An experienced entrepreneur has identified “Five Rights” that are secrets to success for people who are creating a corporation from scratch.
The first secret is being in the right place, writes Paul Levering, the founder of a communications firm, in Local Tech Wire. This often means the ability to foresee changing trends in the market and have “nothing invested in ‘the old way of doing things.'”
Along with the right place is finding the right time. Levering started his business seven years ago after he was laid off – though at the time he didn’t think unemployment was such a blessing.
Additionally, having the right work ethic and the right culture are essential to success. Levering notes that for the first few years, entrepreneurs need to devote more time to getting the business off the ground. Once the ball gets rolling, employees who value customer service will maintain momentum.
The right outlook means focusing on positives. Approaching failures by identifying the experience gained instead of only the mistakes made can have positive effects on the brain and encourage successful behavior, according to a Harvard University study noted in Entrepreneur magazine.