7 Requirements for Success

The moment you initiate the process of starting a business, you instantly becomes an investor. Yesterday, I saw this lovely article “The Top 5 Requirements for Success” that says time, energy, knowledge, confidence and taking actions are the most important requirement for success. Then it reminds me of a humble entrepreneur who said, “in order to pay the bills, I do not need a job, I need an income”.

It is very important to protect all proprietary assets. It could be patent, trademarks, copyright and so on. Patent and copyright can either be sold or licensee. This also enables protection to our investment as well as differentiating ourselves from competitors. It makes attracting investors easier.

What are you investing? These are:

·         Your time

·         Your money

·         Your energy

·         Your expertise

To be as successful as possible, have success in mind in order to bring it to reality. Your endeavor needs the allocation that motivate you to move forward. It is important to think like an investor, and then consider how to thoroughly allocate the resources to complete the business. Do you have good ROI today? Will you have good return on investment tomorrow? Before you focus on how to allocate the resources, you need to understand 7 essentially requirements for you to be successful. These 7 requirements are the glues that holds everything you do together.

1, Vision – Vision is a necessity to success. Without a clear vision, everyone related to the company will be confused. They will be asking, what are we doing? Others won’t be able to make good conclusions for the company. 2, Strength – Working without strength is bad. Working in an unnatural way produces bad result. Making it necessary to work double shift to deliver promises to customers.

3, Passion – Burn for what you are doing, if you don’t, nobody else will. If you are unmotivated, change branch. 4, Resources – There is nothing more frustrating than having a good idea, but lack the resources to bring it to reality. But remember our previous blog “Success Begins in Mind”, where we clarified that you don’t need huge resources to start. 5, Partners – You are not strong alone. Rather use other’s network and accept 10% of 100 million than 100% of nothing. Doing everything alone put limitation on success.

6, Tactics – You might have good product for right price.  However, if you have a bad marketing tactics, weak results are inevitable. 7, Action Plan – Failure to plan is planning to fail (either way you are planning). There’s no action without planning. The only thing we have is talkative and false up-starter. This make action plan a necessity. These seven are chosen for their impact on your business. Which one has your strength, and where are your weaknesses? How do you deal with the weaknesses? I don’t know, but I believe you do.