Hard Time? Read This!

[tish23]

The title probably caught everyone's attention. Failure can be very, very scary. But there are ways in which it can be done rightly and many public figures can show you how!

1. Steve Jobs
Jobs had a setback from Apple before he became such a big figure. He didn't use this as an excuse, he got up and was able to make things become revolutionary later on. He knew that holding on just a little while longer can yield great results.

2. Oprah Winfrey
Opran Winfrey also experienced a setback when she was younger. Did that stop her? No, in fact, she launched a very successful TV show! Just like Steve, Oprah took her life in stride and used it to come out on top.

3. JT Foxx
JT Foxx built his own company from the bottom up and even learned the ropes from other business owners. He didn't give up when success took time, he made himself a success. Just like the others, he did what it took to succeed.


These business people have shown you how you CAN get through hard times and how your business can come out on TOP!

[Dave A]

Given that the number of business failures massively outnumber those that succeed...

I wonder what percentage of all business failures result in a successful comeback story?

[tish23]

Good point Dave...I think it depends. Definitely don't know that off the top of my head

[Justloadit]

Given that the number of business failures massively outnumber those that succeed...

I wonder what percentage of all business failures result in a successful comeback story?

One can compare it to any sport I suppose, how many Number of 1st,2nd and 3rd place competitors are there, as compared to the number of participants at each event/race

[ians]

The right frame of mind...it is that simple.

You can buy books, watch DVD's, youtube, you name it there many stories to be told about how to succeed in business, but nobody tells you the most import fact.

I am not saying it is the only thing but the most important, if you have the right frame of mind nothing will stand in your way.

We all know that huge contracts, cash flow, goals, a healthy trust fund, and sometimes even a business plan can assist you in your quest.

I am talking small companies, not multi million rand corporations.

[Houses4Rent]

I know JT Foxx and have seen him a few times live, who else does know him? I dont think he is anywhere near in the same league as Steve or even Oprah who I have never seen live in front of me. There are huge differences. Steven and Oprah are also succesfull since many many years. JT still has to prove that long term success.

I think the most important thing is the WHY, not the WHAT and the HOW. Why would want to start a certain business. I guess some call it mindset too.

[adrianh]

You should read a book called:

Everything is obvious*

* Once you know the answers.

How common sense fails.

By Duncan J. Watts.

From Exclusive Books

The book is brilliant and part of it is devoted to the idea of success and how our common sense of cause and effect is totally off the mark. He shows how we attribute success and failure by applying all sorts of attributes after the fact. Just like how economist have a 50/50 hit rate on their predictions but are "able" to concoct reasons for whatever happened.

The book will make you reconsider what you think is common sense and how you evaluate cause and effect!

[Dave A]

The book will make you reconsider what you think is common sense and how you evaluate cause and effect!

It's actually amazing how often what actually works and leads to "success" seems to go against common sense.

One of the turning points in my life was when I really switched onto the pareto principle.

For those don't know this little mind bender, it's an 80-20 ratio rule that seems to approximate real life in many, many ways.

A couple of the applications of the pareto principle in business is that 80% of your profits comes from 20% of your customers, and that 80% of your sales comes from 20% of your products.

Cutting to the chase, the lesson of the principle is "focus on the 20% that most affects your results" and ship as much of the rest of it as you can off your plate.

[adrianh]

I fully agree. I don't do any adhoc work now. I have amall client base and I am happy to work with them. The problem is that I could spend 5 hours doing a one of job for an adhoc customer or I could spend 5 hours on the development of a product thatI am guaranteed to sell to my select client base. It took me very long to learn this. Oppertunity cost is not calculated based on immediate profitability per hour, but rather on the long term value of the time spent. I still have one or two regular clients that need to hit the road because working on the products add no tangible long term value.

[ians]

Just dumped my oldest customer ( been servicing the customer for 20 years +)being like a dog to my customers, as loyal as you can get, waiting 6 months for payment from a customer which offers not even 1 % of my annual turnover was just not going happened anymore. 😏

[Justloadit]

Interesting, I am going through a similar type business decision. Is it the weather?
No, I think that we are really fighting in our business to make a decent bottom line, and that I have to spend more time in steering the ship. This has prompted me to make some difficult decisions. One of them is to turn unprofitable work away, the one where you spend 6 7 hours to complete, and can only charge for 2 or 3 hours, and in the meantime while you concentrated on this task, other things go wrong in the business around you.

Right now, I am completing my commitments, as I gave my word, and as each job completes, I find that I am able to do better on the existing products in the avenue of more efficient manufacturing, paying more attention to QC and raw materials procurement with a JIT mentality. This is improving my cash flow, as I am able to turn my money faster now. I was at a corporate meeting recently, and an interesting number came up. The number crunchers reckon that they must turn their stock around at least 4.7 times a year, if the product they sell can not do this, then it is removed from stock, written off and destroyed. The line manager has one chance at saving this line for a further year, to feed product support or warranties. If it has not reduced substantially in the following year, it will then be removed from stock, and destroyed.

[BernieDew]

I have started my Transport Business, and let me tell you, The right frame of mind was there, Everything I needed was there, took three people
that I did loads for, and not to be paid, has put me in a very bad position. Nothing I did, has now put me back......Not always easy to hear that
"If you have the right frame of mind" ...nothing will stop you!!! Trusting people, and even a piece of paper with terms and conditions didnt help me.....

[AndyD]

I'm not a slave to my bottom line and maybe I'm lucky in some ways being in a position where I can cherry-pick my projects. My main criteria for taking work on nowadays consists mainly on the interest factor, if it's not interesting then chances are I won't be doing it. There's some things I'll take on at break-even or even less on occasions solely because the project appeals to me.

[Nikola]

Success history it is frequent history of persistent work. Remember Edison with his diligence. Sport is first of all huge work too.

[reuphk]

i find it very interesting when people see others as successful and "follow" them. It is easy to be blinded by the flashing of the limelight though, and one has to be very careful of what you believe, and more importantly, where you part with money. Some people are very good at hooking you in, and increasing the contribution (financial) that you make to their company and success. To be clear - spend your funds wisely, preferably building your own business / wealth. Go to the "free" seminars, you can learn from everyone, but try not to part with too much cash without knowing what the ROI for it is and dont forget to calculate the opportunity costs.