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Brian Tracy
A leading authority on the development of human potential and personal effectiveness, Brian Tracy is a dynamic speaker with a wonderful ability to inform and inspire audiences. He is the president of the Institute for Executive Development and was formerly the president of a major development company. The author of numerous books and other materials aimed at helping people perform at their peak and achieve their full potential, Tracy has shared his winning insights with thousands of people throughout the world.
  Five Essentials for Business Success   #877
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There are five essential abilities for business success. These are the abilities that you must develop if you want to start and build your own successful business in America. You can learn them on the job. You can learn them by transferring from one position to another, or from one company to another to get this experience.

The first ability is the ability to plan, to organize and to get results. It's the most valuable and highest-paid ability in America. The ability to get results is vital, so accept responsibility for results in your company. Volunteer for everything. Take on responsibilities, work long hours, learn how to get results for others and have them absorb the cost of training you before you need to get results for yourself.

The second ability is the ability to communicate, to persuade others and to sell your ideas. Learn how to sell. Take courses. Become a salesperson. Move into sales in your company. Practice. Learn public speaking. Remember, people skills, the ability to interact with others, account for 85 percent of your success.

The third ability is the ability to select the right people, to build effective teams. This is the ability to get people to cooperate and to work together. In fact, this is considered to be the number-one skill for executive promotion in America. Lee Iacocca turned Chrysler Corporation around by bringing on 35 new vice presidents in his first three years at the helm of Chrysler. What he did, and the reason he was hired, was because he could put together a winning team.

The fourth ability that you need is the ability to negotiate. All successful businesspeople are good negotiators. They can negotiate among conflicting interests with the people that they're working with. They can negotiate with bankers. They can negotiate with suppliers and customers. They can negotiate with staff. You must become an excellent negotiator because the alternative is that you'll always be out-negotiated.

The fifth ability that you need is the ability to understand accounting, business financing and cost controls. It's amazing how many people have built successful businesses on the front end by having the right product or service and selling lots of it, and then lost their shirts on the back end because they didn't understand the financial side of their business. They did not understand accounting. Take the time to learn and understand finance. You need the ability to work with banks, to work with financial institutions, to draw up loan proposals. You must know how to be able to read your balance sheets and your financial statements and how to explain them to other people.

Those are the five. The ability to get results, the ability to communicate, the ability to pick the right people, the ability to negotiate and the ability to understand finance. And you can learn these through on-the-job training. What you can't learn on the job, you can learn off the job while you have what we call the big four. While you're working, you still have a paycheck. You still have time. You have contacts. And you have growing experiences. So take every advantage that you possibly can when you're still employed to learn what you need to go solo.

Now, here are two things you can do immediately to begin developing the essentials for business success.

First, take the time to think, plan and organize your work in advance. You've heard the "five P" formula: Proper Prior Planning avoids Poor Performance.

Second, resolve today that you are going to learn the critical skills you need in selling, negotiating and accounting so that you can be a fully rounded entrepreneur and executive. These subjects are too important to be left to other people or to be done in a poor or indifferent fashion.

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