The high road to becoming a self-made millionaire in America is starting and building your own business. But this is not as easy as it sounds. Most businesses started by inexperienced people fail.

Probably the primary reason why people don't start businesses is because they're afraid that they're going to lose their money and for good reason. 99 percent of businesses started by people lacking business experience fail within the first two or three years.

Why Businesses Fail
And why is that? It's because they don't know how to succeed. They haven't the slightest idea how to make a business successful. They may have an idea for a product or service, but they don't know all the things that they need to know to run a successful business.

Why Businesses Succeed
However, surprisingly enough, 80 percent of businesses started by experienced businesspeople succeed. Now why should this be so? The reason is because experienced businesspeople know what to do. They know how to purchase their products and their services. They know how to negotiate with their suppliers. They know how to raise money. They know how to negotiate leases. They know how to sell and to market. They know how to manage their finances. In other words, experience is the key. In order to start your own business and succeed, you have to learn how.

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Competence Makes the Difference
Now according to Dunn and Bradstreet, 96 percent of businesses in America that fail, fail because of what is called "managerial incompetence". Managerial incompetence means that the people running the businesses don't know what they're doing. And here are the two critical areas of managerial incompetence that cause business failure.

First is sales and marketing. 48 percent of businesses that fail in America fail because the business cannot sell enough of its products or services. Very few businesses fail when they have high levels of sales and revenues coming in.

Control Your Costs
The second reason that businesses fail, 46 percent, is because of poor cost control. They may be selling enough on the front end, but they're losing so much on the back end that they go broke anyway. Sales and marketing, financing and cost control, both require experience. And if you're serious about becoming financially independent, you have to learn how to do both of these.

Put Luck On Your Side
You must learn the skills you need to be successful. Business success is not a matter of luck. Business success is a matter of application. It's a matter of ability. It's a matter of experience and skill and intelligence, and wonderfully enough, you can learn what you need to know to be successful. And you can start by learning through on-the-job training, which is called OJT. Most successful businesspeople become successful because they get all their training by working for someone else.

Action Exercises
Here are two things you can do immediately to make sure that your business succeeds greatly:

First, take the time to get the knowledge and experience you need in business by working for someone else where you can learn a lot in a short period of time. Go to work in an area in which you are interested and learn everything you possibly can.

Second, read and study in business, especially entrepreneurial business, all the time. Read one or two business books per week and read every business magazine that is published on your subject. Never stop learning and growing.

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How do you find a new product or service, recognizing that 80 percent or more will be new in five years? Here's a series of ideas. Number one, begin with yourself. Begin with your own talents, your abilities, your experience, knowledge, interest, background, education, and so on. Look carefully at your current work, your current business, your current position, or your current product or service. Seek for what is called your own acres of diamonds. Look under your own feet.

Look Into Yourself
Here's a question. What qualities account for your greatest successes in life so far? What personal qualities and abilities have gotten you to where you are? And how could you apply those qualities and abilities to starting and building a new business?

If you already have a company, ask what are your companies' talents, abilities, experience, knowledge, interest, background, and so on. What qualities and talents and abilities have enabled your company to succeed up to now? Where can you specialize? Where can you make a difference?

Identify What You Really Enjoy
Number two is look for a product or service about which you can really become enthusiastic. Sometimes people become wealthy by translating or transforming their hobbies into a business. You will be most successful doing something or marketing something that you really love.

Every product must have a champion. Every product or service must have someone in the business who really, really loves the product or service and is eager to get out and tell other people about it.

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Improve On Something Else
Number three, look for something that is an improvement on an existing product or service, not something brand new. Look for something that's cheaper or better quality. Or that has additional features or functions. Look for something that's an improvement.

Remember improving an existing successful product or service is the fastest and surest way to build a successful business. An idea only needs to be ten percent new and better to capture substantial market share. Brand new products or services are very risky.

Be Willing to Work Hard
The fourth key to finding a new product or service is this. Don't look for easy money. Don't look for gimmicks or useless knickknacks. Don't look for get-rich-quick schemes or rewards without working, because they're aren't any.

More people have wasted more time and more life and more money trying to find quick ways to make easy money than you can possibly imagine. So be willing to put in a lot of hard work before you start making real money in a business.

Success Takes Time
It takes two years to break even in the average business. It takes four years to show a profit. It takes maybe eight to ten years before it starts to generate real cash flow. So you have to be patient. If you're impatient, what will happen is you'll end up setting yourself further back than you can imagine.

