Qualities to Look for in a Successful Business Opportunity

There are many business opportunities out there for all different people. But, the problem with that is that not all businesses are successful. Some fail within a very short amount of time. And some fail later. There are ways to tell, though, if a business will succeed or not. Here are some qualities of a successful business opportunity.

Many people jump in on a business that will not work and lose out on the money. This happens all too often with people and with opportunities. They fail for all too many reasons: bad marketing, bad ideas and even bad circumstances. No matter what the reason, businesses fail. There are things to look for, though, to make sure that the business opportunity is one that will make you money and won’t fail.

Look at the idea first of all to see if the business will be a successful opportunity. Use your own judgment and business skills on this. You can see whether a business idea is a good one or not. Decide if a lot of people would want to purchase the service or goods. If only a few would, or even nobody, then you may want to pass on the opportunity because it will just not be a profitable business.

Look especially close at the prices. Too low of prices or too high of prices are a recipe for failure. While you can gain more customers with low prices, too low of them will not give you enough profit to pay yourself and maintain the upkeep of a business, whatever it may be. Simple math will do all that needs to be done on this particular part.

When you encounter a business opportunity, another way to tell if it will be a successful opportunity is to consider how the business can be marketed. Look at the business and consider the potential customer basis. Then, consider how they will be reached to market the business. Also, look at the money available for this type of marketing.

If you can, look at the business plan for the company. Whatever the business is, a good plan is always a good quality of a successful business opportunity. If you are the one creating the business plan, then create a good business plan. A plan will be detailed and thorough, but also easily understood and flexible enough to operate if things don’t go exactly as planned.

The last characteristic of a successful business opportunity is resources. When a business first opens, it will no doubt have some hard times that may drive it into the ground if there are not resources to fall back on when marketing has to be re-created or something has to be done to get customers.

When you are presented with any kind of business opportunity, before making the leap and becoming part of it, consider these options. Judge if the business opportunity will be a successful one. These qualities will tell you what is a successful business opportunity and what is not.

Online Poker and Social Networking – The Relationship

Social networking sites, such as Facebook and MySpace are revolutionary tools that have had a global and dramatic impact on many areas of life, including e-commerce and online gambling entertainment. These types of tools are not simply ways to keep in touch with friends and family, they are portals of access to reach millions of potential customers, players, partners and clients that normally businesses would not have access to. You would be hard pressed to find an industry which has not been touched by the mega Internet presence of social networking sites and tools, and online poker is no exception. As our lives become more and more mobile, we are seeing a transformation occur that places the needs and wants of our daily lives right at our fingertips, including our appetite for the excitement of poker.

As part of this social networking revolution, we are not surprised to see that Texas Hold ’em has hit the Facebook scene in a powerful way. We are not talking thousands of participants, we are talking millions. So, is this powerful impact a good one? The consensus among most experts in the field agree that its a very positive boost for the poker industry as a whole. It is being compared to the explosion of the game of poker in 2003 when Chris Moneymaker turned a $39 PokerStars satellite event into a $2.5 million WSOP Main Event win. The boom that Chris’ win brought to the poker industry was phenomenal. Instead of seeing poker as a game for the untouchables, people were able to relate to Chris and were able to picture themselves playing poker, and things just took off from there.

There are several experts who believe that the Facebook Texas Hold ’em application could be the same type of catalyst. Facebook Poker has 15 million players, which rivals the customer base at several huge online poker rooms who have sites dedicated to online poker. Being accessible through social networking, Facebook Poker is reaching a whole new audience, a completely different demographic of people who normally may not give poker a second thought. Zynga, the creator of Facebook Poker, cosponsored a promotion which allowed players to compete for spots at the WSOP 2009. Two lucky Facebook players won seats, and one of them made it to day 3 of the event. It is foreseeable, and quite likely that in the future, we will hear of up and coming pros who obtained their winning skill set from playing Facebook Poker with their pals.

When creating the application, Zynga’s goal was to enable Poker Night with your friends regardless of geographical constraints. Thanks to the social networking phenomenon, Facebook users from distant corners of the country, or even the world can enjoy playing poker with each other online! Not only has Facebook Poker introduced millions of new players to the world of poker, but has definitely provided a boost to the online poker industry as well. New players are realizing that online poker is one of the most convenient and thrilling venues by which to enjoy their favorite poker game. Along with Facebook Poker, there are many superb online poker rooms to choose from when players are looking for some hot poker action.

