BUSINESS ALERT
For the Business Professional
From Shockproof! Training
A Rex Beach & Associates Corporation
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Do You Have the Right Stuff?
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Can we say that you’ll likely succeed in business if you can create and sustain a competitive advantage?
And can we say that you’ll likely succeed in business if you’re able to hire and retain quality people?
Further, can we say that you’ll likely succeed in business if you can create an internal environment that rewards high performance?
In addition, can we say that you’ll likely succeed in business if you’re tied to your client base and know instantly how to change your product or service to meet shifting market demand?
Therefore, can we say that your personal qualities matter little if you have these management essentials in place?
The answers are yes, yes, yes, yes, and no.
_______________
The Right Stuff
Consider for a moment whether you possess the following personal qualities:
* Desire;
* An understanding of the fundamental purpose of a business;
* Vision;
* An understanding of your strengths and weaknesses;
* An ability and willingness to learn quickly from your mistakes;
* Tenacity.
We all have our preferred list of necessary personal qualities, but let’s review this list and see where it leads us.
______
Desire
Nothing in business comes easily, as we all know.
Maybe you can create an impressive competitive advantage or hire better people than the competition.
But if you don’t have a burning desire to succeed, you’ll watch your competitive edge slip and your best people drift away.
_____________________
Purpose of a Business
The fundamental purpose of a business is to solve a specific problem. If you forget that, and focus on making money, forget about success. The competition will solve the problems you fail to recognize.
______
Vision
You must be able to picture a better, cheaper, or faster solution to a specific problem. If you cannot, all your hard work and burning desire will come to naught.
________________________
Strengths and Weaknesses
If you want to succeed in business, never fool yourself. By whatever means, clearly identify what you do well and what you do poorly. You can hire to your weaknesses, but you need to admit them first.
______________________
Learning from Mistakes
You will make mistakes – likely more mistakes than you ever dreamed possible. Success, however, is closely linked to learning from each mistake.
Blame is not the issue when mistakes occur. Learning is, so you won’t repeat the mistake.
________
Tenacity
Running a business is an exhausting task. You must be tough enough mentally to withstand the inevitable daily challenges and setbacks. And you must be tough enough physically to withstand longer hours than you ever anticipated.
Tenacity is the critical counterpart to desire. One without the other won’t work.
____________________________
Observations and Conclusions
So, do you have the right stuff? Only you really know. But think about it carefully. If the right stuff is missing, and can’t be learned or acquired, then business success may be very elusive.
To explore this issue in more depth, the Shockproof Trainging Corporation offers a free online training course with audio commentary, interactive worksheets, and analytical software. You can register for free at www.ShockproofTraining.com.
● © 2006 Rex Beach
● All Rights Reserved
● www.ShockproofTraining.com
Do You Have the Right Stuff ? - To learn more about this author, visit Rex Beach's Website.
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Rex Beach
(Visit Rex's Website)
Dr. Rex Beach is regarded by many as one
of the foremost experts in analyzing risk,
a leader in cash flow analysis, and
co-founder of a company that became the
major provider of business analysis
software and credit training to financial
institutions around the world. Before he
sold the company to Moody’s Investors
Service, it was acknowledged twice by INC.
magazine as one of the 500 fastest growing
privately held companies in the U.S.
Dr. Beach has an MA in international
relations from John Hopkins University and
a Ph D in economics from Brown University.
He served as assistant to the U.S.
Secretary of the Treasury in Washington
D.C. and as the U.S. Executive Director of
the Asian Development Bank in Manila. He
worked in the international and credit
policy divisions of Wells Fargo Bank
before starting his own company.
Rex developed the web-based training (www.Sh
ockproofTraining.com) and wrote his
autobiographical book: Shockproof! (Six
Essentials for Business Success in Good
and Bad Times) to give something back to
the business community. He wants to share
with owners and managers the essential
lessons he learned in growing and managing
a successful company.
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