Action Exercises
First, be prepared to research a lot of business ideas before you make a final decision. The first 10% of time that you spend doing your homework will save you 90% of the effort in getting results later on.

Second, look for something that you can make an improvement upon rather than something brand new. You are surrounded by ideas and opportunities for improvement if you can just identify them.

The 100 Absolutely Unbreakable Laws of Business Success

They begin a business and then they find that it isn't as profitable as they had anticipated, so they change direction, using their experience and their momentum, and strike paydirt in something else. The most important thing is to begin. To take action. To move forward one step at a time, learning and growing as you go. There is enough information available in virtually every field for you to become knowledgeable enough to achieve success. But action is necessary.

The Two Parts of Success
Success author Orison Swett Marden once wrote, the first part of success is get-to-it-ivness. The second part is stick-to-it-iveness. Every business beginning requires an act of faith and courage, a bold leap into the unknown. Only one in ten people who want to start their own businesses ever develop enough courage to begin and enough persistence to continue. Get-to-it-iveness. And stick-to-it-iveness. The fear of failure, more than anything else, holds people back. It paralyzes action. And it makes failure inevitable.

Begin With a Dream
Fortunately, even if you know nothing about business, you can begin with a dream, a castle in the air, and then build a foundation under it.

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Seven Simple Steps
The starting point of many great fortunes has been these seven simple steps. Number one, set a goal and back it with a burning desire. Number two, begin accumulating capital with a regular savings program. Nothing else is possible without this. You cannot move forward until you start a savings program.

Use Your Current Job As A Springboard
Number three, use your current job as a springboard to later success. Learn while you earn. Take the long view. Number four, experiment in business on a limited scale so you can learn the key abilities necessary for success. Number five, search for problems, needs unmet, products or services you can supply of good quality at reasonable prices.

Read Everything You Can Find
Number six, read everything you can find on your chosen field. Remain flexible. Be willing to change your mind if you get different information. And number seven, implement your plans with courage and persistence. Have complete faith in your ability to succeed and never, never give up.

Action Exercises
Now, here are two actions you can take immediately to start moving toward entrepreneurial success:

First, set a goal, make a plan and then launch your plan. Get started. Do something. Begin on a small scale with limited risk and investment but get going!

Second, resolve that, no matter what happens, you will never, never give up until you are successful. Before you accomplish anything worthwhile, you will have to pass the persistence test. And the test will come far sooner than you imagine.

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A Commitment to Excellence
Leaders have specific responsibilities and must fulfill certain requirements. One requirement of leadership is the ability to choose an area of excellence. Just as a good general chooses the terrain on which to do battle, an excellent leader chooses the area in which he and others are going to do an outstanding job. The commitment to excellence is one of the most powerful of all motivators. All leaders who change people and organizations are enthusiastic about achieving excellence in a particular area.

Be the Best!
The most motivational vision you can have for yourself and others is to "Be the best!" Many people don't yet realize that excellent performance in serving other people is an absolute, basic essential for survival in the economy of the future. Many individuals and companies still adhere to the idea that as long as they are no worse than anyone else, they can remain in business. That is just plain silly! It is prehistoric thinking. We are now in the age of excellence. Customers assume that they will get excellent quality, and if they don't, they will go to your competitors so fast, people's heads will spin.

Have A Vision of High Standards
As a leader, your job is to be excellent at what you do, to be the best in your chosen field of endeavor. Your job is to have a vision of high standards in serving people. You not only exemplify excellence in your own behavior, but you also translate it to others so that they, too, become committed to this vision.

This is the key to servant leadership. It is the commitment to doing work of the highest quality in the service of other people, both inside and outside the organization. Leadership today requires an equal focus on the people who must do the job, on the one hand, and the people who are expected to benefit from the job, on the other.

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The Most Respected Quality
The second quality, which is perhaps the single most respected quality of leaders, is integrity. Integrity is complete, unflinching honesty with regard to everything that you say and do. Integrity underlies all the other qualities. Your measure of integrity is determined by how honest you are in the critical areas of your life.

Integrity means this: When someone asks you at the end of the day, "Did you do your very best?" you can look him in the eye and say, "Yes!" Integrity means this: When someone asks you if you could have done it better, you can honestly say, "No, I did everything I possibly could."

Integrity means that you, as a leader, admit your shortcomings. It means that you work to develop your strengths and compensate for your weaknesses. Integrity means that you tell the truth, and that you live the truth in everything that you do and in all your relationships. Integrity means that you deal straightforwardly with people and situations and that you do not compromise what you believe to be true.

