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Multimillionaire Actions You Can Take Now

Choose a Positive Mindset “Be anxious for nothing, but in everything by prayer and supplication, with thanksgiving, let your requests be made known to God, and the peace of God, which surpasses all understanding, will guard your hearts and minds through Christ Jesus.”...

21st Century Multimillionaires Practice 3 Things

We are what we repeatedly do.” Aristotle Our “Future Multimillionaire Selves” can only become a reality if we change our behaviors from those of the regular guy to those of the Multimillionaire who responds to the voice of Yah. They see things differently and develop...

Kingdom Multimillionaires are Recession-Proof

Recession is an economic reality in our American culture. The system is designed to control the economic advancement of the people. However, Kingdom Multimillionaires are not of this culture. The Kingdom of God is one of abundance, prosperity, growth and stability....

Mind Control for Kingdom Multimillionaires

"A person's words can be life-giving water; words of true wisdom are as refreshing as a bubbling brook.” Proverbs 18:4 Disregard or “make no matter” the things you don’t have. "You grow rich by becoming oblivious to what you don’t have."  David O. Most of us are...

The Power of Consecration for Wealth Building

In the Bible the word consecration is defined as “the separation of oneself from things that are unclean, especially anything that would contaminate one’s relationship with a perfect God.” Consecration can also be thought of as sanctification, holiness, or purity. The...

5 Habits of Forbe’s 400 Wealthiest Americans for Kingdom Multimillionaires Pt.2

“Life is business, and business is life. Learn one, and you will have also learned the other.” Rabbi Daniel Lapin The time-tested knowledge found in the ancient Jewish faith and culture gives “scientific” support of the relevance of this faith and culture to living an...

5 Habits of Forbe’s 400 Wealthiest Americans for Kingdom Multimillionaires

Gaining wealth is about increasing wisdom.” Rabbi Daniel Lapin It’s a fact: rising multimillionaires must cultivate a love of learning. As you rise to various levels of business and financial management, you must learn the ways and  principles of that particular level...

I Am Full of Health, Longevity and Prosperity

I declare that I am not going to lose. I am full of health, longevity and prosperity. I have a sound mind. I declare that I am covered by the blood of Jesus Christ! I expect great things for my life. There are experiences that I have been through, and God brought me...

A Noble Desire: Become a Billionaire

“If you have an outrageous financial goal that you can’t even mention to your close friends, that is a good thing. Never listen to anyone who tells you that it is a bad thing and it is based on greed. As long as you are not planning to wrongfully take what belongs to...

I Declare That God Has Captured and Changed Me…

I declare that God has captured and changed me by the renewing of His Spirit from the inside out. God has preserved and covered me for His Divine plan. I declare that I am eternally grateful and appreciative. God has created me to be noble, strong and virtuous. I am...

As we all know, most small businesses fail within 5 years. Let’s examine this phenomena to help build some confidence as we move forward. Business research has revealed that many small businesses fail because of situations occurring in the business itself, not outside forces. Who controls the activities inside the business? The owner and the affiliates. A further analysis shows that the perspective of the owners, as he/she controls the operation, is hindering business development. The owners’ focus is on the technical skills they brings to the enterprise. For example, the owner may be an expert accountant, baker, computer scientist, plumber, or carpenter experiencing great success in that skill. However, as the demands of the business increase, various functions are not attended to such as planning and projecting resources for serving more customers. This also includes the negligence of critically important administrative functions. When this much is left undone, the business fails. Critical functions must be managed and performed for fortifying and sustaining a business that makes basic Management Skills extremely important for entrepreneurs.

According to a report by Zuzana Papulová and Matej Mokroš of Comenius University, Slovakia:“Basic knowledge in management is needed at the initial stage of running an enterprise and also later during the development stage. At the beginning, the management of the enterprise is carried out by the sole founder/owner, who must perform all the actions needed with doing the business. Crises occur when the enterprise is successfully expanding and the entrepreneur (usually still the founder and owner) is not capable of running it.”

As Michael Gerber in the E-Myth wrote:”If you are unwilling to change, your business will never be capable of giving you what you want.”

Therefore the first reason you need Management skills is:

1You need a managers perspective for success.

You probably really enjoy the hands on effort required to contribute the product or service that you provide. After all, that’s why you started the business anyway. If you continue to work with your head down(on your service, product, or day to day details) and never take time to look at and construct the big picture, it can be fatal to your enterprise. “Big picture thinking” is probably your greatest responsibility and you’ll need to find regular time for it. It’s a different perspective because you will not only work in the business, you will also work on sustaining, fortifying and growing your business.

