In this video, I will share with you four basic traits that every business owner should have to succeed in business. We will look at some of the most successful entrepreneurs of our time as they share their thoughts on why they think these traits are important for their businesses. Please note that this is the last video I will be publishing for this year as we move into the Christmas period. I wish to take the opportunity to wish you a very merry upcoming Christmas. With that, let’s go to the first trait that every successful business should have.
Having purpose is one of the traits I have encountered in any successful business I have worked with. But what is purpose? Purpose is simply having an answer to the question, “Why are you in business?” What is it that drives you to move your business ahead and making your business grow day by day? Your purpose is what motivates you every single day—and it is what determines the decisions you make for your business.
In 2013, Elon Musk stirred controversy in a letter addressed to Tesla’s shareholders when he began with the lines “While profits were still modest in absolute terms and not our primary mission, …”
The following views are taken from excerpts of an interview with Elon Musk of Tesla Motors on his thoughts on how important purpose is to his business:
(1:39) Video title: Elon Musk – How business is about purpose, not solely profit
Source link: https://www.youtube.com/watch?v=dkvvCaRaKDo
Purpose should not be the only trait that should be the driving factor in your business. This should be balanced with fundamental basics like positive cash flow and good gross margins on the products you sell in order to drive further investments into your business growth.
Passion is a strong desire for something that propels us to endure and excel, no matter what circumstances business owners face.
Steve Jobs of Apple is vividly remembered as an example of a very passionate entrepreneur. Here’s an excerpt on his thoughts on being passionate and why, in his opinion, it is necessary.
(3:48) Video title: Steve Jobs’ Advice for Entrepreneurs
Source link: https://www.youtube.com/watch?v=gxo2rGr7Yfg
When things get more difficult, as you will face in both life and business, your passion is what makes the difference between doing the work for the sake of it and actually enjoying it. It keeps you going when others may actually give up because the journey starts becoming difficult.
Exemplary customer service
Some of the best companies in the world are successful because they know how to make their customers feel special—they know how to deliver a very positive and memorable customer experience. Amazon is an example of such a business.
In this video excerpt, Jeff Bezos, the CEO of Amazon, explains the reason for Amazon’s success.
(5:29) Video title: Amazon CEO: Focus on customer is key
Source link: https://www.youtube.com/watch?v=56GFhr9r36Y
You can see from Jeff Bezos interview that he has a passion and belief in exemplary customer service, and his drive towards it is what makes Amazon as successful as it is.
Great culture and fun
A great product and exemplary customer service are two factors that make a business excel. And the key to consistently delivering both is to hire and keep a solid team of individuals who share the same values and who will work passionately towards achieving the same goals. To do this, any company must have great culture—people must love working with you and everyone else.
Brian Chesky, one of the co-founders of Airbnb, explains how they maintain the culture in their company:
(7:27) Video title: Lecture 10 Culture – Brian Chesky, Alfred Lin
Source link: https://www.youtube.com/watch?v=CHh92vr7jTo
To quickly summarize the four traits of successful entrepreneurs, if you want to be successful in business, you will need passion—that is why you are in business, purpose—you need that to keep things sane and to make working fun, exemplary customer service—to keep your clients coming back again and again, and great culture and fun—essential to attract and retain the people who are your greatest asset in the company to work with you and achieve your business goals. Consider the four traits in this video and identify how you can bring our your passion, your purpose, and a culture that you want in your business.
If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.