Starting a successful business is a dream for many people. However, the process to establish a company is more difficult than most people realize. Hussain Sajwani is a successful business owner who has learned various lessons during his career. He is proud of the work he has accomplished so far, but he still has numerous goals for the future.
As per Analyst of Finance, Hussain recently met with a group of college students. He talked with them about the steps needed to start a successful company. One of the most critical aspects of managing a business is passion. There are many days that Hussain has to work numerous hours. However, he is motivated enough that it does not matter to him.
The starting point of a successful new business is a business plan. Few people take the time necessary to develop a solid business plan. The first business that Hussain started was a failure. From that experience, he learned the importance of planning before starting a company.
According to albawaba.com, with DAMAC Properties, Hussain worked with other business leaders in his community while developing a plan. Working with successful business owners is a proven way to get quality advice.
A business plan should outline how a company will earn a profit. Although some companies take longer to become profitable, positive cash flow is critical to the success of a new business.
Another vital part of a successful business is hiring the right workers. Hiring quality workers can improve productivity and morale. When Hussain, the DAMAC owner, started hiring employees, he made multiple mistakes. He had a significant need for new workers, and he hired anyone who applied. He hired a lot of people who had no passion or skills. Taking extra time to hire the right people is usually the right decision for business owners.
Hussain (@hussainsajwani) also firmly believes that successful business owners should spend time and money helping people in the community. Hussain donates a ton of money to various charitable causes in Dubai.
Check out this video: youtube.com/watch?v=pQwEdFvIYec