How to Become a Successful Businessman

Business executive relaxing and looking out of an office window.
Business executive relaxing and looking out of an office window. (Image: Photodisc/Photodisc/Getty Images)

Success in business requires a good idea, a lot of hard work and a bit of luck. Entrepreneurs who develop a product or service that they believe in need to understand how their ideas can be effectively marketed to the buying public. A good idea poorly marketed probably won't succeed, nor will a bad idea, no matter how well promoted. A useful, well presented product or service will be recognized by the buying public, leading to the potential for great financial success.

Develop your idea with the buyer in mind. Always look at your product from the point of view of the person who will be buying it. Once you have developed the product or service enough, present it to focus groups and pay attention to their feedback.

Seek investment from entrepreneurs and corporations. Unless you're independently wealthy, you will need other peoples' money to make your idea into a reality. If your idea is marketable and sensible, investors will want to invest because they will see profit in it for themselves.

Cultivate an active network of connections in your local business community. Being plugged into what's going on is essential for succeeding in the business world. When other business people and entrepreneurs know and trust you, you will be in the loop when opportunities arise.

Learn to walk the middle road when it comes to debt. If you borrow too much, you risk getting into financial trouble. If you borrow too little, you're not taking advantage of the leverage that prudent borrowing can give you in business. Be realistic about the debt load that you can handle, both personally and professionally, and use that leverage to your own best advantage.

Continue learning about business and finance. If you have an educational background in business, it will be very useful, but it doesn't mean there's nothing more to learn. Correspondence courses, online seminars and classes at your local university can all keep your knowledge of the business world growing, and increase your chances of success.

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