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EntreGurus-Book-The 100 Absolutely Unbreakable Laws of Business Success-Brian TracyTODAY’S IDEA: 3 Questions you must ask yourself to succeed in business

— From The 100 Absolutely Unbreakable Laws of Business Success by Brian Tracy.

In The 100 Absolutely Unbreakable Laws of Business Success, business guru Brian Tracy shares the Law of Critical Success Factors: “Every business has a number of key success factors that measure and determine its success or failure.”

Just as our bodies have indicators of vital functions that determine our health (heart rate, blood pressure, etc.), “companies have critical success factors, as well, which measure the health and vitality of an enterprise.”

Tracy says that many critical success factors are common to all businesses: “leadership, product quality, service, sales, marketing, manufacturing, distribution, and finance and accounting.” Excellent performance in each of these areas will bring about excellent results, whereas poor performance—or nonperformance—will seriously jeopardize the survival of the business.

Above and beyond these common critical success factors, some companies have their own factors that are specific to them. They are unique and they are what separates a particular company from the rest.

This last point brings about the first corollary of this law: “Each individual has personal critical success factors, the performance of which determines his or her business future.”

Tracy goes on to explain, “You have a set of key skills or core competencies that you use, like tools, to do your job. A weakness or failure in any of your key skills can undermine your overall effectiveness and weaken your ability to do your job effectively. To perform at your best, you must first identify the critical success factors of your work, measure your strengths in each one, and then develop a plan to become excellent in the areas that can help you the most.”

There are two questions that you must ask yourself in order to determine your personal critical success factors:

Why am I on the payroll? “What exactly have you been hired to accomplish? Why does the company pay you the money it does? Both you and your boss should be in complete agreement on this question. Whatever your answer is to this question, that is what you should be working on most of the time.” (Note: if it’s your own business, substitute the above with questions as if you were hiring someone to work in your position. It’s an eye-opening exercise, what exactly would this person work on most of the time?)

What can I, and only I, do that if done well will make a real difference to my company? “This is a task or responsibility that only you can do. If you don’t do it, it won’t get done. But if you do it and do it well, it can make a tremendous difference both to your company and to yourself.”

And these two questions bring about the second corollary to this law: “Your weakest critical success factor determines the height at which you can use other skills.”

What exactly does this mean?

“Your personal strengths and core competencies are what have brought you to where you are today. They are the foundations of your position and the determinants of your income. At the same time, your weaknesses form the ceiling on your ability to rise to even greater heights.”

To move ahead more rapidly, Tracy says, you must ask yourself—and be honest—about your weaknesses:

What are your weaknesses? “What one skill, if you developed and did it in an excellent fashion, would have the greatest positive impact on your career? Whatever the answer to this question, this is where you should begin to work on yourself. This is where you can get the biggest payoff in terms of increased competence.”

By asking these three questions, you will be able to determine where you currently stand and what you need to do to move forward to achieve your greatest business success.

ACTION

TODAY: Assess yourself. Tracy asks, “What are your personal critical success factors, and what is your plan to become absolutely excellent in the one area that can help you the most at this time?” Create a plan to start working on yourself in this area.

FUTURE: A great individual assessment and a book that can help you figure out your strengths is called Strengths Finder 2.0 by Tom Rath. Highly recommended. It will help you figure out your top 5 strengths so that you can build upon them. I’m happy to report that my biggest strength is learner (not that you hadn’t noticed…). A good outlet for expression for a learner is to share what he or she has learned, as a teacher, and this is another reason why this blog came to life, to be able to share what I learn. Check out the book and/or test and let me know in the comments here what your top strength is!

Know someone who needs to find his/her strengths? Please share this post via email, Facebook or Twitter, thanks!