Action Exercises
Now, here are two things you can do immediately to put these ideas into action.

First, identify the area of your work where excellent performance can contribute the very most to productivity and profits. Focus all your efforts in this area.

Second, do your very best on every task. Imagine that everyone is watching even when no one is watching. Imagine that everyone in your company was going to do their work exactly the way you do yours.

Never compromise your standards!

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Your creative capacities need something to hone in on and your job is to provide it.

A Continual Stimulus for Ideas
Intensely desired goals, clearly defined with detailed plans for their accomplishment act as a continual stimulus for ideas to achieve them.

Visualize Your Goals
To trigger your imagination, write out a clear description of your ideal end result or goal. Be clear about the goal, be flexible about the process. Think about it, visualize it as realized over and over. Project your mind forward to the picture of the realized goal and then look back to the present.

Define Your Goals Clearly
Think on paper. Make a plan and then work on the plan, updating it, changing it, adding to it as you think of new ways to work toward the goal. The more clearly defined and keenly desired your goals, the more of your natural creativity will be released for goal attainment.

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The Proper Approach to Problems
The second stimulant to creativity is pressing problems. The key to idea generation when you face a problem is to approach the problem confidently, expectantly, with the attitude that there exists a logical, practical solution just waiting to be found.

The most creative people have a relaxed attitude of confident expectancy that causes their minds to function in original and imaginative ways.

Diagnose Your Problems Accurately
Define your problems clearly in writing. Accurate diagnosis is half the cure. Sometimes you will find that you are dealing with a "cluster problem," one that is made up of several smaller problems. Your job is to sort them out and then go to work on each one separately.

Break Up the Clusters
In many cluster problems, there is a core issue surrounded by a lot of symptoms. Creative thinking requires that you separate the core issue, and then focus on resolving that before worrying about the smaller problems.

Action Exercises
Here are two things you can do to stimulate your creativity.

First, be absolutely clear about your goal. Write it down and make a plan to achieve it. Think of different ways you could accomplish it.

Second, define your problems clearly and then make a list of all the possible solutions to your problem. Take action on at least one idea immediately.

The Power of Clarity

A Continual Stimulus for Ideas
Intensely desired goals, clearly defined with detailed plans for their accomplishment act as a continual stimulus for ideas to achieve them.

Visualize Your Goals
To trigger your imagination, write out a clear description of your ideal end result or goal. Be clear about the goal, be flexible about the process. Think about it, visualize it as realized over and over. Project your mind forward to the picture of the realized goal and then look back to the present.

Define Your Goals Clearly
Think on paper. Make a plan and then work on the plan, updating it, changing it, adding to it as you think of new ways to work toward the goal. The more clearly defined and keenly desired your goals, the more of your natural creativity will be released for goal attainment.

The Proper Approach to Problems
The second stimulant to creativity is pressing problems. The key to idea generation when you face a problem is to approach the problem confidently, expectantly, with the attitude that there exists a logical, practical solution just waiting to be found.

The most creative people have a relaxed attitude of confident expectancy that causes their minds to function in original and imaginative ways.

Diagnose Your Problems Accurately
Define your problems clearly in writing. Accurate diagnosis is half the cure. Sometimes you will find that you are dealing with a "cluster problem," one that is made up of several smaller problems. Your job is to sort them out and then go to work on each one separately.

Break Up the Clusters
In many cluster problems, there is a core issue surrounded by a lot of symptoms. Creative thinking requires that you separate the core issue, and then focus on resolving that before worrying about the smaller problems.

Action Exercises
Here are two things you can do to stimulate your creativity.

First, be absolutely clear about your goal. Write it down and make a plan to achieve it. Think of different ways you could accomplish it.

Second, define your problems clearly and then make a list of all the possible solutions to your problem. Take action on at least one idea immediately.

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There are four great ways for you to test any product or service idea before you start a business built upon it.

The Best Source of Advice
Number one, seek out people who are already in the same business and ask their opinions of the product or service. Many people have saved themselves an enormous amount of time and money by finding that people who are already in the business wish they weren't in the business and who wish they hadn't invested the time or money to get in the business in the first place. So go and talk to them. Ask them what they think about the business. Ask them if they would recommend that someone else get into the business. Don't be shy or secretive.

Ask for Feedback On Your Idea
Every so often, at seminars, I have people come up to me and ask me if I would give them some advice on their business, and I say, "Well, what is your idea?" And they won't tell me what their idea is because they're afraid somebody will steal their idea. The fact is that ideas are a dime a dozen. So be perfectly open. Tell people what you're thinking of doing. And get feedback from people who are already in the business. That alone has saved me hundreds of thousands of dollars. It may even have saved my financial life on a couple of occasions.

