Sekhar's blog 3

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Sekhar's blog 3

  1. 1. Building successful Businesses While building a successful business, having to fight your fears is certainly no walk in the park. Those fears might include: the fear of making the wrong decision, fear of success or failure, fear of people following you, fear of people not following you, etc. These will work against you and actually hinder your abilities. Fearing these things can be a wedge between you and the successful, profitable business that you’re striving to create. But there is a way to counter your fear! Having a high level of self-confidence will make you a match for any fear or challenge that comes your way! Here are some ways that your business will benefit when you have self confidence: You will go above and beyond How do you attain true success? By having the perseverance to keep plugging along when it would be much easier to simply give up. The majority of people get about 90% of the way through a mission-critical task before they decide to either finish it or to give up. Sometimes it’s okay to go ahead and call it quits at the 90% mark. If you want to create something extraordinary, though, you can’t ever settle for less. The last 10% is where the magic can really happen! Hanging on and doing whatever it takes to go above and beyond is what separates the good from the outstanding. You will do what really matters Do any of these examples sound remotely familiar?o They won’t like it, so I can’t do it.o This problem is just too difficult to deal with.o They expect me to be a genius.o This is how it’s always done, so this is how I need to do it.o I’ve got to be as professional as possible. This is a very small sampling of rules you may have placed on yourself, or may currently be placing on yourself. Whether these examples apply to you or not, certainly you’ve got a lot of expectations about things you can and can’t do. Perhaps there are even things that you think you should or shouldn’t do. On top of that, you’ve got expectations of what others can and can’t do, and should and shouldn’t do. Worst and most mind-numbingly confounding of all, you’ve got expectations of what everyone else expects of you!
  2. 2. Being truly successful comes when you engage in the things thatmatter to you and then take continued, meaningful action. The onlyway this is possible is if you push aside the set of rules andexpectations that actually work against you. Push the rules that don’tmake sense to the side. Make a strict decision to take on somethingwhich has personal meaning to you, and is on your own terms.You will make better contacts and connectionsFew would say that meeting people and building relationships is easy.But, relationships are undoubtedly what build the greatest businesses.Unless you move past your relationship worries and give yourself roomto make sure you’re doing it in ways that work, you and your businesswill suffer as a result. You may find yourself pulling back frommeeting new people because you’re scared of being judged orrejected. You may even second-guess yourself.Having natural confidence means that there is no reason to worryabout having approval from other people. Beyond common mannersand courtesy, don’t fret about how you’re coming across to others.With self confidence, you’re able to naturally connect with others bygiving them the very best of yourself. Not in an arrogant, flashy,obnoxious kind of way, but rather in a way that will honor you, whoyou are, and your abilities.You will finally be able to say, ‘No’ to peopleWe’ve all said “yes” to something because it was so much easier thancausing a conflict by saying “no.” We usually do this in situationswhen we want to make someone else happy or because we think it isexpected of us. The truth is that there is only so much of you to goaround. Any time you spend on one thing means that it is time youare not spending on something else. Making truly deliberate andenlightened decisions about how you spend your time is the key. Makeyour decisions based on your priorities and values rather than lettingyour insecurities lead you.You will not be overly focused on successNaturally, we all want to succeed in whatever we’re pursuing.Otherwise, we wouldn’t be doing it, right? What if the focus you haveon success is actually getting in the way rather than helping you? Howdo you measure success? It can mean so many different things todifferent people. If you are certain of what real success means for you,that’s terrific, but you are definitely in the minority. So many of uschoose an idea of success based on things that we’ve patched togetherfrom what we’ve read, observed, and thought.
