Long ago, when we were little kids, many of us were sure that rich people are the happiest. If you succeed in business, then life becomes easy and hassle-free. And of course, the main strategy to achieve your goal is to study well at school and university. Twenty years later, when many people started their own businesses, it turned out that very few of them turned out really successful. Does this prove that the old strategy based on acquired knowledge means nothing?
To some extent, it does. If this approach worked 100%, then all university graduates with excellent grades would become successful and established entrepreneurs. On the other hand, it is impossible to run a business without a minimum amount of theoretical and practical knowledge. You must be able to analyze the stock prices, calculate the best supply routes, and set the right prices for your goods and services. If you have just graduated from high school, it will be extremely difficult to do this. (Read more on the topic here: Four pillars of a successful business strategy).
Please note: Doing business in the wrong jurisdiction involves an increased fiscal burden. If the development strategy that you are following does not provide for a rigid link to a specific country, we suggest that you should consider changing the jurisdiction of tax residence. You can find out all the necessary information about the issue during your free individual consultation with our experts!
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The explanation for the apparent paradox here lies in the fact that many people fail to understand the key element of a success strategy that our grandfathers and great-grandfathers stuck to. Wealth, a place in the Forbes ranking, social status – all those are successful attempts to create luck and good fortune. Do not wait for the circumstances to fall into the right combination, like pieces of a puzzle! Instead, try to assemble this exciting puzzle yourself. This will create real success.
You must remember that the only resource that cannot be bought in a store or ordered from suppliers is time. Your personal strategy for success is how you manage your life – in business, family, art, or creating a home. There is never enough time, so choosing a strategy for success is an attempt to accommodate both your fears and your dreams. The timing of success depends on how correctly you choose your strategy. If you make a mistake, that will never happen – there just won’t be enough time (Read more on the topic: Five key factors of business success).
Here are some tips for choosing your own successful strategy:
- Make mistakes. There is no business without mistakes. The earlier you step on the rake, the better – you will have time to get things right again.
- Try new things. Mossbacks do not succeed in business – they simply do not know that life is flourishing beyond the fence of the limited world they build for themselves. Success does not come to those who are not ready to seek and develop.
- Learn new things. Perhaps your personal recipe for success is doing something you do not even know about yet! Step outside your comfort zone. When you do that, you might learn something that will become the foundation of your success.
One day Jack Canfield, one of the most famous motivational speakers in the world, said: “Everything you want is on the other side of fear.” Think about these words. When your personal strategy for success pays off, add to Canfield’s maxim or replace it with your own.
Success in the modern world is not only knowledge and experience. Perhaps it was at some point in the past, but the world around us has changed. In modern life, a competent success strategy is based on the fact that information and knowledge you may possess are only the bare skeleton, framework, foundation for your further development. (More information on the topic: Most efficient business structure).
If you want to succeed, you must make sure you learn to do the following:
- accept innovations;
- accept other people’s experience and share your own.
Let us allow ourselves a mutinous thought, for which 15 years ago we could be showered with stones. If you want to succeed in business, you do not need a diploma from a prestigious university, an MBA (Master of Business Administration), or an advanced business degree to create a good strategy.
Even more so. If you have all those, success may even be a bit more difficult to achieve. What you learned at university is someone else’s information, someone else’s stories. You can’t be sure that they will suit you. Only a few people may decide to actually share some really important knowledge with others. We are not suggesting that we should abandon the past and ignore the known stories of successful business. But it will be much better if you build your business with an eye to the future.
The Right Mindset
We are going to reveal a secret, albeit an open one: people who have achieved success believe in themselves. They never give up their dreams, even if everyone is trying to convince them that their attempts are doomed. Forget about the calendar. Let your whole life be focused on the here and now. The motto that truly helps to achieve success in business is the ancient Latin maxim “Carpe diem” – “live today”, “seize the moment”.
Normal, “correct” conditions that do not stand in the way of success:
- loss of strength, depression;
- temporary lack of motivation for continuing to fight for success against the unfavorable circumstances;
Read more about ten most common mistakes of startup owners.
Counterproductive feelings and actions that are harmful not only for business but also for self-esteem:
- Complaining. No one will hear you anyway. Accept the facts that no one needs you, and that in business there are no friends, only competitors. Ok, this is not exactly true. You have a family, some old and proven business partners. But complaining means giving up. Don’t let that happen.
