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What Makes Your Business Successful
Do you consider your small business successful even if it's not earning a million a year?
A number of people have this misconception that success in your business means you have to be some sort of millionaire in order to qualify the business and yourself as successful. They watch television and read magazines about successful people and see the likes of Donald Trump, Bill Gates, Warren Buffet, Oprah Winfrey and the many other big name entrepreneurs and business people and say “Ah hah, if your business can not measure to them than you’re not successful!”
This misconception even stops people from starting new businesses themselves, and even if they do decide to start a business, they create unrealistic goals and expectations about money and wealth for themselves and the business. These people have been completely brainwashed into believing that if their business is not making six figures in its first year then it’s not a successful business, and not worth their time and effort , and so they are quickly defeated by disappointments and obstacles, they lose focus and inevitably give up on their business idea, become pessimistic about the disciplines of business and eventually get back to a regular 9 to 5 job and continue to sit back and watch television about the lives of rich and successful people on TV.
Will my business make me a millionaire in a few years?
The reality is that less than 1 percent of business people are actual millionaires. Most business people report to work every day to keep their businesses afloat. The odds of you becoming a millionaire in your business in a few years I’m sorry to say are very, very slim. Am I telling you this to discourage you from starting your business? Of course not! I’m telling you this so if and when you do decide to start a business for you not to give up on it! It’s been reported that small business owners can earn above average incomes, often above 75,000 in the first year. Does that mean that they are not successful because they’re not earning a million? Not at all.
What qualifies my business as being successful?
Success in business is not based on the amount of money you make and how little you have to work to make it. It’s based on whether or not your business is really a business. In other words, if you’re actually making money and bringing in income from that business, then congratulations, you’re successful! Most business startups never generate a cash flow or create any profit at all.
Most businesses go under before they are even launched. I don’t have to tell you the harsh statistics involving new business startups, I’m sure you’ve heard all of them already. If you have a business that only brings in 20,000 a year, don’t be discouraged, you’re on the road to success. You’ve been able to create some type of revenue for yourself, whether it supplements your income a little or a lot. Even a business that generates 1,000 a year is technically a successful business. Keep in mind that millions of businesses have come and gone that never generated not even a penny.
So don’t be misled into believing that because you have to work hard in your business and you don’t have a million dollars, a mansion and a yacht that you’re a failure, not true. Remember, success in your business begins with those first entries of actual profits you record in your accounting ledger.
Bobson St. Pierre, “A big tree begins as a small seed.”