5 Keys to Success in Business


by Tom Olson


hen it comes to running a successful business, there

willing to purchase, you may have the start of a new business. Not everyone realizes that a good idea is the foundation for starting a business. You will not successfully sustain a business without one. Still, a good idea, alone, does not make a good business. You also need strong reliable systems in place to carry out the idea. And you need to be willing to look carefully (and ruthlessly) at the market and decide if now is the right time for your idea to become part of a business. In some cases, you may need to hold off on one idea to implement another or wait for a change in the market before really getting started. How to Use This Key: Be willing to evaluate your ideas ruthlessly, identify the best times at which to implement them, and have the strength to follow through. KEY 2 Remember, Success Takes Guts As a real estate investor and small business owner, you must always remember that success requires you have “guts” enough to take a shot at success. When we are children, we often believe our ideas will somehow “magically” become reality when we become adults. The secret ingredient is not magic; it is being willing to take a shot. One of the greatest hockey players who ever lived, Wayne Gretzky,

was famous for saying the most important thing he learned was the person who takes the most shots makes the most shots. The same is true in business: If you are willing to continuously take your shots, you are far, far more likely to experience success. At the age of 65, a man named Harland Sanders set out across the country to sell his franchised- chicken restaurant model. Later in life, Colonel Sanders would recount how he was rejected 1,009 times before managing to find a restaurant that would agree to sell his “secret” chicken recipe. It became the foundation of today’s KFC. He sold the franchise for millions about eight years later, and the brand is still iconic to this day. Had Sanders given up after his 1,009th rejection (and clearly, he was counting), his life and legacy would have been quite different. How to Use This Key: Once you have proven your model to your own satisfaction, establish a business plan and a goal-setting structure—then take the shot!

are certain hallmarks that appear in nearly every entrepreneurial operation. It’s no different for real estate investing and financial ventures. Leveraging these key strategies can enable investors to optimize and accelerate their success. Each of the following “keys” may be applied across a spectrum of business operations. The important thing is to apply them honestly and evenly across your business, even when careful analysis does not yield the results you hoped for. Please note that, as is so often the case with business-related education, it was impossible to fit every key necessary for success into this discussion. We have offered five of the most vital ones, but we’ve saved other important keys like empathy, accountability roles and responsibilities, and sales, systems, and structure for another discussion. KEY 1 Objectively Evaluate Your Ideas In business, everything starts with an idea. You might have an idea to change the world in some meaningful way or simply to improve the way your morning starts off. You might have an idea to help underprivileged families access computers or to brew a better cup of coffee. If you can turn your idea into a product or service someone is

KEY 3 Practice Setting and Meeting Goals

One of the best ways to learn how to set and reach goals is to practice setting and reaching them! Just like shooting hoops in basketball, the best

64 | think realty magazine :: july – august 2022

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