- Making excuses. Don’t lose your dignity. You made a choice, good or bad – it doesn’t really matter. Or maybe you haven’t. In any case, this is a sign of weakness. And weakness, whatever your strategy for achieving success, makes your business doomed.
- Giving up your dreams. This is absolutely impossible to do. Let the whole world be against you, but your dream is something that can give strength and keep you afloat.
“It’s impossible,” said Cause,
“It’s reckless,” said Reason,
“It’s useless,” snapped Pride,
“It’s worth a try,” whispered Dream.
Let these lines become your motto. Business, a competent strategy for achieving the set goal, and understanding the tactical and strategic tasks are the main components of success. If you don’t have a dream, it will be extremely difficult, if not impossible, to achieve your aims. But do not forget that the dream must be supported by your desire to do something for it: change your life, find the right path for success. Then you will definitely hit the jackpot! (More on the topic: Avoiding the top-5 reasons why startup companies do not succeed).
Strategies that help succeed in life and business:
- Know your “Why” – this is the main motivator of success.
- Do not waste time, there isn’t that much of it anyway.
- Develop a roadmap, your action plan. It’s hard to succeed on the spur of the moment.
- Understand money basics, but do not put it in front of everything else.
- Improve! Best practice makes perfect.
- Visualize your future goals to help yourself materialize success over time.
- Learn Outside of the Classroom! The idea that you know everything is a verdict not only for business and success, but also for your whole life.
These are the 7 universal strategies. Do you want to be successful? Give yourself the most important gift in life right now: stop complaining and making excuses, and get to work. And you will soon see how everything will work out for you! Let us discuss the strategies listed above in a bit more detail.
Success Strategy #1: Know Your “Why”
You must know exactly what you are doing and why. This is perhaps the most important strategy for achieving business success. If there is no such understanding, then you will probably achieve nothing in the end. You may well just stick to being an employee in someone else’s business; many have chosen this path and are quite happy with it. But doing your own business takes something different. (To read more on the topic click here: Types of business that are most likely to succeed in 2023).
We are not urging you to find your destiny, since this sort of objective is generally sort of unsolvable. However, if you are content with getting a weekly or monthly salary, enduring your boss’s whims, and paying off loans for twenty years, this may be just the right strategy for you. It just doesn’t lead to business success – instead, it helps you make your life predictable, though boring.
But if you know your “why”, understand the motives for your actions and the reasons for your choices, this strategy allows you to strive for business success – but does not guarantee it. Your life will definitely stop being boring. However, you should be ready for the possibility that sometimes you will fall, have problems that will need solving, sort out the rubble, and pave the way in complete darkness with a flashlight in your hands.
Is this strategy a promise for success? Definitely not. But maybe it will help you to see that obstacles aren’t insurmountable, maybe it will give you the opportunity to find answers to questions, immerse yourself in business and try to find your way to success. Yours, not the one recommended by general guides devoid of any specifics.
Success Strategy #2: Stop Wasting Time
Time is your most valuable resource, and it does not regenerate. Do you think you never waste it? We assure you, many people think so, but they are not right. An average American spends 4 hours a day, or 28 hours a week watching TV. And that’s TV alone! We often surf the Internet completely aimlessly, chat with random people for a long time, browse strangers’ photos for no reason. All these are examples of how we waste time (More information on the topic here: Industries that will probably flourish in the next ten years).
Here are some other examples of how we mismanage our lives without really thinking about the fact that it is not eternal:
- worrying that something will never happen or we won’t be able to control it;
- planning actions that will never be put into practice;
- losing internal peace and comfort because of someone else’s reaction to something close and dear to us;
- years of commuting to work and regretting the fact that we spend our life aimlessly without any attempt to change anything.
Many people justify themselves by saying that their abilities only allow them to take very small steps that cannot change anything. Yes, that’s right, that is what usually happens. At the point when we just plan a business and build a strategy to achieve success, it does not really matter. The very fact that we are doing something for our future is what’s really important!
Success Strategy #3: Develop a Roadmap
Many people believe that the best start is the one that is improvised. But is it really? Yes and no. The first step surely takes an impulse, an acute realization that you want to change your life and try to find your strategy for success. But the second, third, and all the subsequent stages of your work should be planned. Otherwise, you will get lost in the endless variety of alternatives and never get on the straight road to success (To read more on the topic follow this link: Three ways to discover good ideas for opening a business abroad).