How To Start And Grow A Successful Business – Turn Your Passion Into Profits

More than 60 percent of businesses close doors within the first year of starting operations because of a number of constraints. For you to start a business and succeed, you need to have a lot of determination, resilience, self-discipline and focus. Businesses such as Apple were able to succeed because their founders had adequate focus and inner drive to take the business to the next level.

Here are eight key things you should know to start and grow a successful business:

1. Follow Your Inner Passion

As a matter of fact, achieving success in life is not a prerequisite for those who want to be happy. However, happiness is mandatory if success is to be achieved. Success is achieved by those who love what they are doing. It is advisable for anyone who wants to start a business to select something that he or she loves the most, but this should be something that has a market. If you choose something that can’t sell, there is high probability that your efforts will never pay off.

2. Work on Your Commercial Enterprise

There is an old saying that says that you drive your business or it will drive thee. This is a popular saying by Benjamin Franklin who achieved success as an investor and writer. Start by finding your passion and there after developing a clear and well-detailed business plan. Also, a well-developed strategy is a key recipe for success in every business.

You don’t have to do things your own way. Well, this may bring you success, but it’s not always the case. You can learn a few methods of running a business from successful entrepreneurs, especially those who are famed for developing efficient business systems.

3. Define Your Business Goals And Objectives

The life of a man will only have meaning when he or she is striving for his goals and reaching out. When you have goals, you will know where you are coming from and where to go. It is good to know that any entrepreneur will achieve his or her goals when there is persistence, proper resource allocation and focus. Clarity is power and when used in defining your business goals, success is inevitable. Whenever something comes your way, you will still be able to stand strong and focus on achieving the goals that you have set. You will never be swayed aside when you have clearly defined goals and objectives.

It is of great importance to know what you want to achieve after a day, week or a month. After you’ve drafted your goals, you should monitor your results.

4. Don’t Give Up

Every business has challenges that are unique to it. You should learn from past business trends and put in place the right measures that would enable you take your business to the next level.

Challenges will only be overcome when they are precisely known. Know about the possible source of the hurdle your business is going through and find a perfect solution. Know that most of the challenges faced by commercial entities can be overcome by not quitting.

Know where your business is and where it is going. You should never give up regardless of the circumstances you are facing.

5. Take Action

Taking action is one of the keys to success in business. However, you should always know that action might at times bring painful results. Action combined with good business strategies often yield great results. Steve Jobs once said that we tend to attract different types of people and there is not a need for a person to wait for up to ten years for someone else to take a huge risk on her or him.

6. Focus

Your capital, thoughts and energies should be focused on growing the business. You can get the money you badly need when you focus your money and time on your business.

7. Review Your Budget Regularly

You will need to know if you are moving towards the right direction or not through comparing your actual results with the planned ones. You can put in place the right strategies to reverse unfavorable variants while adding more resources to help increase favorable variants in the revenue centers. This is a sure method of moving your business to the next level.

8. Business is a Life long Learning Process

Apply the lessons that you have learned in the process. Let there be gradual improvement and within no time, your commercial enterprise will be running efficiently.

9 Attitudes of Successful Business Owners

Your attitude that you show up with each day has a lasting impact on your behavior that affects your outcomes. A person’s attitude is an expression of their mindset at any time and in any given situation. Your attitude represents a feeling that can be changed instantly or maintained for a lifetime.

Why is this important?

It is important to understand the attitudes of the most successful business owners so you can emulate them and move your business forward.

Let’s begin.

1) Success Business owners are passionate about the success/value they can create. Unsuccessful ones are more passionate about watching people on TV live out their dreams in sports, movies shows etc. than actually going out and creating the life they want.

Action Steps:

Consider any major success story – what did they have in common?

· Passion for the value they could create.

· Ask yourself am I really passionate about my project?

· Is this passion sufficient to take me through all the ups and downs that I can expect in growing and scaling my business?

· If the passion is really not there – stop and rethink your next move carefully.

· As the old expression goes – “Don’t climb your business ladder to only learn it is leaning against the wrong wall“.

2) Successful owners maintain a positive mental attitude as a steady state condition. Unsuccessful ones have a mental state that changes and varies with outside circumstances.

Why is this important?

Many times in life you rise and fall to your level of expectations.

