Friday, October 28, 2011

How to be Successful in a Business

As I sit here waiting for the weekend and a new adventure I begin to wonder, "What does it take to be successful?" Is it hard work? Marketing? What defines a successful business? I define a small business being successful when the entrepreneur is happy with a business that is stable. Not swimming in money? Does every entrepreneur want to make money? Of course! Being able to swim like Scrooge McDuck in a vault full of coins is not the goal of many entrepreneurs. How can a business get to the point of being successful?

An idea to fix a problem

To have a stable, successful business an entrepreneur must have an idea that will fix an issue. It doesn't have to be a big problem but should, in theory, solve a problem. What do I fix? I find it very hard to find quality retro video games at reasonable prices. Are there options? Yes, but I believe I can offer it. I would love to transition into a B&M store one day. I have personally seen one grow into four stores in a nearby town.


I believe Anthony Bourdain said that you cannot love what you get into because you will not run it like a business. I believe he is right for 95% of the people who want to run a business but haven't. If you love your passion that you are selling then it can be hard to be objective. This can cause all kinds of problems. Sell too low, sell too niche, sell with little markup are issues that can happen. For the others that can be objective, having passion is key. It drives you to better yourself. Maybe that drive will motivate you to find to ways to advertise or new ways of finding merchandise for selling. Who wants to buy from someone who clearly doesn't care about what they sell?

Being flexible

If you can't adapt to change, your business will go under. Look at many larger companies that are based on new concepts and you can see what I mean. Myspace is a perfect example. They were totally unprepared for Facebook and a better platform. They have gone through many CEOs and are talking about a complete re-brand. Be ready and accepting of change and you won't be left in the dust!

There are many other traits a business owner needs to be successful. If you want to succeed in a business, don't be afraid, go out and live your dream!

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