As the business owner, you will take time out of your busy schedule to be the “Captain of the Ship” and the captain must have a map to help maintain the course or the ship will end up anywhere or no where. The only way you can have a map is to take time to draw one up. This requires regular times of contemplation. Determine your best thinking time and put it in your schedule. This will help you have essential documentation including a strategic plan ( collaborated if needed). Remain open minded with a learning attitude and pay attention to your emotions. What could they be telling you? Daniel Goldman, in his book, “Emotional Intelligence”, has pointed to the importance of emotions; concluding that the Emotional Quotient is more important than the Intelligence Quotient. He believes that “our deepest feelings, our passions and longings, are essential guides, and that our species owes much of it’s existence to their power in human affairs”. Read the book for an interesting insight. Finally, practice patience to immerse your enterprise in the great Vision that you have for the future and be willing to persevere in the face of the many obstacles that you will inevitably face.

“The gift of fantasy has meant more to me than my talent for absorbing positive knowledge.” Albert Einstein

“Big thinking picture” is a valuable tool for your growing business because it can help lead you to the personal and business success you desire. You will use it for designing a winning strategy, one of the exercises that will bring you to the realization of your dream.

2. Success requires you to develop and manage systems.

Small businesses that succeed develop systems of operation for almost every function performed. Business systems are activities performed in a consistent manner to achieve the organization’s goals. They are performed in several steps and the successful manager documents these steps for easy replication. To most, this will be boring and tedious but once the documents are completed, this will give you time to do what you enjoy doing and enable you to sustain and enlarge the enterprise. This is one of the great secrets of successful businesses that many small business owners avoid. Creating systems simply starts with documenting what you do and how you do it. This may be simple lists. It could be called an operations manual or a systems manual or some unique name that might come to you; but the object is to document the successful operations that you want to make routine.

3. The ability to manage strategically is critical.

Here, you’re required to always hold a mental model of how your operations work together. This model, when documented, will be a framework for your strategic management plan. There’s a lot of discussion about the value of strategic plans. Some say they aren’t needed, others say that they inhibit growth and iteration and some say they don’t work. Any way you look at it, some type of planning is essential. You must be able to see and project how you’re going to get to your Vision and this plan should be available and clear to all who share the responsibility to get there. This plan will guide your business through it’s various stages of development. You’ll be able to design the operations and standards that will guide your business to targets you have set for growth and scaling. Strategic Management will answer the questions: Where are we now in relation to our Vision? What are our eventual targets? How will we get to these targets? Strategic management is one of the functions that will make your dream a reality.

4. Success requires you to hire the right talent.

The Gallup organization conducted a large study of managers in approximately 400 companies. Marcus Buckingham and Curt Coffman described how the study pointed to the need to select employees by testing for talent. They further concluded that”…every role, performed at excellence, requires talent.” They found that the managers defined talent as” a recurring pattern of thought, feeling, or behavior that can be productively applied”. In other words, these are the behaviors that people do often, such as, the ability to remember names, not just faces or the ability to make friends easily. Buckingham and Coffman concluded that every role performed excellently required talent. This talent is our unique way of thinking, feeling and behaving. We all have filters that tells us what we should think, feel or do.

You can look for new employees that share and demonstrate your core business values. These are elements of his or her talent, “the recurring patterns, thought, feeling and behavior.” If you can hire people with the natural talent you need in your business; it will, more than likely, lead to long term success. So this is an area worth studying. It worked for 400 successful managers, so it should work for you. Look for habits. Habits are talents; they are enduring characteristics and prominent attitudes that are revealed in conversations. Choose people with beliefs, values and habits that fit your business beliefs, values and habits.

Fundamentally…

If you want to build a sustainable or even a legacy business, management skills are essential. The primary requirement is to acquire a manager’s perspective. You will not only work as the technical expert, you will also work as the CEO with a global perspective of your business. You will see the importance of making regular time for “big picture thinking”. You will be able to understand the importance of designing systems of operation for each business function; and you will apply strategic management to these systems to achieve your business vision. Finally, you will understand the importance of only adding workers to your business who fit your business culture and goals. There are other management skills needed, but the ones described are fundamental to good management practice.

See management skill guides in“20 Directives for Small Business Success: Do or Die”