Aren’t you proud that you have a job? Are you in your profession of choice? Do you mostly enjoy what you do? If you answered ‘no’ to any of these questions, you may have to review your priorities in your life.
Business acumen and business sense are useful skills to possess, whether you are self-employed or running your employer’s business. Whether you are a sales professional, marketer or business development manager you will need to rely on thinking and intuitive abilities in building and sustaining a business. In my research with successful businesspeople and entrepreneurs, I have found these patterns of excellence that can enhance these two competencies.
1) Why are you in business? (How does it benefit another person?)
2) You must enjoy doing business or it would be meaningless.
3) Start a business with an idea, dream or passion, not an economic need.
4) You can only learn and appreciate business by doing business, and making mistakes (and you certainly will).
5) Expect to work longer hours in your first year of starting a business (develop a large bank of energy).
6) Business acumen is a quality you develop on the job, through time.
7) Develop an appreciation and understanding of finance (read Balance Sheets, Profit & Loss Sheets)
8) Have a plan, and execute the plan! (‘Screw it. Just do it.’ ~ Sir Richard Branson)
9) Have a working philosophy (clear credo, values, beliefs and operating principles) of how you work with others, and the type of work you intend to do.
Avoid doing business because it is a beautiful idea. 90 percent of Small Businesses do not make it after the first year, and it gets even harder in the second year. Inspiration must meet perspiration, as stressed by Thomas Edison.
Congratulations to my friend, DESMOND PEH of JUST EDUCATION HOLDINGS for winning Entrepreneur of the Year for 2010! As Chairman and CEO of this valued brand, a chain of 16 tuition centres, he has built a culture of education, personal pursuits and positivism. I cannot express fully how I am proud that we have been friends for years and benefitted from his generous sharing of tacit experiences and wisdom. He was selected by ROTARY-ASME as one, among, 15 business-leaders shortlisted for the award.
I am excited to announce that my interview with DECA-Ironman, WAYNE KURTZ will appear tomorrow and Wednesday. He, too, built his business while making endless loops on the bicycle track. Talk about clarity of thought! Stay tuned for really good stuff!