Basic Business Attributes

By Richard Okolo

“Good judgement comes from experience and alot of it comes from bad judgement”

Jason Statham (Arthur Bishop) – The Mechanic (2011)

How often have we heard the saying “we learn from our mistakes”. I have to agree with this and that the lessons we learn hardest we also learn the best! I have learned so much from my own mistakes (both in my personal and professional career). The great thing about today is we have the Internet to use as a networking tool to assist in building our business. It is possible to read articles, join a social network, post on a forum or get solid advice via the web almost in real-time.

While it is great to learn from our own mistakes, it is better to learn from the mistakes of others and make the proper adjustments for solid results.

Here are a few on my own business mistakes I have learned from:

1) Make sure to keep your monthly fixed costs low; your priority should be to arrange an equal amount of regular income on a monthly basis to cover this.

2) Thoroughly research your business idea(s). Speak to people you trust and get mentor ship. Test market your idea(s) as much as possible while keeping the idea as quiet as possible (this is a balancing act).

3) Get a business plan (do a formal one if needed and use it as your guide; refer back to it when required). Go to (1) above, and set in stone a solid plan for achieving this.

4) Don’t worry about that others think about you; stick to your plan and keep focus on the short term targets and long-term goals.

5) Keep your focus, decide what the targets are, work out how to get them, and focus on doing that. If you need $1000 a month to pay the bills, then this is what you MUST do. If you lose focus of your core objective, you are going to lose out big time, and end up failing.

It is true in business that you must focus on the core objective, just as with the balls once you catch one, you move onto the next, until you have achieved all your goals, or at least your most important ones.

Of all the skills needed to succeed, I would say focus is up there with the top 3 along with enthusiasm and determination.

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