New Skills- The 7 Criteria To Determine If Your Business Has The Power To Generate Great Wealth
New Skills– skills defined again in broad terms
Let’s refresh our memory about what a new skill is again. A skill is the ability to use one’s knowledge effectively and readily in execution or performance. Learning new skills like determining if your business concept can generate great wealth is just as important as having accounting knowledge and skills to manage the cash of your business. Maybe even more important, since you can always hire these basic types of skill sets, but making the determination about the true success of your business model is a new skill you want to possess upfront, not after the fact.
New Skills- Can My Business Model Generate Great Wealth?
So you want to know if your business concept or current business can provide you great wealth. Will it be hugely successful, or just another ho hum business that drains your energy, sucks up all your free time and provides little return for your efforts? Or can it at least generate the income you desire to live the life style you choose?
Learn New Skills– a blueprint for generating great wealth in a business
So now you’re asking yourself, is there a blueprint to determine all of this? Can I find the criteria all in one place and know it will actually determine my success in business?
Well my good listeners, the answer is categorically yes, if you can in fact pass the litmus test. In fact, I’m so sure that if you can answer yes to any 6 of the 7 questions, I will jump in with you, both feet to joint venture that success if you need help. Or I will point you in the right direction, to get the help you need.
Before we move forward, let’s look back at history and see what has prevailed in the past and you will see that having the right criteria is essential, no matter what idea or concept you have.
New Skills –statistics tell another story
Typically, approximately 50 % of all business ventures fail in the first year. This number has also been held to increase dramatically in the first five years of running a business, when the number is claimed to rise to as high as 90 to 95 %.
The numbers from the latest research conducted by the Small Business Administration tell a different and more encouraging story. According to the SBA, about two-thirds, or 66 percent last past the first two years, leaving only a third of businesses that fail within these two years. Extended to four years, the number of surviving businesses decreases to only 44 percent, meaning that about 56 percent of businesses fail at the five-year mark. That is a big difference from the 90 to 95 % previously claimed. So there is hope.
New Skills- The 7 Criteria Required For A Business To Generate Great Wealth
- Is it formulaic- is it a proven formula that others have used to generate great wealth
- Does it have large business scope- meaning it is scalable to large proportions: regionally, nationally, globally
- High Margins- in excess of 2-3 times cost at a minimum
- Low startup investment- based on affordability to you
- Professional license required- such as Engineer, medical or professional
- Revolutionary- your product or service has never been seen or used before
- New, unique and effective- a better twist on something that others have seen or used before, only much more improved
New Skills- The answer yes to 6 of the 7 criteria to generate great wealth
Now, take an unbiased look at your business or business concept. Chances are if you can’t answer yes to any 6 of these criteria, your opportunity to generate great wealth are significantly diminished. If that is the case, see what you can do to change your business model so that you can answer yes to these criteria if you want to generate great wealth.
New Skills- what if I fall short
If you cannot answer yes to 6 of these questions, maybe your business model still have the potential to generate the income your desire to support your lifestyle. Do what you can to revise the model and address each of the criteria one at a time. That will surely you give you the best chances for superior results.
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George Napoli is both an author: Be Thinkful©, as well as an entrepreneur having coached and trained thousands of employees and entrepreneurs in high level skill sets in Leadership, Six Sigma, Management Training and a wide range of high level- life changing skill sets like thinking, creativity and innovation and change. I am a Professional Blogger and Professional Internet Marketer. I am fortunate to hold Masters Certificates in Human Resource Development, Strategic Organizational Leadership and a Master Black Belt in Six Sigma, all from Villanova University.
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