If you start with a Negative Mental Attitude you are likely to not fully apply yourself and get results consistent with your expectations.

Life is too short to be grumpy and you will attract other people who are also grumpy and will pull you down.

A positive mental attitude is not sufficient but it is a requirement to succeed.

Action Steps:

· Change your attitude right now by focusing all your thinking on what you are grateful for.

· You cannot maintain two completely different thoughts in your mind at the same time.

3) Successful owners are hyper consciousness about what they are thinking and their attitude at any given point in time. When they feel their attitude turning towards the worse they take massive evasive action to change their attitude since they know their attitude determines their altitude in life. Unsuccessful Business owners allow their emotions derived from their environment to run unchecked. They pay little attention to what they are thinking about and emotionally move with the current. Unsuccessful Business owners are not in control of their mental state.

Action Step:

· Take time at multiple points during the day and ask yourself: “What are my thoughts and feelings on ________ (the most pressing issue for you right now).

· Journal those thoughts and then analyze why you think the way you do.

4) Successful Business owners understand the importance of understanding the root of fear so they can eliminate it before it impacts their attitude. Successful Business owners have an abundance-oriented attitude and believe there is more than enough for everyone. Unsuccessful ones never get to the root of their fears and correspondingly their attitude is impacted. Unsuccessful Business owners have a scarcity-oriented attitude and believe that the pie is only so big – for them to prosper someone must suffer.

Action Steps:

· Write down a list of what you are fearful of.

· Separate the fears into two columns.

· Those that are rational with real consequences and those that are not rational without real consequences.

· For example jumping out of a perfectly good airplane to sky dive is a rational fear – you could die.

· Speaking to a group of 1000 industry peers at a conference is an irrational fear.

5) Successful Business owners have a can do attitude and focus on what they want irrespective of the odds. Unsuccessful ones allow the statistics of others to shape what they believe is possible and often settle in life.

Action Steps:

· Write down very clearly what you want and why you want it.

· Now go deeper and ask the question why again – you will soon discover your internal core motivation and it is this motivation that you need to harness to drive you through to achieve what you want.

· Pay no attention to the Nay Sayers and those that tell you why the odds are against you – they have already given up on their dreams and consider themselves to be “practical”.

6) Successful Business owners maintain an attitude of true collaboration and cooperation with others because the notion of competition while important is not the primary focus. Successful Business owners preoccupy their mind with offering incredible service as a way to differentiate themselves and be selected by the market. Unsuccessful Business owners believe that competition is the primary focus and their attitude is they must beat their competitors into the ground. Unsuccessful Business owners preoccupy their mind with how they can hurt the competition and by accident win new customers.

Action Step:

· Develop the ideal customer journey path for your client.

· Vividly imagine how a district and delightful experience can be crafted to meet your customer where they are to help them get to where they want to go.

· Focus 100% on the customer problem and anticipating their needs because you understand them so well.

7) Successful Business owners maintain a balanced attitude and seldom allow events in life to be taken personally. They look at life’s events objectively and are careful with the labels they use. Unsuccessful Business owners love to assign labels to everything and often get very excited because they take everything personally.

Action Step:

· Exercise your intellectual asset of Perception – whenever you examine a new idea – turn it over in your mind to see things from all perspectives.

· Be very careful before you assign a label to something as being “good” or as being “bad” because these choices impact your thinking downstream.

· For example if you lose a key customer and associated this as a “Terrible Loss” you cut your mind off from understating why they left and what can be done to improve the customer experience to:

· retain the rest of your clients and

· To innovate your service to attract more clients.

8) Successful owners maintain an attitude rooted in humility. Their inner self does not need this validation. Unsuccessful owners win so seldom that they want the whole world to acknowledge how great they are when it happens. Their sensitive inner self needs this validation

Action Steps:

· Objectively look at how you respond to wins and loses relative to your interactions with others

· Do you boast about your wins or are a quietly confident individual?

· Consider asking those that are very close to you this question and see what they say.

9) Successful Business owners maintain an attitude that is open to being wrong. Unsuccessful Business owners believe they are seldom wrong because they are so smart and accomplished

Action Steps:

· Make a list of mistakes you have made or were wrong about your business.

· Take a look at your financial statements and ask yourself this question again. If you struggle to see your weakness you will never address it or compensate for it through smart hires.