begin to work on that task. Discipline
yourself to continue working until that top task is 100 percent complete. When you make a habit
of doing this--starting and completing your most important tasks each day--you will double or
triple your productivity and put yourself solidly on the way to wealth.

6. Courage: Winston Churchill once wrote, "Courage is rightly considered the foremost of the
virtues, for upon it, all others depend." It takes tremendous courage to take the entrepreneurial
risks necessary to become wealthy. In study after study, experts have concluded it is the courage
to take the "first step" that makes all the difference. This is the courage to launch in the direction
of your goals, with no guarantee of success. Most people lack this.

Once you have begun your entrepreneurial journey, you also need the courage to persist. As
Ralph Waldo Emerson once said, "All great successes are the triumph of persistence."

The word entrepreneur means "one who undertakes the risks of a new venture in pursuit of
profit." Fully 90 percent of the population will never have sufficient courage to launch a new
venture, to start a new business, to boldly go where no one has gone before. You need, first of
all, the courage to begin, to move out of your comfort zone in the direction of your goals and
dreams, even though you know you will experience many problems, difficulties and temporary
failures along the way.

Second, you need the courage to endure, to hang in there, to persist in the face of all adversity
until you finally win. When you develop these twin qualities--the ability to step out in faith and
then to persist resolutely in the face of all difficulties--your success is guaranteed.

6. Courage: Winston Churchill once wrote, "Courage is rightly considered the foremost of the
virtues, for upon it, all others depend." It takes tremendous courage to take the entrepreneurial
risks necessary to become wealthy. In study after study, experts have concluded it is the courage
to take the "first step" that makes all the difference. This is the courage to launch in the direction
of your goals, with no guarantee of success. Most people lack this.
Once you have begun your entrepreneurial journey, you also need the courage to persist. As
Ralph Waldo Emerson once said, "All great successes are the triumph of persistence."

The word entrepreneur means "one who undertakes the risks of a new ven-ture in pursuit of
profit." Fully 90 percent of the population will never have sufficient courage to launch a new
venture, to start a new business, to boldly go where no one has gone before. You need, first of
all, the courage to begin, to move out of your comfort zone in the direction of your goals and
dreams, even though you know you will experience many problems, difficulties and temporary
failures along the way.

Second, you need the courage to endure, to hang in there, to persist in the face of all adversity
until you finally win. When you develop these twin qualities--the ability to step out in faith and
then to persist resolutely in the face of all difficulties--your success is guaranteed.

7. Continuous Action: Perhaps the most outwardly identifiable quality of a successful person is
that he or she is in continuous motion. The entrepreneur is always trying new things and, if they
don't work, trying something else. It turns out that most entrepreneurs achieve their success in an
area completely different from what they had initially expected. But because they continually
reacted and responded constructively to change, trying new methods, abandoning activities that
didn't work, picking themselves up after every defeat and trying once more, they eventually won
out.

Top people, especially entrepreneurs, seem to have these three qualities. First, they learn more
things. Second, they try more things. Third, they persist longer than anyone else. The good news
is that, because of the law of probabilities, if you learn more things, try more things and persist
longer, you dramatically increase the probability that you will succeed greatly. If you launch
toward your goal and resolve in advance to never give up, your success is virtually guaranteed.

Business failure:

The Small Business Administration, in an article on small business failure,[2] lists additional
reasons for failure from Michael Ames book on "Small Business Management":

 lack of experience
 insufficient capital
 poor inventory management
 over-investment in fixed assets
 poor credit arrangement management
 unexpected growth[3]