I certainly believe some people are born with certain personality traits (drive, perseverance, determination) to be successful in business … but I also believe (and I think the great oil entrepreneur T. Boone Pickens said the same thing) that running a successful business and making money is a skill that can be learned – if you are willing to learn it.

Like any other skill, learning “how” to run a business takes time and effort and practice and the effective application of your knowledge, “sweat equity” and other types of capital resources.

It also takes practice, and you’ll discover that your first few businesses will teach you a lot about the “ins and outs” of business generally, and they probably won’t be as successful as your later business efforts will.

So what are the “skills” required to run a successful business?

The first is getting into a business category that is already successful, and adding value to it or solving a unique problem within it to create your own niche.

You can do that, or you can create a new category for yourself, because ultimately, you want to own and dominate your own unique and specialized niche or category.

You also want to get familiar with what I call the “5 Ways” … which I’ve also called the “business chassis” because it focuses on the five drivers that multiply profits in ANY business.

So … “how” do you grow the business and profits for any business on the planet?

Simply increase your number of leads, increase your conversion rate to customers, increase the number of times they buy from you, increase the average amount they spend with you and increase your profit margins.

Notice I used the word “simply.”

That’s key, because “simple” isn’t always “easy” … but what the “5 Ways” does is make the seemingly complex nature of business very simple to understand.

Also understand that the “5 Ways” can multiply your profits upwards of 61%, even if you increase each of the 5 factors by just 10%.

Check out more on the “5 Ways” here ….

http://www.entrepreneur.com/startingabusiness/startupbasics/startupbasicscolumnistbradsugars/article203046.html

And, if you have an iPhone … there’s a free “5 Ways” iPhone app you can download here …

http://itunes.apple.com/us/app/the-actioncoach-5-ways-to/id349895699?mt=8

While the “5 Ways” is a great tool, you should to realize you truly need to “learn” before you “earn.”

I like to say the only place “earning” comes before “learning” is in the dictionary … so learn as much as you can about the “how” of business, and if you have the drive, tenacity, persistence and courage to succeed … eventually you will.

Especially if you have the knowledge of the systems and methods others have used before you to achieve great business wealth and success.

All the best,
Brad Sugars