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Entries in 360 Business Club (3)

Tuesday
Aug172010

Don't Just Do It!

I recently spoke to a group of folks who were in the process of starting their own businesses. As I was listening to the audio, I realized that many of the lessons apply to those of us who have been in business for quite some time. In fact, I think the business owners who have been in business for some time will appreciate this message much more than those who have never experienced the trials and tribulations of owning, building and operating a business of their own.

This audio is about 12 minutes long - you can listen to it by clicking below. Let me know by email at bhavesh@ambica.net if you have any reactions to it!


Monday
May242010

Why Businesses Fail

You’ve already heard it: 90% of business startups end up in failures. Of those who do stay in business, a very small percentage do well – perhaps about 2% - the rest just get by, barely survive, or stay mediocre.

Why such a high rate of failure? I believe it’s because we have not identified and developed the right business habits that produce the results we want. This is why reading books does not make us successful, healthy, fit, wealthy or even happy. Neither do writing a thesis or graduating with Honors from an Ivy League University.

Business Building is a sport. You can’t learn how to play tennis or golf by reading a book, writing a thesis or graduating with Honors after two years of intense studies. The theoretical knowledge is a good start, but to truly master the sport, we need to engage with it emotionally, enjoy it, practice it often, and master it in small incremental steps.

What we habitually, consistently do, perhaps even without thinking, like driving a car, defines us to a great extent. Our habits drive our successes and our failures. Our habits make us efficient or inefficient. Our habits make us healthy or unhealthy, sharp or dull, wealthy or poor.

Because a business is made of people, the same holds true for businesses. The habits of a business defines its character. Habits drive its successes and failures. Habits make it thrive or wither away and die. Habits make it a market leader or a mediocre survivor. Habits bring out great lines of successful products or failures after failures.

Good business habits bring us good results. Bad business habits bring us bad results. Great business habits bring great results and terrific business habits bring us terrific business results.

Needless to say, breaking old habits is difficult. So is building new ones. What makes this process - of breaking old habits and building new ones - especially difficult is the fact that we often really don’t know what habit we should be adopting. We really don’t know what the best practices are for our business’ success.

I have been researching this subject - the best business practices and habits for a successful business - for over 12 years. Some of what I have found is simple common sense. Some of it is truly ground-breaking. And much of it seems like ground-breaking stuff but it really is common sense. It only seems like it’s ground-breaking because the commonly acceptable behavior is so non-common-sensical. Crazy, I know. But there it is.

If we are to succeed as a business, we must committ to reinventing ourselves as the world around us changes. Obviously, continuous reinvention, in small, incremental steps, is far easier than abrupt reinvention.

There is no better way to reinvent our business than to examine, and then change, its business habits, slowly, deliberately, incrementally and constantly. When was the last time you took a long and hard look at your business habits? Are you reinventing your business or are you stuck in the same old habits? Are you driving the change or are you being driven by change?

Want to experience business habits in action? Join us at our next 360 Business Club “business workout session” where you get to practice business-building with like-minded business leaders. 

Monday
Apr262010

A Story of Your Business

A Story of Your Business
By Bhavesh Naik

You set out to build a business,
You had dreamt it in your dreams;
So much of it came true,
But so much didn’t, it seems.

You wanted to be your own boss,
A thought you thought was noble;
But your clients are now your new boss,
See what you got for your troubles.

Money, you thought, would be your friend,
And that your net income would double;
But all you got was worry and worry,
About sales, cash-flow and receivables.

You wanted to change the world, you said,
Like a loud clap of thunder;
All you got was a gig instead,
That you hoped wouldn’t go under.

Nothing is lost, my friend, I say,
As long as you’ve learned your lessons;
You can still build the business you dreamt in your dreams,
But this time, do it without the hassles.

Business-building is a sport, I say,
Don’t think it’s something intellectual;
What you need is a place to practice,
So you can master it for real.

A coach, some friends, a kick in the pants,
If that’s what you think is needed;
Best practices and principles
With which others have succeeded.

That’s all you need, and you have it now
In 360 Business Club;
A Business Building and Support System
To make your business go rub-a-dub-dub.

Give us your heart, your mind and your soul,
And you will discover now;
That business-building is a simple game
That could be mastered; you just need to know how.

—-

Is your business All You Thought It Would Be? Join us as a guest at our next “business workout session” of 360 Business Club. Click here for more information. Click here to register.