Three masteries needed for business success

Looking forward to the future of business

Many are led to believe that to succeed in business, you need:

1.  Plenty of funds -  plenty of capital, borrowed capital, 

2.  Plenty of luck - feng sui, blessing from Patron saints, amulets, your lucky day or year

3.  Hustle

Indeed that seems to be the common knowledge and tactic.  Just this morning at the pan de sal store, there were talks about an altitude challenged businessman who tried to build 2 more restaurants in the town. (He has a big restaurant along the highway).  But the two - one in the poblacion, one in noted subdivision did not survive long)

Indeed the grad schools were right  You need three masteries:

1. Mastery of self

2.  Mastery of the opportunities

3.  Mastery of the enterprise

Mastery of Self     Not all can be entrepreneurs.   If all were, then there would be no buyers.   Only 2% can be entrepreneurs.  And even then, not all are born. but are to be shaped by education and more long long years of experience  Many lack the courage and leadership and determination to pursue a business concept or plan.  You many have wrong reading of opportunity But you persist and are determined you  may succeed.  You may not succeed if you are busy with Jaycees, with Rotary or Lions.   Your energy is not focussed and is dissipated.

Determination and persistence alone are omnipotent.   Parrots Ray Kroc  (Michael Eaton) of McDonalds Says Calvin Coolidge

Mastery of opportunities.  You must learn to trust marketers, product researchers and yes surveys.  If you can not afford it, do a due diligence which can take the form of Focus Discussion Groups (prospective customers) who could advise you on the feasibility of the venture.   You may propose to enter into restaurant business You only have 3 tables but break even is for 6 tables  (You only have customers during lunch and dinner.  The computation changes if you have take out or delivery services)

Mastery of the enterprise.  This is continuous and never ends.  When you wake up in the morning you think of nothing except the improvements you can introduce into the business and or the problems that you need to solve, and a long term solution to eliminate or mininize the problem.  When you stop doing

this the business stops and collapses.