Many people want to make it big in business, but few people do. Why is that? There are some basic tips that differentiate the exceptional business people from the crowd. This article lists five.
1. Hard Work – Mom was right. You do need to do your chores. Successful businesses have a lot of hard work put into them. It usually takes 5 years for a new business to become profitable. Choosing to take the easy way out is the recipe for failure. Entrepreneurs who dared to suffer ridicule and criticism from peers and mentors are usually the ones who end up on top.
2. Non-conformism – Warren Buffett, the billionaire who built Nebraska giant Berkshire Hathaway, put it this way, “Be fearful when others are greedy and greedy when others are fearful.” What are the things that your peers and competitors are afraid of? Some fear items might be math, pain, public speaking, science, veggies, writing, risk, foreigners, poverty, generosity, bear markets, religion, unpopularity, or ridicule. Greedily pursue situations where you or your business do these unpopular things, and watch what happens. On the other shoe, what are the things your peers are greedily seeking after? Some possibilities might be credit cards, mortgages, loans, pleasure, meat, popularity, US, Hollywood, “experts,” lobbyists, liberal arts, or bull markets. Fearfully avoid those items.
3. Innovation – Going with the flow is not going to differentiate you and your company from the rest. The largest companies in the world succeeded because they originally had a hair brained mad scientist gang that came up with a product or service that those around them thought was crazy. Today, that product is the ubiquitous airplane or iPhone. If you are not someone who has a knack for new ideas, make sure that your company has someone on the team who is a dreamer or artistic brain. Left brained profits often come from right brained ideas.
4. Organizational Psychology – Many US companies promote based on experience or the popularity an employee has with management. This is unhealthy, and usually leads to Peter’s principle coming true. Peter’s principle states that every individual is promoted to their basic level of incompetency. After reaching that point they are no longer promoted. The result is that high ranking leaders in a company are often incompetent in the roles they were promoted to. Place people in your company based on their cognitive brain type, not their social acumen. Do not attach extra prestige or wages to certain positions. The idea is to level the playing field and value all contributors, whether they are janitors or managers.
5. Just Show Up – Whether or not you like it, 90% of life is just showing up, as David Leuschen said in a talk he gave at Dartmouth.