Below is a very interesting article by James Caan, which I believe everybody should at least peruse.
By James Caan
, CEO of Hamilton Bradshaw Ltd I have said in the past that there is no magic formula when it comes to being successful in business but there are certain guiding principles that I have followed throughout the course of my career. Not everyone gets what they want in life but if you work hard and keep trying then some measure of success is bound to come your way. Here are a few of the personal rules I have stuck with throughout my career in business and still follow to this day.
No matter what people say true success does not come easily. Like everything in life, if you really want something you are going to have to work for it and put in the time and effort. There is nothing wrong with a little bit of hard work and everyone who has gone into business for themselves will tell you it is one of the toughest things they have ever done in life.
2. Believe in yourself
There is no point in going into business for yourself if you do not have any confidence or self-belief. When you set up your own company the only person you have to answer to is yourself - which means confidence is vital. If you do not believe in yourself and your product or service, then how can you get others to put their faith in you?
3. Be creative
If you want to be truly successful then you have to be prepared to stand out from the crowd. Although I have always believed that an idea doesn't have to be brand new, the best businesses will still have a strong USP that sets them apart from competitors. Creativity is one of the most valuable qualities any person in the business world can have.
4. Be there first
It is a competitive world out there those who are not out of the traps quickly are the ones who are going to get left behind. I have always believed in striking first. Once you have established what the best course of action is, there is no point in being cautious because it will give your competitors the chance to get in there before you and win that vital piece of work or contract.
5. Build a brand
When I set up my first firm, the first thing I did was to go out and rent an office in the best part of London, as an address in Mayfair is great to put on a business card. The actual room itself was tiny and windowless, but nobody knew this as I arranged for meetings to take place away from the office. When it comes to doing business, building a brand and a good reputation is vital. Once you have done this, you will find things a lot easier, as most of us prefer to deal with people or companies that are recognised and trusted.
6. Seek advice
It is impossible to be an expert in every field and there is nothing wrong with seeking advice when you are struggling. When you are starting out in business it can be great to speak to someone who has years of experience behind them. If you ask for help you will usually find that people are more than happy to give their time and their expertise.
7. Get organised
Running a successful business can be very stressful and demanding and one of the most important resources you will have is your time. If you want to get the most out of your working day then you need to be properly organised and you also need to make sure you are not wasting precious time on tasks that can always be delegated to someone else.
8. Don’t run before you can walk
When you first start in business there is a tendency to grab every piece of work which comes your way, which can be a potentially fatal mistake. First of all you need to make sure that when you negotiate a contract there is a decent margin. Although you want to make your mark, there is no point in taking on work that does not yield a worthwhile profit. More importantly don’t take on more work than you can manage. It is one of the most common mistakes in business and can prove to be very costly.