A typical example is driving out to some wild place in nature or taking a trip around the country by car. You have two initial points: the place where your journey starts from and the end point on the map. There is nothing close or similar between them. Any normal person in this sort of situation will turn to a map or an electronic navigator, letting them create the route. Why not use the same approach in order to succeed in business? Why would you entrust random chance with the choice of one of the most important strategies in your life?
Tips for creating your personal financial strategy in roadmap format:
- Clearly define the goal you want to achieve; the specifics are optional at this stage. It can be business success, creating a strong family, or even getting acquainted with the works of the ancient Chinese philosophers in the original.
- Think over a sequence of necessary actions. For example, to achieve success in business, you must at least register a company and open a bank account. To create a strong family, it makes sense to go out, expand your circle of friends, get to know people, and be ready to open up to one of them. If you are interested in the ancient titans of thought from the Middle Kingdom (Lao Tzu, Confucius, Meng Tzu or others), you should sign up for Chinese language courses.
- Set your priorities. This is often difficult. What should you choose: the simplest or the most difficult goals? What will give an immediate effect, and what will appear more important over time? A significant part of your success depends on the ability to plan steps, choosing a competent strategy with a set of limited resources.
- Determine the approximate time to complete the goals. The algorithm of actions is not aimed to limit your opportunities. Instead, it is a good tool for competent planning. Clear timing allows you to distribute the always lacking resources most effectively.
Information on the topic: The best countries for opening an offshore business.
- Define the necessary tools. Success in business is a story of good planning. In order for the strategy to lead you to the desired goals, you will need some reliable tools. A close-knit team of professionals, additional funding, a promising idea – these are just the bare essentials.
- Put your plans into practice. This is the most problematic part of any strategy to achieve success. Your plans to win the Forbes rankings by overtaking Elon Reeve Musk or Jeff Bezos in the top positions will never come true if you never earn your first dollar as a founder of your own business.
- Monitor your company’s progress. If you have started to implement your own strategy aimed at achieving your goal, remember that success in business means control: you need to control your profits, market position, company shares, the consumers’ needs, and the positions of your competitors. If you let the business take a random course, your strategy, no matter how great, will inevitably fail.
Success Strategy #4: Understand Money Basics
You can achieve significant success in business and even become a successful entrepreneur, but do not forget that the inability to distribute personal finances wisely will create an ongoing risk for your achievements. The more you earn, the more temptations there will be to waste the money on personal needs. (Read this article to know more about making safe investments).
Areas of knowledge that you need to master to understand if you really want to succeed in business:
- basics of investing personal finances;
- competent budgeting;
- effective tax planning, competent (and legal!) tax optimization;
- reducing the debt burden;
- life and business insurance, the ability to identify the riskiest spots in your success strategy;
- real estate ownership planning;
- health insurance.
The most popular financial instruments in the USA and Western Europe:
- Acorns – investments;
- YNAB – budgeting;
- Tally – credit obligations management;
- Policygenius – life insurance (generally protection and diversification of assets);
- Gentreo – real estate ownership planning;
- eHealth – tips and tricks for finding / creating the best insurance plan.
Read more on the topic here: Buying a business in the USA – opportunities for a foreign investor.
Success Strategy #5: Best Practice Makes Perfect
Practice complements and finalizes any theory. According to the popular saying, it can even make an idea perfect. If you improve your skills and abilities over and over again via practical actions, you will become a professional. It is certainly true, isn’t it? Yes, of course, if you are a musician in an orchestra, a worker on an assembly line, or a mechanic fixing leaky faucets.
If we talk about business and the choice of a strategy for achieving success, you can just completely forget about the first paragraph. Really, you must forget it! “If you always do the same thing – you will always get the same result!” These words are sometimes attributed either to Henry Ford (the founder of the famous car manufacturing company), to Anthony Jay Tony Robbins (American writer, entrepreneur, speaker and business coach), or to Albert Einstein (a genius physicist). And it is a very keen observation of the way changes in life generally happen. The secret is that success in business is not about how long you train, but how exactly you train. In other words, in business success strategies, quantity does not turn into quality.
Possible sources of personal improvement:
- profile channels on YouTube;
- talking with professionals;
- open sources of information (libraries – traditional or electronic ones);
- working with a mentor;
- communication with leaders.
The last point requires some clarification. People who have already confirmed the viability of the strategy they have chosen and have managed to build a successful business are usually quite busy. But even those who have firmly settled in the Forbes rating sometimes give master classes. Such talks are a source of invaluable experience. (More information on the topic in the following article: The benefits of opening an offshore account).
