How to Succeed in Your Own Business

Co-authored by Madison Boehm

Last Updated: August 31, 2021 References

There is no clear-cut success formula for succeeding in business. If there was one, we would never hear stories of business failure. But if we take a peek into the history of all successful business organizations, we will find close similarities in their methods of operation in the formative years. There are certain steps that all these organizations have followed. These initial methods played a crucial role in their success. Here are few steps that many successful entrepreneurs have used to succeed in business.

Steps

1
Develop a desire to break away from the crowd. You need to have the courage to make use of your idea. A dream and an unfathomable desire to achieve that dream are the two basic aspects needed to succeed in business.
2
Find your niche. This should be something you are knowledgeable about and have an interest in.^{[1]
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3
Persevere through setbacks. If you let little roadblocks deter you, you'll never make it in life.^{[2]
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Trustworthy Source
U.S. Small Business Administration
U.S. government agency focused on supporting small businesses
Go to source}
4
Learning from mistakes. Learn from your mistakes and try to avoid repeating them. Treat every crisis as an opportunity to learn and perform.^{[3]
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- Remember that there's going to be a lot of trial and error before you succeed.^{[4]
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  Expert Source
  
  Madison Boehm
  Business Advisor, Jaxson Maximus
  Expert Interview. 24 August 2021.}
5
Maintain self-discipline. When you own a business, you get freedom. Quite often this freedom paves the way to complacency. Your business will only survive if you buckle down and work at it. You have no one to answer to but yourself.^{[5]
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6
Commit to your business idea and to all those people who are part of your plans. These can be your employees, friends or family members.
7
Be patient. No tree gives fruit overnight. For the fruit to appear, the tree has to undergo several phases. Similar is the success in any business venture. You need to be patient to reap the fruits of your toil. You need to keep your effort through the lean phase. You need to be steady and focused.^{[6]
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8
Be flexible.^{[7]
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Expert Source

Madison Boehm
Business Advisor, Jaxson Maximus
Expert Interview. 24 August 2021.} A brilliant idea alone will not ensure success in business. You need to learn to adapt your idea to the present day needs. Your idea should reach maximum customers with ease. In the initial years, customers will not come to you. You need to take your product or service to the customer.^{[8]
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9
Be prepared to answer any questions from the customer. For example, "What is there in your product or service that other people do not have?" If you have a solid answer to this question, you are right on track.^{[9]
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Trustworthy Source
Harvard Business Review
Online and print journal covering topics related to business management practices
Go to source}
10
Realize that all business involves a certain amount of risk. So, you should be prepared to face the risk. You must have some financial backing to look to when things go wrong. Never invest your entire fortune in a new business. Look into all available financial options. It is also wise to take the advice of professionals in financial matters.^{[10]
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If you are interested in your own home based business you can check out this website www.UnitedSuccessAssociates.com.^{[11]
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Community Q&A

Question

How can a small business owner be successful?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

Flexibility is key. Chances are, not everything is going to work out exactly the way you plan. Be willing to take a critical look at your business and change things up as needed!
Question

How can I be a good business owner?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

Be active in your business! Whether things are going well or going poorly, it's important to stay on top of all aspects of your business, like financing and staffing.
Question

What are some tips for someone who would like to start a wallpaper business?

Community Answer

Have a wide variety of patterns and styles of wallpaper available. Work quickly and carefully so customers will recommend you to other people.