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How to Build a Successful Business

Research shows that eight out of ten businesses fail in the first 18 months.

Would you like to own a business one day?

Have you owned a business before?

Did it fail?

Today we begin a GIFTED workshop series called How to Build a Successful Business, designed to ensure that your business becomes part of the 20% that make it, and avoids the 80% that don't.

I will share three fundamental steps you need to take to ensure that you succeed in business. These are:

1. How to Start a Successful Business

The Key: Start for the Right Reasons

2. How to Run a Successful Business

The Key: Learn to Build and Maintain

3. How to Keep a Successful Business

The Key: Systemize and Exit

Each week I will post one small part of each workshop, to make it manageable for you to digest the lessons herein. We will be offering free, live workshops around the city as well, in case you would like all the lessons at once. If so, please read until the end to learn how you can sign up.

How to Start a Successful Business

Lesson # 1: Most businesses fail from the start

Let me tell you something you may not know: most businesses fail from the start. I have had many friends who told me about their new business, and right away, I knew it would not last. I did not say anything at the time, as I am not a dream killer, but I have always been right. How? I could see they were not starting for the right reasons. 

One guy told me “Everyone needs this product! I started a business selling it, and I am sure lots of people will buy it.” Wrong. Another girl told me “I think this product is so cute. I’m gonna sell it and make lots of money!” Wrong.

Why were they wrong? Think about it.

# 1 Most Common Mistake

The first guy was only thinking of other people. “Everyone needs this!” Yes, many people need that product, but that doesn’t mean they will buy it from him! Why? Because he was not thinking of himself. Did he even like the product? Was he able to work with this product every day? Would he work on it hard enough to beat the competition? If he’s not selling something completely new, then that means lots of other people are selling the same thing. How will he be different? Better? More successful? What if after a year he realizes that he hates this product? He just started a business that forces him to deal with something he hates, every day! What can we expect from that?

#2 Most Common Mistake

The second girl was only thinking of herself. “It’s so cute!” she said. Yes, it is good that she likes her product, but do other people like it too? Did she do the research to find out if everyone else thinks it’s cute? Even if she can sell her product very well, does she know what it takes to run a business? It is much more than just selling something. 

It takes a lot to run a business, so if you want to succeed, you must make sure that you start off on the right path. Stay tuned for the next lesson: what is the right path?

This was the first part of the workshop How to Start a Successful Business.  Soon, we will be offering this workshop live. If you're interested in participating, please scan the QR code below and tell Jeff, our community leader, to sign you up.