Finally, we get to talk about business rituals. Along with morning and evening success rituals these are more business specific. In this article, we examine business habits from 3 of the most famous and prosper entrepreneurs in the world.
Business Rituals of 3 Highly Successful Individuals
Let’s take a look at the business rituals practiced by 3 of the most effective entrepreneurs.
I. Amancio Ortega
Amancio Ortega made it to Forbes Billionaire list as the second wealthiest person in the world. Amancio Ortega has five business rituals, which have guided him to success:
1. Speed is Very Important
Amancio Ortega took the retail industry by storm in 1975 when he founded his company named Zara. He used the tactic of ensuring that two times per week his store was restocked with the latest fashion. Another one of his strategies was getting new styles of clothing before his competitors, and the timely processing of customer’s order within forty-eight hours.
Amancio Ortega plan worked; because he was able to satisfy his market better than his competitors, and have earned his organization the name of “Fast Fashion.”
2. Obsess with your Customers Need
One of Amancio Ortega’s motto is that the clients are the driven force behind a business, and should always be the central focus when designing your business. Customers need must also be your focal point when you are deciding on the operational systems that you will implement at your business, style of clothing that you will be selling, and any other activity that requires you interacting with your customers.
Being customer-focused meant that Amancio Ortega conducts consistent market research. His detailed analysis included him observing fashion blogs and directly garnering information from customers to keep a brief of the current trends in clothing.
3. Being in Control of Your Distribution Channels
Amancio Ortega capitalizes on the cost effectiveness of China clothing, but he also imports most of his products from other regions such as Morocco, Spain, and Portugal. Designing and sewing his products is one of medium Amancio Ortega swiftly meet the needs of his market by supplying them with the latest trends in fashion. He also utilizes a local network of sewing shops by having his designs cut, and treated in mills, then, they are sewed by the local sewing shops.
4. Being Committed to Your Roots
His ears buzzing from the ideas his employees’ shares with him, as he sits, and work alongside them is the only office that Amancio Ortega has ever had. Amancio Ortega is from humble beginnings. He is the son of a housemaid, and railway worker, but his desire for a better life led him to stop attending school at the age of fourteen to start earning. Knowing what it is like to have nothing, Amancio Ortega never got himself an office, but instead, he takes a hand on approach by working with his employees. Age has not slowed him down; because even at the age of eighty Amancio Ortega still goes to his office on most days.
5. Continuous Innovations
Complacency has no place among those who wants to progress, and for those who wants to remain successful. To become complacent is the biggest mistake you can make. You must have either grow or die attitude, and if you really want to be innovative, then, you cannot focus on the results.
II. Carlos Slim
Carlos Slim Helu has the tag of the fourth richest man in the world according to the Forbes Billionaire list. He has ten business rituals:
1. Making Money in a Downturn
Recessions cannot hinder Carlos Slim Helu from acquiring new businesses. His strategy is to take advantage of the companies that have been affected by the economic crisis, which has no significant financial problems. Some of the best companies are sold for half their values during a recession. Carlos Slim Helu was able to purchase the largest cement company world Cemex during the recession. Cemex currently has a net worth of approximately six billion.
2. Simplicity in Organizational Structures is Best
Having a simple organizational structure with minimal hierarchical levels will allow executives and lower line employees to be able to interact more frequently, sustain flexibility, and assist in quick decision making capability.
3. Remain Focused on Innovation, Growth, Training, and Quality
It is vital that you focus on innovation, growth, quality of products, training for employees and continually improve production processes. Analyze your organization based on global benchmarks, seek the most cost effective means when possible to reduce expense, and increase productivity as well as your competitiveness.
4. You Must Live Without Fear and Guilt
Carlos Slim Helu believes fear is the worse weakness that men can have. Fear first weakens you, then, it impedes your action and eventually leads to depression. He believes that guilt is a terrible burden in people’s lives, which influences the way one thinks and acts. Guilt and fear create difficulty for your present-day, and it is a hindrance for your future. To overcome both fear and guilt one must have good sense, accept ourselves as we are, which means with whatever virtue, disappointments, and realities.