  3. 3. Success can come and go just as easily as failure does. That beingsaid, shouldn’t you base your self-worth on the way you play the gamerather than the outcome? Rather than just chasing after your idea ofsuccess, take meaningful action. When you do this, amazing thingscan happen. You will dramatically increase the chances of achievingreal success in your business ventures.The bottom line is that once you have the confidence to trust yourselfto make decisions, you will no longer need to beat yourself up, retreat,or reinforce negative self-images when something doesn’t go asplanned. You will be ready to make the next decision in a confidentway, and be totally okay – no matter what the outcome is!10 Rules for building a successful businessRule 1: Commit to your business. Believe in it more than anybodyelse. You overcome every single one of your personal shortcomings bythe sheer passion you bring to your work. I dont know if youre bornwith this kind of passion, or if you can learn it. But I do know you needit. If you love your work, youll be out there every day trying to do itthe best you possibly can, and pretty soon everybody around will catchthe passion from you — like a fever.Rule 2: Share your profits with all your associates, and treatthem as partners. In turn, they will treat you as a partner, andtogether you will all perform beyond your wildest expectations. Remaina corporation and retain control if you like, but behave as a servantleader in your partnership. Encourage your associates to hold a stakein the company. Offer discounted stock, and grant them stock fortheir retirement. Its the single best thing we ever did.Rule 3: Motivate your partners. Money and ownership alone arentenough. Constantly, day by day, think of new and more interestingways to motivate and challenge your partners. Set high goals,encourage competition, and then keep score. Make bets withoutrageous payoffs. If things get stale, cross-pollinate; have managersswitch jobs with one another to stay challenged. Keep everybodyguessing as to what your next trick is going to be. Dont become toopredictable.Rule 4: Communicate everything you possibly can to yourpartners.The more they know, the more theyll understand. The morethey understand, the more theyll care. Once they care, theres no
  4. 4. stopping them. If you dont trust your associates to know whats goingon, theyll know you really dont consider them partners. Informationis power, and the gain you get from empowering your associates morethan offsets the risk of informing your competitors.Rule 5: Appreciate everything your associates do for thebusiness. A paycheck and a stock option will buy one kind of loyalty.But all of us like to be told how much somebody appreciates what wedo for them. We like to hear it often, and especially when we havedone something were really proud of. Nothing else can quitesubstitute for a few well-chosen, well-timed, sincere words of praise.Theyre absolutely free — and worth a fortune.Rule 6: Celebrate your success. Find some humor in your failures.Dont take yourself so seriously. Loosen up, and everybody around youwill loosen up. Have fun. Show enthusiasm — always. When all elsefails, put on a costume and sing a silly song. Then make everybodyelse sing with you. Dont do a hula on Wall Street. Its been done.Think up your own stunt. All of this is more important, and more fun,than you think, and it really fools competition. "Why should we takethose cornballs at Wal-Mart seriously?"Rule 7: Listen to everyone in your company and figure out waysto get them talking. The folks on the front lines — the ones whoactually talk to the customer — are the only ones who really knowwhats going on out there. Youd better find out what they know. Thisreally is what total quality is all about. To push responsibility down inyour organization, and to force good ideas to bubble up within it, youmust listen to what your associates are trying to tell you.Rule 8: Exceed your customers expectations. If you do, theyllcome back over and over. Give them what they want — and a littlemore. Let them know you appreciate them. Make good on all yourmistakes, and dont make excuses — apologize. Stand behindeverything you do. The two most important words I ever wrote wereon that first Wal-Mart sign: "Satisfaction Guaranteed." Theyre still upthere, and they have made all the difference.Rule 9: Control your expenses better than your competition.This is where you can always find the competitive advantage. Fortwenty-five years running — long before Wal-Mart was known as thenations largest retailer — weve ranked No. 1 in our industry for thelowest ratio of expenses to sales. You can make a lot of different
  5. 5. mistakes and still recover if you run an efficient operation. Or you canbe brilliant and still go out of business if youre too inefficient.Rule 10: Swim upstream. Go the other way. Ignore the conventionalwisdom. If everybody else is doing it one way, theres a good chanceyou can find your niche by going in exactly the opposite direction. Butbe prepared for a lot of folks to wave you down and tell you youreheaded the wrong way. I guess in all my years, what I heard moreoften than anything was: a town of less than 50,000 population cannotsupport a discount store for very long.

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