"Whether you think you can or think you can't, you're right," said Henry Ford , one of the greatest industrialists of all-time. But people don't know that Ford actually went bankrupt twice before launching Ford Motor Company.
Persistence, faith, and the will to win: These are impossible when you're a chronically negative person. A pessimistic Henry Ford would never have rebounded from failure, and built Ford as an iconic American business. Which brings an important lesson in business and life.
Attitude is a big factor in whether a business owner or professional succeeds. As Scripture teaches, beliefs are self-fulfilling prophecies: They lead to actions and results that form our reality. In a dynamic business environment, it's critical to hold positive convictions: These help entrepreneurs and professionals to serve customers better than the competition, lead employees to victory, and grow the business.
Here are empowering beliefs that help entrepreneurs , managers and executives become leaders in their organization and industry.
I'm stronger than adversity.
If you think the economy or industry is tough, chances are things will get more difficult at some point. Hardship could arrive during the holiday shopping season, or when a new law imposes steep costs and requirements. Challenges are always in the pipeline, and business people must possess the determination and ingenuity to solve problems that are constantly thrown their way.
It's important to believe that you're ten times stronger than challenges, or you'll feel overwhelmed. Doubt will creep in, and the voices of critics will get louder. Small businesses create over 90% of new jobs in America, however the failure rate is extreme. More than 19 of 20 small businesses fail within 10 years.
Adversity wears many masks: toxic coworker; decreasing cash flow; strong competitor; pending lawsuit; customers demanding lower prices; salespeople asking for higher commissions, etc. Any of these issues, if not properly addressed, can threaten the business.
Thus, all organizations need exceptional leaders who solve problems and keep customers happy. One spiritual guru says there's a mindset that prevents people from being cynical and hostile towards others (like clients).
"When we become conscious of the things that are happening, we stop thinking and acting negative," says Master Sri Akarshana, founder of IAmCreator. "Therefore, we will get more positive things in our life."
I go the extra mile for customers.
Going the extra mile is crucial for differentiating one's business from heavy competition. Billionaire Tilman Fertitta says he built a hospitality and gaming empire by following a simple rule: He focuses on 5% of the business that isn't managed properly, and tries to make it perfect.
A company is only as healthy as customers' willingness to re-order goods and services. Without recurring sales, a business dies. Hence, we have the old adages, "the customer is always right," and "cash is king." Suppliers must commit to understanding the user experience: What the customer finds useful, beneficial or convenient is the only thing that matters if a company is to get recurring sales.
Creativity also adds value to consumers. In the cryptocurrency market, most digital exchanges let users buy and sell tokens on a shared platform. LATOKEN, an EU-based exchange, goes a step further by enabling users to purchase derivative-like assets. For example, patrons can buy USPX tokens, where funds are used to invest in direct or indirect economic interest of Elon Musk's SpaceX, a California-based space technology company.
In the airline industry, going the extra mile can mean simplifying loyalty programs so all passengers can use them. A Dec. 2019 study by J.D. Power finds that 45% of program members don't understand how to redeem miles or points, which negatively affects airline customer satisfaction.
I find ways to outsmart the competition.
Competing is one thing, but identifying and pursuing the right strategy is another. If you're constantly seeking ways to outsmart the competition, chances are your business will be an innovator and disruptor in the industry.
When Jeff Bezos was growing Amazon.com, he re-invested all profits into building massive fulfillment centers. This enabled the company to bring warehouses geographically nearer to customers, which drastically cut delivery time and costs. For years, investors had clamored for dividends. Bezos, the second richest person in the world, outsmarted Wall Street by choosing customer satisfaction over short-term profits. By reducing shipping time and expenses, he was able to grow Amazon's long-term enterprise value.
Business people can beat competitors in many ways, such as lowering costs, improving quality, hiring better employees, or finding new distribution channels (like QVC or Amazon.com). In the case of penny-stock trader Steven Dux, that meant learning about investing and trading while in high school. Dux was 14 when he moved to America from China, not speaking a word of English.
He figured out the extreme variance and unique valuation patterns of penny stocks, and parlayed $27,000 in savings to $1.3 million in less than a year.
A great attitude trumps adversity that life and business throw at you. On the other hand, a bad attitude fosters dysfunction in the workplace. Employees become hostile to customers; coworkers blame each other for mistakes; vendors stop supplying the business. Without happy customers, there'll be less cash flow and a company could become a statistic (i.e., 19 of 20 fail within 10 years).
Empowering beliefs are a pillar of success. Think Henry Ford.