8 Ingredients for Business Success

by Timothy on March 23, 2011

Here are 8 ingredients for business success that I’ve discovered so far. There are likely more than 8… these are just 8 that I’ve discovered so far. And – interestingly – some of these wouldn’t have applied 10 years ago, yet can make or break a business today.

Your Network is *NOT* Your Net Worth

Just knowing successful and/or wealthy people doesn’t necessarily make me successful and/or wealthy…. for example, the top-5 most wealthy people I know likely have a net worth somewhere over $300 Million… yet I am nowhere near that net worth myself.

What I believe is more accurate is: “Your ability to grow and monetize your network is your net worth.” In addition to knowing the right people, you also need to have the skills to generate value, and have all the personal success characteristics such as perseverance, focus, work ethic, etc.

Eight Ingredients to Business Success

Recently I have overhauled the business projects that I am participating in. I am focusing far more on far fewer projects. I am now placing the majority of my energy and time into www.MakeMarketingVideos.com, a project that has all 8 of these ingredients…

  1. Hedgehog Concept (something I am interested in / can be one of the best at / can make money at)… this is a *crucial* concept – see Jim Collins’ book Good To Great for more about this
  2. Fulfilling a pre-existing demand; there’s a good number of people that are really interested in creating videos
  3. Has great staying power for many years – 2 Billion views per day on YouTube alone, video is here to stay
  4. Can be scaled – because it’s internet-based training I can speak to 100s and 1000s simultaneously
  5. Can be automated – because I’m delivering tons of training via recorded video I am able to help people 24/7… often without even knowing it until I’ve checked my site’s stats; all of my sign-up forms and everything are automated too
  6. Has a tidal wave of “giving first” value – critical in today’s market, and crucial for building a list… because it is a “no strings attached” resource that is massively helpful, it is very, very, very easy to share with others, and very easy to be viral – people share with one another
  7. Can make a huge difference for someone – one single video testimonial can be worth thousands of dollars; one single recorded performance can spread a person’s music… even though it’s one-in-a-million, that’s how Justin Bieber was discovered, right?
  8. Easily understood – Forget the 90-second elevator pitch, it is a one-sentence explanation: when I tell people that I have a helpful website called www.MakeMarketingVideos.com, that helps them to, well, Make Marketing Videos for their business, immediately people can decide if it is relevant to them or not. No confusion here.

Now that I’ve realized these ingredients exist, I believe that these ingredients are important in any business… and I’m interested to continue testing my theories in the real world!

Onwards and Upwards,

Tim :)

P.S. I will likely turn this into a video sometime soon…. was just having an inspired moment, and I felt like writing instead of speaking, so here it is!

{ 1 comment… read it below or add one }

Kyle McNeil March 26, 2011 at 10:42 am

Thanks for putting this up Tim.

A LOT of these principles match directly with many Business Coaches, teachers, etc. that I’ve been reading, listening too, and learning from over the last 4-5 years, so it’s nice to see it all in a concise list.

What you listed are ingredients for success, and they are also principles. And without these principles it’s like driving a ship headed for a rock. It will crash and burn. We both know this from experience. On both sides of the coin. More and more, as the ship that navigates the waters … minus the rocks 😉

I love how you continue to dive and immerse yourself not just in the concepts, but in the actual application. That separates true entrepreneurs from those who study it and pontificate.

Keep it moving!! 😉

Kyle

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