What common characteristics do highly successful leaders and their businesses exhibit?
Recent studies found three common factors influence success. All three are critical and equally important, and if a business is not performing, the core reason will be an issue in one of these categories.
As a ‘Business wealth mentor’, I have found you need all three to be highly successful and they include;
- The ‘YOU’ (the human aspect - a person’s character)
- The right vehicle (an ability to identify and pursue an opportunity that has significant profit potential)
- The right knowledge (successful leaders either have the required knowledge to achieve their goals, or know who does and pursues it.)
In upcoming articles, I will explore the remaining two attributes, but today lets’ start with the ‘YOU’-the human aspect.
Using an under-performing SME business as an example, the first place to look for the cause, is the ‘YOU’, the owner.
So, what do I look for when helping owners turn their business around? There are seven major areas to consider;
- Mindset - If you think you can you can, if you think you can't you can't. Your mindset may be a barrier to your business success. Do you fear growth? Do you hesitate because you don't know how to do something? Or do you simply not want to change? All are mindset issues and you need to ask yourself if your mindset is the biggest barrier to your success.
- Motivation – Or what I love to call your ‘mojo’. Your motivation/mojo is a combination of your passion (you need to love what you do), your purpose (what you do and why you do it), and a clear WIIFM (what's in it for me). Combined, they provide the motivation to deal with the frequent obstacles in business. Do you still have the motivation to succeed?
- Capability - Understanding what you are good at, and equally not good at, to ensure you leverage your capability, which means getting help in your weaker areas.
- Work on the right things - The biggest issue here is lack of focus which leads to working on the wrong things. Owners need to focus on creating wealth, and have a tenacious approach to working on the right vehicle. You must focus to ensure you make the profits you deserve.
- Character - Is about how you act. Your character will be what defines you as a person and a leader. Your values, your behaviour, how you treat others, and the value you provide to others. Do you lead by example? Do you listen? Are your characteristics a barrier to your ultimate business success?
- What you know - Your knowledge will be critical to your success, you must know and if you don't you have to know who does. If your business is not performing there is simply something you don't know, it's just a matter of working out what? Do you know marketing, finance, how to systemise a business, how to manage people, how to manage yourself? If you want significantly improved performance you need to work out what is it is your business you don’t know, business success is a learnable skill. If you don't know what your knowledge gaps are, get someone to help you find out.
- Achieve results, not excuses - Remember you will be remembered for what you achieved not how hard you worked. Achieve results, don’t make excuses and don't play the blame game.
These are the common characteristics of highly successful people. If you are not as successful as you would like then you might likely have a barrier such as;
- Lack of motivation
- Lack of knowledge
- Simply not spending enough time working on the right things
Business success is a learnable skill, so if your business is not as successful as it should be there is most likely something you don't know, or you are doing something that needs to change.
You need to work out your barrier to success and develop a strategy and action plan to address this.
If you would like some assistance to identify and help remove your barrier call:
Business Wealth Mentors
03 9797 0590