"A Successful Business is Surprisingly Simple" by Brian Tracy

Posted on August 05, 2013 by Alay Yajnik, One of Thousands of Business Coaches on Noomii.

Did you know that the essence of a successful business is actually quite simple? It is your ability to offer a product or service that people will pay for at a price sufficiently above your costs (ideally three or four or five times your cost), thereby giving you a profit that enables you to buy and to offer more products and services. Think about it. Doesn’t it make sense? Should be easy, right? Here are 5 things successful business share:

1. They Add Value

The key to a successful business is to add value by bringing the product or service from another place to where you’re selling it, or by creating the product or service and selling it at a price higher than your total cost of production. You become wealthy by either selling a few products or services at high prices, or by selling many products or services at lower prices with smaller profits.

2. They Use The Best Strategy of All

The best strategy, of course, is to aim at selling a larger volume with a smaller profit on each item. Most great fortunes in America have been made selling large quantities of products over a wide area, thereby broadening the market and reducing your dependency on just a few customers.

3. They Move from the Known to the Unknown

Early in my business career, I learned another key rule for business success and it’s simply this: Start off in an established field and only experiment with new products or services out of the profits from your established business.

4. They follow the Tracks of the Successful

One reason many entrepreneurs fail is that they have grandiose ideas of being the first into the market with a brand new, untried, unproven product. Don’t fall into this trap. As you begin to “magnetize” your mind with images of wealth and success and start looking everywhere for profitable ideas, you will begin to attract the people and opportunities you need to achieve your goals into your life. I’ve learned from long experience that you must learn to trust your intuition, your gut feeling concerning any business decision.

5. They Flood Their Minds with Ideas

Read every publication, explore every opportunity. Remain open to all ideas. But in the final analysis, trust yourself. Trust your inner voice to tell you the right thing to do. All great businesspeople become great by listening to their inner guide. It will never fail to lead you to your highest good and heaven help the person who refuses to listen to it.