Success Strategy #6: Visualize Your Future Goals
How can you “take a peep” into tomorrow if you don’t have a time machine? It seems impossible, doesn’t it? But not for you. You need to try to visualize your future success the way you imagine it. It doesn’t matter what sort of goals your particular strategy includes – business, personal life, scientific research, or doing some charity work in Africa. If you see your future in your mind, you will clearly understand what you should strive for.
How can a proper visualization help:
- provide additional motivation;
- give confidence and confirmation of the correctness of the chosen strategy;
- give the chance to arrange tasks and goals according to their importance;
- help improve concentration of forces, resources, time, money with the choice of the optimal point of their application.
At the same time, a correctly chosen visualization tactic can reduce the impact of the following negative factors:
There are a few different visualization techniques. Some of them involve the use of rather complex tools, the applicability of which in each specific case is not all that obvious. Therefore, we recommend you to start with the simplest option – using a visualization board
To read more about international business click on the following link: The basic features and benefits of diversification of business).
To put it simply, this tool for achieving success should be “a must” in almost any strategy of action. Technically, a visualization board is somewhat similar to the blackboard used in schools. It contains some symbols that you understand. Typical examples are clippings from magazines and newspapers, stickers with important information, photographs, graphs and diagrams. For a greater visual effect, you can link some elements with bright lines (for example, using bright threads).
In order for the visualization board to really work and help you achieve success, you should approach its contents as responsibly as possible. Unnecessary information will distract your attention and complicate the implementation of your chosen strategy. Please note that the visualization board should be located in a place where it will constantly be in front of your eyes.
Success Strategy #7: Learn Outside of the Classroom
A classroom is not only a room in a school that you diligently went to many years ago. In general, a classroom is a spot of comfort, a place of your habitual life, the success you have already achieved. If you limit yourself to this, then you will be able to maintain the status quo, but you will not be able to move further. If this prospect suits you – no problem. Many people act this way, and this choice is not really a mistake.
However, if you want to develop your business, achieve new heights, and prove time after time that movement is life, you will need a better strategy, new knowledge, and the ability to use modern business tools. And in this case, you should, figuratively speaking, sit down at a desk in the classroom once again
Read more on the topic: How to diversify your business: examples).
Our Advice and Recommendations
Everyone can be successful in business. We state this quite responsibly: one does not need a diploma from a prestigious university, a huge start-up capital, important connections in the business world or powerful financial support from the outside to achieve business success. All these things certainly help, and in many cases, they can accelerate the development of a business at the initial stages. But the absence of any of the above does not mean your business is doomed.
How can you increase your chances of success:
- Read. Books are the best source of information.
- Be ready. Each of us receives the legendary chance of a lifetime at least once. You can use your chance, and the world of big business will open to you.
- Experiment. Do not be afraid of new and unusual things. The market is inert, it is extremely reluctant to accept something innovative. But who would have thought that in the era of the Internet boom, a new company specializing in sales of books could succeed? But Jeff Bezos believed it could, and decided to experiment. You know what happened next.
- Stay positive. Modern business is war, often conducted without any rules. But if you think about success, you must remain positive in any situation. Do not show your weaknesses, but also try not to be callous, hardened. We believe that there is something bright and good alive in everyone who runs a successful business, although these qualities may be hidden very deep.
- Find a mentor. It is impossible to build a business empire on your own. Sooner or later, you will make a big mistake. Therefore, make sure that there is an experienced and accomplished partner nearby to warn you against blunders that may be fatal for your company.
- Get up early. Owls in modern business do not achieve success, the laurels of the winner usually go to morning birds. The morning is widely considered to be a far more productive part of the day. Getting up before others may give you the precious hours to do some important strategic thinking in peace and quiet, without distractions on family or business matters.
- Respect your colleagues. This is particularly true about your competitors. A person who is ready to snatch away your profits is not really your enemy, but rather a kind of partner. However, understanding of such ideas does not come immediately. Respecting your competitors would stop you from underestimating their business acumen and the potential value of their ideas and approaches to business. And then again, it’s always more fun to compete with a strong rival, isn’t it?
If you are interested in opening your own company, read about ten mistakes commonly made by startup business owners.
The seven new business success strategies described above are not a set of cut and dry recommendations “for Dummies” and not a business bible that will allow you to achieve success by contemplation and meditation. You must build your own strategy, constantly strive for achievement, look into the future with optimism, and believe in luck. Only in this case it is possible to reach your goals!
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