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Ask Your Bank Manager for Advice
Number two is to ask your bank manager for his opinion or advice. A bank manager, who deals with commercial accounts, very often has a tremendously accurate sense for what kind of businesses will succeed and what kind won't. One 5-minute interview with my bank manager a few years ago saved me $200,000 dollars in an investment. He pointed out to me the weaknesses in the particular business I was looking at getting into, and I had no answer for him. So I didn't go into the business and the people who did lost everything that they put into it. Ask your bank manager. Your bank manager can be one of the very best sources of business advice.

Check With Family and Friends
Number three, ask your friends, ask your family, ask your acquaintances for information. Family members are very good targets for market research. Ask your family and friends if they would buy the product or service that you're thinking of offering. How much would they pay for it? Listen to their questions. Listen to their criticisms. Listen to their concerns. Because if you can't answer their questions and concerns in a logical and believable way, it could be that there's something wrong with your idea.

Talk to a Potential Customer
The fourth way to do market research is to visit prospective customers for the product or service and ask if they would buy it. If you're thinking of selling something to a company, go to the type of company that you would sell it to and ask if they would buy it if you produced it. If you're thinking of selling something through retail, go to the retailer and ask them if they would buy it or sell it. Ask the customer. Customers are very open and very candid and sometimes they'll give you insights that will be worth their weight in gold. If you're going to sell through a retailer, ask the retailer if he or she could sell the product if they were carrying it. Why or why not?

Action Exercises
Now, here are two things you can do immediately to test your ideas more thoroughly before you invest in them:

First, visit people who are in the same business and ask for their opinions. Call them on the telephone. A person already doing the business is the best source of advice in that business.

Second, ask your bank manager for advice. Lay out your business plan or idea to him or her and ask for his or her candid feedback. This could save you an enormous amount of time and money.

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What to Look For
There are three reasons for business growth. Look at where you work right now and see if these three reasons apply there. Number one, the product or service is well-suited to the needs of the current market. That means that people want it and need it and can use it and can afford it and are willing to buy it now. Number two, careful market analysis is completed before commencing business operations. In other words, considerable thought goes into whether or not there's a market before the product was offered.

Do Your Market Analysis
Here are some of the questions that you have to ask with regard to market analysis. Number one, with regard to this new product or service, is there a market? This is a very important question. Is there a market? Will people buy it? Now here's the second question. Is the market large enough? Is the market large enough and concentrated enough so that you can sell enough of the product or service at a high enough price to make a living out of it?

Is the Market Concentrated Enough?
For example, there may be a market for 100,000 units of a particular product in the United States. But if it is one per community throughout the country, it's almost impossible to reach those people with any kind of advertising or sales effort. So the very fact that the market is not concentrated enough means it would be impossible to make a success of a business selling one per community.

Who Exactly is Your Potential Customer?
Another question is, who is the customer and why will he or she buy from you? Why does he or she buy? What benefits does he or she seek? And an important question is why will he or she switch from their current supplier to buy from you? Many small companies go broke because they do not have a pressing enough reason for a person to switch from their current supplier to the new product or service.

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What Are the Alternatives?
And here's another question with regard to marketing analysis. What else is available? What other products or services are available to the same customer that you're going after and how is your product superior in a meaningful way, to the other product or service?

Control Your Finances
The third reason for business success is tight financial controls. Good budgeting. Accurate bookkeeping and accounting. Remember, practice frugality. Be cheap, cheap, cheap.

Hold on to your cash. Cash is the lifeblood of a business. All successful businesses have very careful financial controls. They very carefully consider every expenditure. They do an analysis of it. They work from very careful budgets, week by week, month by month, quarter by quarter.

Consider Every Expenditure
Carefully consider every expenditure, in advance, before you make it. Never buy new when you can get it used. Never buy it all if you can rent it. Never rent it if you can borrow it. Make it a game to conserve your cash and keep your costs as low as possible in everything you do.

Action Exercises
Now, here are two things you can do to assure that your business continues to grow profitably month after month.

First, be perfectly honest with yourself and your product or service offerings. Be sure that there is a big enough market that you can sell to profitably, and if there isn't, find a different product or a different market.

Second, think about your customer all the time and why your customer would or should buy from you. Inaccurate customer analysis is a major reason for business failure while accurate customer identification is a major reason for business success.

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