5. Making Wise Invest in Areas that Customers Find It Difficult to Avoid You
Carlos Slim Helu has made investments in a variety of industries. He has invested in the health sector, clothing industry, real estate, bakeries, telecommunication, academic institutions, and museums just to name a few. Carlos Slim Helu many investments have given him the opportunity to serve his customers daily through various mediums, making it impossible for them to conduct business, and not contributing to one of his establishments.
6. A Good Education will Assist You to Manage Big a Business Better
Carlos Slim Helu believes that good decision making facilitates business success. You will be able to make better business decisions if you are armed with the information to do so, this comes from increasing your knowledge through education.
7. Try to Be Humble No Matter Your Status
Carlos Slim Helu is aware that riches also come with a lot of responsibility; however, this has not prevented him from spending time with his family. He assigned two days out of each week for quality time with his family. One day for dinner with his sons, and another day for dinner with his twenty-three grandchildren. Carlos Slim Helu with all his billions, still drives himself to work, which is approximately an hour away from his home. He has also lived in the same home in the same neighborhood for over forty years.
8. Prepare Yourself for Big Opportunities
Carlos Slim Helu believes one of the characteristics of becoming a successful entrepreneur is having the skill to identify great business opportunities and capitalize on your chances.
9. Committing to the Game
Entrepreneurship and investing is like a game. If you want to succeed, then, it requires you to become committed to your entrepreneurial process and make decisions as if you are playing to win your entrepreneur and investing game to achieve success.
10. Comprehending Your Business to the Core
Allegedly, Carlos Slim Helu controls approximately two hundred companies in different regions around the globe. He was able to accomplish this by ensuring that he comprehends his business to the core.
III. David Koch
David Koch, the tenth billionaire on the Forbes Billionaires list. David Koch shared his five tips for you to start learning from those who are rich. Below are David Koch’s five tips:
1. Creating Wealth Through Earnings and Not Saving
Successful individuals like David Koch continuous thoughts are how to earn big money and how to expand their potential profits. If you are not significantly increasing the sum of money that you have, then, there is a good chance that your savings will not make you a wealthy person.
2. Never Be Afraid to Believe in Your Ability, and You Should Take Smart Risks
Many individuals refuse from taking risks because of the possibility exist that they might fail. However, those who are successful know that you have to take risks both financially and in your personal life if you want to earn significant rewards. Successful individuals also accept that failure is the price you pay for your ultimate learning experiences and you must develop the confidence to continue after you have failed.
3. Do Not Become Emotionally Attached to Money
Prosperous individuals take a rational approach when they are building their wealth. They do not allow any negative emotions like anxiety, greed or regret to daunt their financial decisions, which have led to better chances for them to become successful.
4. Capitalize on All Your Opportunities
Successful individuals understand that every opportunity presents the possibility for them to achieve more, even if it is a partnership, project, or they are just negotiating to venture into a new business. They understand as well as appreciate the significance of networking. Successful individuals are always seeking new business ventures while capitalizing on their current assets to generate more income from different areas. Their positive attitude in every opportunity contributes to achievements in their business ventures and also to their wealth.
5. Understanding That Your Time Does Not Equal Money
Dispel the belief that the time you spent working hard will be equivalent to your level of success. Undoubtedly, successful individuals do work hard, but they have worked even smarter. It is not necessarily how hard you work but how smart are you working. Smart working means you strategize your time wisely, how you utilize your assets for them assist you to increase your earnings. You should aspire to become an expert in your field, no matter what field of business you are working.
If your greatest desire is to disengage yourself from the grip of poverty, then you should adopt the rituals of the wealthy, be fearless, and have absolute confidence in your abilities. Believe that you deserve to have all the best that life has to offer.
What an impressive list of business success rituals, right? Reading each of the 20 tips is easy to understand why these people reach very impressive business goals, and yet, these tips are not exclusive to these gentlemen. These 20 business habits can also change and deliver your path to success, for that you don’t need to add all of them at the same time, just by adapting a couple of habits every week you will be able to experience a fantastic transformation that will make your goals achievable in a short period of time.