While the reason people who venture into their own business is never the same, there can be no doubt that they have one goal in mind, to be a successful entrepreneur. Truth be told, to be a successful business person is one of the goals of many – even if it is just to not have a boss commanding us here and there. However, becoming a successful entrepreneur does not only depend on burning desire and sheer luck.

Just like what Seneca once said, “Luck is what happens when good preparation meets opportunity.” So, if you’re asking yourself “How have the biggest business personalities have sparked the biggest changes in their businesses over the years to find success?” the answer is simple: having the right mindset and preparation.

Whether you are running a well-established brand or a startup venture, the basics for running a successful company remains uniform and still holds true today. If you want to know the secrets you need to follow should you decide to run your own business, check out the key takeaways from the infographic below from BrainBoxol.

1. Be Persistent

Be mentally strong and positive at all time. Establish a plan for the possibility of closing the business and make sure to reflect so you can learn from the setbacks.

2. Create Opportunities

From launching a new program, to simply engaging your clients regularly, there are a lot of ways to create more profitable chances. It can be as simple as launching a new service or even streamlining your daily operations.

3. Understand the Business Know How

Having full grasp over the technicalities of your business operations is crucial to making the right decisions, and in identifying the right people who can trust with to handle those tasks and processes.

4. Unknown to Known – Seek Answers, Get Advice

Seeking counsel is an effective way of leading your business. It doesn’t reflect weakness, but reaching out for help can significantly improve your chances for success.

5. Have the Right Network and Use Your Contacts

Networks are essential for your business since it allows you to connect, share experiences and best practices, and more importantly, gain insights and opportunities before your competitors do so.

6. Know When to Quit

Great business leaders understand that quitting is not a sign of weakness, but of strength. As what the old adage says, “To know that you can’t a win a particular battle is wisdom.”

7. Research Your Service Providers Well

Your chosen service provider will be handling tasks and process which are essential to ensure efficient day-to-day operations. So, it’s important to know if they are capable of delivering quality service and if they are aligned with your business needs.

8. Understand Your Customers and Provide an Irresistible Value Proposition

Don’t just venture into business without understanding what your customer’s wants and needs. An extensive market research is one of the keys to competing with other players in the market effectively.

9. Know Your Numbers, Know Your Tipping Point

Knowing the detailed numbers behind your business i.e. cash flow, net come is important since it will allow you to make adjustments on areas that require more focus and resources.

10. Know Your Cost Base

Knowing the cost base is crucial to determining the right pricing schedule for your product and services. To learn more, check out the infographic below.