CRITICAL SUCCESS FACTORS

Research has shown that about40% of all businesses fold-up within the first year of starting. A staggering80% of businesses fail within the first 5 years and of the remaining 20% that make it past the 5 year mark, over 80% of that 20% fail by the tenth year. In other words less than 10% of businesses that start up ever succeeds beyond 10years.

Many people look at these statistics and say to themselves that with only a 10% chance of success, they are better off staying in their job for the rest of their life. It would be a lot safer. After all, they can never be smart enough or good enough to be in that small minority of 10%.

Firstly, I want to say that being among 10% of successful entrepreneurs is not only possible, it is very much achievable when you know how! You can be in the successful minority if you follow the critical SUCCESS FACTORS.

The reason most people fail in business is not because they lack a superior IQ. It is not because they lack luck or a special talent. The reason for all these failures is simply because they are making the same mistakes over and over again.

After starting so many businesses and consulting many business friends, I can tell you that success in business has nothing to do with your age, nothing to do with your level of education,little to do with how much capital you have and very little to do with luck.

It has to do with two main critical success factors that anybody can learn.

The critical success factors are entrepreneurial Mind Set and Entrepreneurial Skill Set.

ENTREPRENEURIAL MIND SET:

The first thing that sets successful entrepreneurs apart is their way of thinking (MINDSET). I have found that time and again, successful business owners think very differently from the rest of the crowd. When employees are given work to do, they see it as a problem. When an entrepreneur is given more work to do, he sees it as an opportunity to learn and grow from it. When a person with the employee mindsets sent for training, they often see it as a waste of time. The successful entrepreneur sees it as a valuable investment. When more people look at something challenging, they think of all the reasons why it cannot be done and avoid it.

Our mind set is the most important key to our success as a business owner. In fact, I would say that your ability to succeed in business is 70% psychology and 30% strategy. Your mindset affects your thoughts, which affects your behavior & actions and these ultimately affect the results you produce.

HERE ARE 3 ESSENTIAL MINDSETS OF A MILLIONAIRE ENTREPRENEUR:

MINDSET 1. Taking 100% responsibility & ownership.

MINDSET 2. Failure leads to success.

MINDSET 3. Constant and never ending INNOVATION.

WITH REGARDS,

WILFRED STANLEY.