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Tuesday, November 28, 2006

Three Secrets Of A Successful Business.

There are a thousand little pieces that go into creating a successful business.

There are only three that are absolutely required.

1) Be Too Early

If the market is saturated, you will be fighting the current. A saturated market is a market ready to decline, almost everyone that wants to be in this business is already in it. Consider real estate a year ago when folks were still quiting their jobs to get a license.

The commodities market has been climbing for years, and folks are still afraid of it. You will find it easy to get a job as a commodities broker, and on good terms. It will take you a year or two to build your business, just in time for folks to get excited and over commit. When all your neighbors become brokers - find your next business.

If this sounds like value investing, and how to really make long term profits in the markets, you are right.

2) Focus

This is a tough one. It is so easy to be diverted from your quest by other great opportunities.

If you expect to be a success you need to concentrate on making your one business exceptional, as opposed to having several pretty good businesses. Today only exceptional is good enough. If you apply efforts in many directions your forward progress will suffer.

3) Persist

If you started too early it will be a while before your hard work pays off. If you lose your focus and try some other ideas, one may look promising - now you are off in another direction.

The law of inertia applies to business. An object in motion tends to stay in motion, an object at rest tend to stay at rest. It still takes work to change the state of the object.

It takes a couple of years to develop a loyal client base. If you stop every six months and re-start a new venture you will never develop the momentum to become powerful.

Apply yourself.

Keep applying yourself.

Persist.

Create and sustain your own successful business.


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