Essentially, there are only four elements to being successful in a business, but these four are absolutely indispensable.1. Education.
You may be able to start a business without knowing much about
particular field you've entered, but you won't last for long haul if you don't learn everything you possibly can about it. Getting educated will require reading, attending classes and seminars, and doing research - on and off-line. Not only do you need to learn everything you can about your particular industry, but you need to stay current in it, as well.
This need for education extends to anyone who works with or for you, too. Training is an essential component of whatever you have to offer an employee. With most industries changing at speed of light, you can never be 'too' knowledgeable in your area of expertise - and everything you know about it may give you an edge over your competition.
2. Technology.
You must have all tools you need to succeed. Very few businesses can make it on 'brawn' or even 'brain' anymore. It is essential that you take full advantage of whatever technology is available to you today because if you don't, you can be assured that your competition will. And again, it will be vitally important to keep abreast of any changes in that technology, too, and be prepared to upgrade as you go.
3. Positive Cash Flow.
This is, of course, one thing that everyone gripes about, worries about, and loses sleep over - and many people who are in business don't even know for sure what it means. Put simply, having a positive cash flow means that you have more money coming in than you have going out - not necessarily on any given day, but generally, over a month's time or even a year.
