Welcome to the first issue in your free E-Zine

"What you need to know before you start a business"

More than 90% of all new businesses fail within the first 10 years. Why? If you check it out, you find that it's almost always a result of a lack of knowledge. Over the next five weeks, we hope to let you in on a few very important fundamentals for the success of your business. Some you may already know some maybe not. If you do, then good, this can only help to reinforce your beliefs. If you do not already know then we hope you enjoy the next few weeks. Again, congratulations on your wise decision.

1)Do you know you are capable of great things? Getting to know yourself. An honest assessment of who you are and how prepared you are for business

Know Yourself

The main objective of a business is to generate income by providing products or services which bring value to the lives of the end consumers. In this regard a business is right for anyone wanting to accumulate wealth quickly. Unfortunately many business owners or aspiring business owners either get involved with the wrong business or underestimate the requirements for the business. Even worst they overestimate their own abilities and resources.

Business is a multi-faceted enterprise and it is rare that you find anyone individual who is competent in every area and so to succeed in business you have to rely on others. After all isn't that was business is all about? Leveraging your own and the time and money of others? It is therefore of paramount importance, that you concentrate on the things that you are strong in and allow others who are more capable to handle the things in which you are not so strong. It is often said, if you always have to be at your business, then you don't have a business; you have a job.

In this our first issue, we begin with the single most important factor and that is YOU. Everything starts with you. You set the moral standards of your business. The business is a reflection of you. So the very first thing that you must do is to learn about yourself.

Characteristics of Successful Business owners

1. Always conduct business ethically and with integrity.
2. Are trustworthy and honest
3. Are knowledgeable about their business
4. Treat business associates and clients with respect
5. They always seek to build relationships to enhance and bring value to the lives of their clients
6. They spend most of their time on result producing activities
7. They possess good organizational and communication skills.
8. They surround themselves with competent people
9. They are committed to continuous and on going self improvement
10. They contribute to their communities and always pay forward
11. They are prepared to act on their convictions and are disciplined and patient
12. They are determined and committed to the success of the business

How many of these characteristics do you possess?A complete and honest self appraisal and assessment is, therefore, essential before anyone starts a business. This way you can identify your strengths and weaknesses as they pertain to the business and will be very helpful when it comes to building your master team.

Who are you? Is business the right thing for you? What are your qualifications? What are your habits? What is your character like? Are you friendly, disciplined, patient, shy?

The time leading up to starting a business is usually a very emotional one; visions of customers galore and money flowing dance through our minds. The opening day was a smash and all that. In this highly emotional state sometimes the finer points are often ignored or overlooked.

What are some of these finer points? Here are a few in no particular order:

• Why are you in business? What is your intent
• How credible are you? Do people trust you?
• Personal assets (character strengths, skills, capabilities, experience, level of knowledge)
• Personal liabilities( character weaknesses, skill deficiency. levels of experience and knowledge
• Does the business match your skills and capabilities
• Do you believe in your product or services
• How will the business grow or perpetuate itself
• Do you trust the people that you work with or for?

Here's a little exercise that you can do

On a sheet of paper make two columns. In the first column list all your personal assets in the other column list all your personal liabilities

This will give you an overall picture of where you stand. You can now identify areas which require improvement and identify things which you will need others to do.

Next match your personal traits to the business and think about what it will mean to your clients. What measurable value does this bring to your relationships

Make a list of everything you did yesterday and then make a list of all the result producing things you did. How are you spending your time?

Till next week have a productive week.

Best regards

Patrick

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