Raj Abraham Describes These Keys To Develop A Successful Small Business

Courage, control and the keys to the courthouse – just a few things to think about.
Here are six things to keep in mind when you have a small business.

1. Success requires courage

It takes courage to start and persevere in your own business. In some ways, starting is often the most difficult part of the whole journey. Remember that courage is really 50 percent fear.
Your goal should be more than financial profit. Having your own business is usually a very long – even lifelong – project. With the inevitable obstacles and setbacks that will arise, doing something you really believe in is essential to finding the courage to continue.

2. Well begun is half done

The fearful may think that they are never quite at the point where they are ready to get started. As a result, many never start.
It’s easy to justify fear: “The time isn’t right,” “I need to collect more data first,” “I can’t find the right talented people,” “It doesn’t feel quite right,” “I need to reflect on it some more,” and so on. By justifying fear, such rationalisations become the entrepreneur’s Achilles heel.

3. Find the right mentor

Getting over that fear hump may require a good support group or mentor. It’s a lot easier for another person to identify your excessive fear than it is for you. If you are really identified with your rationalisations, even the best mentor can’t help. You will just ignore them, using your rationalisations to prove that the mentor is wrong.
You need to think and be open. You also need to be careful in selecting your advisors. Otherwise, you will just listen to people who collude with your current fears. They will simply feed your procrastination instead of helping you move past procrastination.

4. Keep the overhead down

The Donald Trumps of the world might start big, but generally speaking, individuals launching businesses start small. Keep your overhead down.
Lack of cash flow is probably the biggest cause of failure in small businesses. It’s a lot easier to expand than it is to cut back. When I started my school, my whole accounting system was on an 11”x17” pad of paper.

5. Carefully guard the keys to the courthouse

We live in an incredibly litigious time. Conflicts can easily result in litigation which consumes a tremendous amount of time, energy and money. When you enter a partnership, you are giving that partner a lot of power that they could, through litigation or not, wield against you if things go awry. The effects can be devastating.

6. Maintain control

These days, control seems to have quite a negative connotation. The truth is, many aspects of control are positive and important attributes.
Maintaining proper control means staying true to your vision and honouring your instincts on what is right for your business. After all, you understand your business better than anyone – probably better than even the best consultant on the planet.

Then find the courage to wisely and artfully take that first step and every step thereafter, day after day, month after month, year after year.

Raj Isaac Abraham
Entrepreneur

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