Home
>
Success
>
5 Key Ingredients of Business Success

5 Key Ingredients of Business Success

What do you need to have for a successful business? Many people focus too much on the money part and neglect other important ingredients of a successful business. Here's the list of key ingredients for business success:

1) Time: You must understand that time is money. In business, our objective is to make money. Period. But the question is how productively you convert your time into money. Are you making full use of your time or you just let the time pass by you?

How much you make depends on how good you are at converting time to money. If you are already productive, then you may want to ask what are the things you can do to improve further the ratio of dollar/second? If you are making $0.01/second, what you can do to make it $0.02/second? Or even more. Remember time is the most valuable asset and once it's gone, it's gone. Also time is also the fairest distribution of resources every human being receives.

2) People: To be successful in business, you must have people connections. I mean the right people. People consist of customers, suppliers, partners, staff, and associates.

One thing that you must not leave out is your mentor or coach. Having genuine mentors or coaches is very important and it can make a very big difference in your business.

If you are serious about improving your life or business, and you are looking for a coach, I might be able to help. Drop me an email at http://www.abelcheng.com/contact

To make sure that you have more profits, you must serve people well. Organize your database of people connections. By simply knowing who does what, who supplies what, who needs what, where to get what make you miles ahead of other people. To organize your connections, you can either use a paper folder or computer spreadsheet.

3) Knowledge and Skills: When I talk about knowledge and skills, I am not referring to academic knowledge that you find in schools or colleges. What's more important to you is knowledge and skills that can bring you results you want.

How many MBA holders that you know of have become business owners and have made tones of money? That shows getting the right knowledge and skills is important. Don't blindly go after knowledge that could drown you. Go for knowledge and skills that are universally tested and proven.

Examples of right knowledge and skills are where to get what from who, money making trends, marketing strategies, art of dealing with people, negotiation skills, selling skills, skills of managing and growing money, investment skills, universal laws of success, and more. Don't waste time on unnecessary knowledge as I went through that before. There's only so much that you need to know and learn. Be sharp and focus when you acquire knowledge and skills. Don't follow what normal people do.

4) Personal Health: In fact, this is the most important ingredient of all. How can you run a business without a healthy body? In order to maintain an optimum health, you have to provide your body with proper nutrients and sufficient exercise. And also don't forget about emotional well being. Don't let anger and other negative emotions control you.

This is where positive and empowering attitudes come into play. Maintaining your body is just like maintaining your car. If you send your car to workshop for regular service and pump petrol regularly, why don't you do the same for your body? It's something for you to think about. Don't be stingy over spending money for your own health because physical and mental health can cause you a lot of money in the long run if your body is not taken care of properly.

5) Money: Let's face it. It does take money to make money even you need a little. But you might not need a lot of money to start a business because there are many ways to start one with low capital.

I meet a lot of people who want to be rich but are not willing to invest the money. You must invest in something in order to for you to get something. The law of sowing and reaping is at work. Don't expect something without investing anything. Money is one of the investments you need to make.

Even though you don't need to have a capital for your business, but at least you must be able to cover your expenses while building your business. You also need money to buy products to stock up and other stuff. So, you must at least come up with whatever amount that you have to start a business.

These are the five basic ingredients of business success. Do your best to acquire or grow or invest in these ingredients. But the good thing is you don't need to have a perfect combination of ingredients to get started. You can still perfect the ingredients along the way. Somehow, get it started with what you've got.

Abel Cheng offers small and medium enterprises exclusive global profits insider tips in his free publication, Abel Cheng's Business Diary. To officiate a bi-weekly subscription, please go to http://www.abelcheng.com/diary.html And get personal email coaching.

post construction cleaning Glencoe ...

In The News:

Paralyzed woman Audrey Crews controls a computer with a brain chip from Elon Musk's Neuralink, demonstrating breakthrough brain-computer interface technology.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Meta removed over 600,000 predatory accounts from Instagram and Facebook while launching enhanced safety protections for teenage users on both platforms.

Facebook crypto scams trick users with fake celebrity endorsements and legitimate-looking cryptocurrency exchange ads that install malware on victims' devices.

Create private chat rooms using the iPhone Notes app collaboration feature with instant messaging capabilities and full control over conversation privacy.

Lyft rolled out safety upgrades with a new Safety Hub, driver blocking capability and a favorite driver option to give riders more control over their experience.

New research shows Americans increasingly trust AI for wellness guidance over social media, with 63% finding artificial intelligence reliable for health.

Luxury fashion brand Dior experienced a January 2025 data breach affecting customer personal information, and notifications were sent months after the discovery.

The commercial Unitree H1 humanoid robot weighs 104 pounds with 365 pound-feet torque per joint and demonstrates dangerous potential when software glitches occur.

Americans average 10-plus hours online daily, according to recent survey, splitting time between streaming shows on TV and browsing websites on multiple devices.

Boost your smartphone privacy instantly with these security tweaks for iPhone and Android that limit ad tracking, hide notifications and prevent unauthorized access.

Platforms like Hoax Tech and JS Click Cloaker help cybercriminals bypass detection systems using machine learning to selectively display scam content to victims.

A new battery recycling technique transforms old lithium-ion batteries into high-performance components that retain 88% capacity after 500 cycles with minimal waste.

Google's Android operating system can warn users about earthquakes before the shaking even begins – and there are ways to do it on your iPhone, too.

Meta's new gesture control wristband might just be the most seamless way to control a computer yet. And no, it doesn't require surgery, a camera, or even a touchscreen. All it needs is your wrist.

Long-haul trucks are now being upgraded with a surprising twist, thanks to California-based startup Revoy. Their electric boost doesn't replace diesel but works alongside it to cut emissions and fuel costs without major disruption.

PayPal and Venmo just rolled out something big: AI-powered scam alerts for Friends and Family payments.

As data centers multiply across the United States, energy demand is increasing at a rapid pace. This has not escaped the notice of large investment firms from Wall Street.

The Unicode Consortium, the nonprofit organization that maintains the Unicode Standard to ensure emojis work across devices, has announced Unicode 17.0, which includes nine new emojis slated for release this fall, in September 2025.

OpenAI is one of the world's leading AI research labs. Founded in 2015, it's behind some of today's most talked-about tools, including GPT, DALL·E, and ChatGPT.

Ever catch your dog staring at the screen during movie night and wonder if they're actually watching? Turns out, they might be. A new scientific study from Auburn University found that many dogs really do engage with television, and not all pups react the same way.

Stop the scammers from making contact in the first place. They're getting your parents' contact information and much more personal data besides, from somewhere.

The Walker S2 robot from UBTech autonomously exchanges its batteries in just three minutes, allowing continuous operation in car factories operated by BYD, Nio and Zeekr.

The FX Super One electric MPV from Faraday Future offers flexible seating, zero-gravity recliners and an AI system that creates a personal connection between driver and vehicle.

Practical solutions for reducing unwanted charity mail, political texts and email spam by opting out of shared lists, replying "STOP" and using data removal services.