Achieving that Elusive £1 million
It is unbelievable that 99% of business owners actually never set out to truly succeed. Just 1% of us build a £1 million plus turnover business with substantial profits. But Why? What key factors do successful business owners have that make them so successful? In this article I will share with you 6 Essential Elements that every successful business owner I know exploits:
1. Create a Winning Psyche
Every successful Entrepreneur I can think of has an extraordinary mind set and psychology. They have RESILIENCE. It is this resilience that enables them to leap the obstacles in front of them time after time. They set out with a big dream and have the determination, doggedness and resolve to achieve it. So many entrepreneurs have been through a ‘bankruptcy’ and yet they get back up, learn from their mistake, and move on to become millionaires. Their failures are turned to successes.
2. Find Success and DO THAT
Don’t ever underestimate the power of learning from others. Ultra successful people can be sources of unimaginable information if you just watch what they do. Look at their behaviours, their actions and their mind set and determine what makes them successful at what they do. Model that success and harness it for your own purposes. Don’t be tempted to follow the masses – if you model what they are doing you will simply be doing the same as the masses.
3. Whatever Your Business, be a Marketing Master
Truly successful entrepreneurs don’t dabble in Marketing. They are Kings of Marketing, in fact, whatever their business actually is, their real business is actually Marketing. They employ multiple marketing methods, their web strategy is to build a customer relationship for life, they use ‘remarketing techniques’, they leverage the power of technology with the use of video and autoresponders in online marketing and have powerful referral strategies to increase leads. Their core focus is continually doubling and tripling their customer base.
4. Pricing for Profit
The idea that everyone buys goods based solely on price is absolute rubbish – a myth. If it were true, nobody would buy expensive cars, designer dresses or 4 month World cruises. In fact, 85% of the population do not buy based on price alone. They will look for higher priced, higher value options and between 5 and 15% will go for the most expensive option regardless of what else you sell. Successful Entrepreneurs know this and they will not price according to the mass market but will add perceived value and charge for it!
5. Be Smart with Time
Successful Entrepreneurs know how valuable their time is. They leverage their time and are ruthless about every minute of their day. They do not answer calls that they know will add no value. They spend as little time as possible doing anything ‘low value’ such as answering emails. What they do needs to be high value – marketing, selling, working on long term earnings etc.
6. Strategy Innovation – Wipe Out Your Competition
Being able to leverage a perceived value in around a product or service that enables them to create their own market and make any competition irrelevant is an amazing talent. Successful Entrepreneurs have usually found an ‘edge’ that has enabled them to grow their business in a ‘uncontested’ market. Some business owners are lucky enough to have a team in-house that are able to build a strategy to enable this kind of market placement and growth. Some will turn to experts Innovation Strategists to help them to create and control their market. None-the-less it is a key factor in million pound successful businesses.
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Filed under: Innovation Strategist
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