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How do I become a successful businessman ?

How do I become a successful businessman

+25 Karma if successful
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Subject: Career question for you

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Jessica’s Answer

Hello there! I believe an excellent initial move towards becoming a successful entrepreneur involves pinpointing your "why". What motivates your interest in becoming a business person? What kind of enterprise sparks your enthusiasm? As you contemplate these aspects, they will steer you towards your subsequent actions.

Do you require a specific educational background or degree? Could you begin honing your abilities in a unique manner? What objectives should you establish in this domain?

However, this entire journey commences with questioning yourself about the 'what' and 'why'. I hope this guidance proves beneficial to you...
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Hagen’s Answer

As Saeed and Anthony pointed out, there's a lot that goes into becoming a successful businessman. In reality, not everyone is going to be happy running a business - I ran one for roughly 15 years, mostly poorly, and ended up being happier working for someone else's business (e.g. HP & Dell).

You might start by thinking more about what being a businessman means to you - what's the next layer of analysis? 1) I think I'll make more money running my own business (possibly but not by any means a certainty). 2) I'll have more status and prestige (only if you end up being good at it). 3. I'll have more free time and control over my time generally (for the most part business owners work longer hours than employees).

Another way to think about it is to ask yourself what makes a good business good to you? What businesses do you admire? What makes them stand out? What kind of services do they offer. It could be Google or Apple or it could be a small business in your town. Think about what makes those businesses successful from your point of view and think about doing that.

Finally, for most people it takes decades to become a successful businessperson. First, you must learn about the business, what expertise does it require? Acquiring that "Domain Knowledge" (manufacturing vs retail vs healthcare) often takes 10-20 years. It's hard to be a successful businessperson without becoming an expert in something. But managing is its own special skill which you generally must build on top of your domain knowledge. Think doctor or lawyer with an MBA. That's a lot of years and expensive education. If you love law and you love running a law firm - we'll then by all means give it all you've got. Just do your best to estimate the cost to you personally and financially and make sure all that investment is necessary for you to feel successful and happy. Good luck!

Hagen recommends the following next steps:

Read books about business management there are 1,000s. (I've read over 100). If that ends up being boring to you then that's an important sign.
Get a job with a small business and ask the owner to teach you what's involved in running that operation.
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Anthony’s Answer

Hello!
Please, note the following, regarding how to become a successful businessman:-
1. The type of business.
2. The goal/vision.
3. Proper Planning.
4. Getting the necessary capital/finances.
5. Virtues of dignity, honesty, diligence, faithfulness and transparency, at all times.
Best regards.
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Saeed Ahmad’s Answer

The key to success is gaining a thorough understanding of your business. Once you've done that, it's important to be both loyal and honest. Lastly, put in your utmost effort and dedication, paired with strategic planning. This is the path to achieving your goals.
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James Constantine’s Answer

Dear Taofeeq,

Blueprint for Business Success

The journey to becoming a triumphant entrepreneur demands an amalgamation of certain skills, characteristics, and tactics. Here's a roadmap you can follow to heighten your prospects of making a mark in the commercial sphere:

1. Acquiring Education and Knowledge:

Kick-start your journey by securing a robust education in a pertinent discipline such as business management, finance, or entrepreneurship. Think about procuring advanced qualifications or accreditations to boost your knowledge and trustworthiness.

2. Nurturing Key Abilities:

Foster vital abilities like leadership, communication, negotiation, problem-solving, and decision-making. These competencies are pivotal in steering through the hurdles of running a venture.

3. Accumulating Experience:

Amass hands-on experience via internships, part-time employment, or launching your own microenterprise. Experiencing real-life scenarios will offer invaluable insights and teachings that can propel your future success.

4. Establishing a Robust Network:

In the commercial arena, networking is indispensable. Forge connections with professionals in your sector, participate in networking gatherings, and nurture relationships that can pave the way to opportunities and partnerships.

5. Formulating a Concrete Business Plan:

Prior to initiating a venture, devise an exhaustive business plan that delineates your objectives, intended audience, competitive analysis, financial forecasts, and promotional strategies. A meticulously crafted plan will steer your choices and augment your success probability.

6. Embracing Calculated Risks:

Victorious entrepreneurs are not risk-averse but embrace risks after thorough contemplation and analysis. Measured risks can spur innovation and expansion for your venture.

7. Cultivating Adaptability and Resilience:

The commercial landscape is perpetually transforming, making it crucial to be flexible and resilient when encountering challenges or setbacks. Extract lessons from failures and setbacks to refine your strategies moving forward.

8. Pursuing Continuous Learning:

Stay abreast of industry trends, market shifts, and emerging technologies. Lifelong learning will keep you ahead of your rivals and enable you to adjust to evolving situations.

9. Securing Mentorship:

Seek a mentor with experience in entrepreneurship or business management. A mentor's guidance, counsel, and support can be invaluable as you traverse the intricacies of running a venture.

10. Upholding Persistence and Determination:

Achieving business success often demands tenacity and determination. Remain concentrated on your objectives, exert effort towards realizing them, and don't let hurdles deter you.

By adhering to these steps and constantly honing your abilities and tactics, you can enhance your likelihood of evolving into a triumphant entrepreneur in the fiercely competitive commercial landscape.

Top 3 Credible Sources Consulted:

Harvard Business Review: Renowned for its enlightening articles on diverse facets of business management, leadership tactics, and entrepreneurship guidance.

Entrepreneur: A highly esteemed publication providing practical counsel for entrepreneurs at every phase of their journey.

Forbes: A premier source for trustworthy business news, financial data, and entrepreneurial insights from industry specialists.

These sources were referenced to furnish precise information on evolving into a successful entrepreneur, grounded on expert views and industry best practices.

MAY GOD BLESS!
James Constantine Frangos.
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Eric’s Answer

Hi there! To truly thrive in business, it's crucial to start by discovering what truly sparks your passion. Listen to your heart and follow your instincts, rather than chasing after something just to satisfy others. Once you've found your passion, it's all about dedication and hard work.

You'll need to figure out what kind of education or training is necessary and who you might be able to network with in your chosen field to gain more insight. Strive to become a master in your field.

Remember, the road to success is often a long one, filled with highs and lows. Patience is key here. In fact, some of the most valuable lessons come from our failures. They teach us what went wrong and how we can improve.

I hope you find this advice beneficial on your journey to success!
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