The first role model for every child is their parents. Kids will aspire to become like them. Hence it is very important that parents set a good example for their children.

There are some basic points which I have learned from my grandfather and my father that have helped me in generating business year after year. Let me share them with you:

Step 1: Create yourself

1. Find self-purpose

Your purpose should be selfless and must be for the betterment of others. It is the driving force to make life meaningful. People who discover their purpose are those who use their mental and creative energies to serve something larger than themselves.

2. Have a mentor

A mentor is a role model who has achieved success and has been there and done that. I was lucky to have one in my family. He would guide you in the right direction, support you and encourage you to chase your dreams. This will help you to maximize your potential, develop new skills and improve your performance. Ideally, there should be multiple mentors for different aspects of life.

3. Practice self-management

Self-management is the virtual key to success. With proper planning and organizing, one can utilize time effectively and stay stress-free. Discipline is most important in anything you do. To get in a routine, one has to perform the task repeatedly for at least a month.

4. Demonstrate the ability to say “no”

We often say “Yes” because of fear or wanting to look good. Successful people have the ability to say “No” to unwanted things, less important things and things they don’t want to do. This will build discipline and help you focus on your goals and chase your dreams.

5. Set SMART goals

Smart goals are ambitions which are Specific, Measurable, Assignable, Realistic and Time-Bound. Specificity helps to focus on goals to be achieved. When goals are measurable, it is easy to understand where you are heading or lacking. Assignable means it is easy to delegate, and time-bound makes the goal realistic.

Step 2: Create a brand

1. Find your big idea

There are always two ways to reach to your big idea: Either it is unique and your creation or it is an already existing style that you have to imitate. Before you finalize on your offering, it will be important to conduct market research to know the size of your market and understand your customer profile and your sales channel. You need to create a strong brand by creating personal touch and value for customers. Remember it is the brand that will sell and not the goods and services.

2. Vision, mission and core values

Vision is your goal for the company, and mission is the path to achieve your goals. Vision can be short-term (1-year or 3-year) or long-term (5-year or more). Vision will change with experience and changing times. Also be sure to write down the core values of the company.

3. Segmentation, targeting and positioning

Customers comprise the heart of any business model. Without profitable customers, no company can survive. In order to better satisfy customers, companies should group them into distinct segments with common needs, behaviors or attributes. A company should make a conscious decision about which segments to serve and which segments to ignore. Target marketing is a process of identifying customers and promoting products and services via all mediums that would reach the prospect directly. Positioning is arranging for a product to occupy clear, distinctive and desirable place in a customer’s mind.

4. X-factor

Your x-factor is the most important aspect of our business. This is the reason why a customer will turn to you and purchase from you repeatedly. Each x-factor consists of a selected bundle of products and services that cater to the requirements of a specific customer segment. Some factors may be innovative and represent a new disruptive offer, whereas other may be similar to an existing one but with some added personal touch. The customer will buy from you only if he finds value in your company and services.

5. Systems

Systems are very essential for the smooth functioning of our business. It helps in continuous improvement, elimination of errors and defects. PDCA (plan-do-check-act), quality management, process mapping and technology usage play important roles in defining systems of any company.

Rahul Rohit Dhanani is a 10-year MDRT member with five Court of the Table qualifications from Mumbai, India. He followed in the footsteps of his grandfather and father to start his career at LIC of India. He has delivered speeches at both the 2017 and 2018 MDRT Annual Meeting and is currently a Company Chair for LIC.