I came across this interesting article by Bob Bly about being successful in business. I have added my comments in bold italics (MarkF)
THE 25 PRINCIPLES OF BUSINESS SUCCESS BY BOB BLY:
- Have a definition of success.
- Live below your means – with occasional exceptions.
A good book to read about this is the Richest Man In Babylon
- Learn a money-making skill that will pay you at least twice the national average income.
Currently the national average wage in Australia is $65,000 (March 2010 figures). To earn double this my suggestions for well-paid skills include: Sales, marketing, copywriting, computer programming, public speaking, writing.
- Improve your level of skill or the demand for your skill until you are paid twice as much — $200,000 a year.
- Set a financial goal of a liquid net worth of $2 million excluding primary residence by age 50.
- If you are going to have children, have them young.
Not so sure about this one – I’m 40 now and I enjoy spending time with my young son very much.
- Assign a dollar value to your time and outsource everything you can, except what you are great at, to people who charge less than your hourly rate.
MarkF: This is very important! Most small businesses I work with try to do everything themselves and work 60 hours (plus) per week. I usually initiate a program to delegate more low-skill level tasks to other staff (and external contractors).
- Learn how to negotiate win-win deals.
- Be a specialist, not a generalist; focus on core skills, markets, areas – three maximum, no more than that.
MarkF: I would say be a specialist within your niche, but as a business owner you need to be a generalist.
- Micro niche
- Become an information junkie and be sure to read in “adjacent areas”
MarkF: Don’t re-invent the wheel. Another word for modelling is mentor. In almost every business situation – someone has been there, done that – find out who they are and learn from them.
- The Real McCoy Strategy
MarkF: Not sure what Bob Bly is referring to about ‘The Real McCoy Strategy’ here. I’m not an American, but an online dictionary says "the real thing" or "the genuine article".
- Don’t lower price; add value
- Do things that are important but not urgent
- Little details count
- Achieve balance between 4 success factors
- Attitude of gratitude
- Understand the best and worst investments you can make
- Do something you love
- Stop trading hours for dollars
- Stop making excuses
- Understand Robert Gibert’s success formula : SWL + SWL = SW
- Put it in writing
Lots of great ideas here – how many of them can you work towards this year?