How to Succeed in Business By: Brian Tracy

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<b>From: </b> "Mark's Motivation Mail" &lt;motivation@chattertonworld.com&gt;  </div>
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<b>Date: </b>Tue, 23 Aug 2011 06:13:20 +0800</div>
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<b>To: </b>&lt;Undisclosed-Recipient&gt;</div>
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<b>Subject: </b>How to Succeed in Business By: Brian Tracy</div>
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<span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Build   Your Own Business
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">The high road   to becoming a self-made millionaire in America is starting and building your own   business. But this is not as easy as it sounds. Most businesses started by   inexperienced people fail.

Probably the primary reason why people don't   start businesses is because they're afraid that they're going to lose their   money and for good reason. 99 percent of businesses started by people lacking   business experience fail within the first two or three   years.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Why   Businesses Fail
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">And why is   that? It's because they don't know how to succeed. They haven't the slightest   idea how to make a business successful. They may have an idea for a product or   service, but they don't know all the things that they need to know to run a   successful business.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Why   Businesses Succeed
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">However,   surprisingly enough, 80 percent of businesses started by experienced   businesspeople succeed. Now why should this be so? The reason is because   experienced businesspeople know what to do. They know how to purchase their   products and their services. They know how to negotiate with their suppliers.   They know how to raise money. They know how to negotiate leases. They know how   to sell and to market. They know how to manage their finances. In other words,   experience is the key. In order to start your own business and succeed, you have   to learn how.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Competence   Makes the Difference
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">Now according   to Dunn and Bradstreet, 96 percent of businesses in America that fail, fail   because of what is called "managerial incompetence". Managerial incompetence   means that the people running the businesses don't know what they're doing. And   here are the two critical areas of managerial incompetence that cause business   failure.

First is sales and marketing. 48 percent of businesses that fail   in America fail because the business cannot sell enough of its products or   services. Very few businesses fail when they have high levels of sales and   revenues coming in.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Control   Your Costs
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">The second   reason that businesses fail, 46 percent, is because of poor cost control. They   may be selling enough on the front end, but they're losing so much on the back   end that they go broke anyway. Sales and marketing, financing and cost control,   both require experience. And if you're serious about becoming financially   independent, you have to learn how to do both of these.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Put   Luck On Your Side
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">You must learn   the skills you need to be successful. Business success is not a matter of luck.   Business success is a matter of application. It's a matter of ability. It's a   matter of experience and skill and intelligence, and wonderfully enough, you can   learn what you need to know to be successful. And you can start by learning   through on-the-job training, which is called OJT. Most successful businesspeople   become successful because they get all their training by working for someone   else.

</span><span style="color: #2e7a80; font-family: arial; font-size: 16px; font-weight: bold; line-height: 110%;">Action   Exercises
</span><span style="font-family: verdana; font-size: 12px; line-height: 150%;">Here are two   things you can do immediately to make sure that your business succeeds   greatly:

First, take the time to get the knowledge and experience you   need in business by working for someone else where you can learn a lot in a   short period of time. Go to work in an area in which you are interested and   learn everything you possibly can.

Second, read and study in business,   especially entrepreneurial business, all the time. Read one or two business   books per week and read every business magazine that is published on your   subject. Never stop learning and growing.
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