The Keys to Business Success

Dun & Bradstreet reports that "businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years." The Lessons in this article, The Six P's of Success, are dedicated to helping you thrive, not just survive in your business. By enhancing and leveraging your abilities related to passion, patience, persistence, positive attitude, planning, and practice, you establish a strong foundation upon which your business can rest. In fact, the Six P's are like the pillars that support you and your business. Engage yourself fully in the Lessons of this module and strengthen the pillars that will keep you in business for a long time.

If you will think of success as a journey, rather than a specific outcome, you will enjoy the process of building a successful business.

Here are the P's:

Passion: When you follow your passion, you are so much more motivated to do things well and to spend the time required to execute your plan. Passion makes you spring out of the bed each morning, happy to start your new day doing what you love.

Patience: When it comes to business, patience is an important attribute for achieving goals, acquiring clients, developing a business strategy, working through challenges, accruing capital, and other long-term tasks. These things take time.

Persistence: There are very few ventures that succeed on the first try. A famous actor once said, "it only took me 10 years to become an overnight success." Without persistence, no one would ever succeed.

Positive Attitude: Thomas Edision once said while trying to invent the electric light bulb, "I have gotten a lot of results. I know several thousand things that won't work." His positive attitude clearly contributed to his success. How does your attitude contribute to your success?

Planning: Many business owners tend to prefer doing over planning. Yet, planning is a necessity. Imagine running a business with no forethought given to strategy, budgeting, marketing, product development, or service requirements. Such lack of planning will likely lead to failure.

Practice: It's part of most professionals' responsibility. Athletes do it. Singers do it. Actor do it. Even children do it. It's the hallmarks of optimalizing performance. Practice is an indispensable factor of success.

© 2009 ABEL Business Institute


Ed Abel has invested more than three decades learning how to build a successful, thriving business. At age 24 with a $5,000 loan and the energy and passion of a young entrepreneur, Ed was ready to take on the world. And he did, only to emerge seven years later at the top of a $36 million organization with 585 employees. Inspired by the challenges that led him to success, Ed went on to build other multi-million dollar businesses, yet he missed the passion he experienced "in the trenches" of his f...

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