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The key to building a successful business is to plan for success from day one. Those in the business world, such as former Goldman Sachs and Noble Group employee Yusuf Alireza, will know that all prosperous entrepreneurs are willing learn and grow within their company.

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Here are a few tips you can follow in order to lay out the very best foundations for your business:

  1. Do Something You’re Passionate About

There’s no way of sugar-coating the fact that running a business can be hard work. However, the job can be even tougher if you do something because you think it will make you money and not because it’s where your heart and passion lies. During the most stressful times, which every entrepreneur will experience, nothing will power you through like the belief you have in your cause.

  1. Make an In-Depth Plan

Nowhere is the phrase “fail to prepare; prepare to fail” more prevalent than in business strategies. Before setting out on your new venture, make an in-depth plan which covers every eventuality. This plan of action should repeatedly refer to your business’s overall mission, statement and targets. However, do remember that flexibility is often key in business, so whilst your plan is vital, do not stick to it to the point that you lose out on advantageous opportunities.

  1. Set Achievable Targets

You may see yourself owning a giant, multinational business in the future but how will you get there? If your new business is really innovative, there is a chance that you’ve planned ahead of the curve and will need to wait for the market to catch up before your company can really take off. In the meantime, make sure you set small, attainable milestones that are reasonably achievable but also contribute to the overall aim for your company.

  1. Surround Yourself with Good People

This is where networking comes in handy. Connecting with other professionals and maintaining relationships can be beneficial to your learning and company’s development. You never know where these relationships may take you in the future. While it is important to find the right mentor as your business grows, it is equally important to take on a team of staff that share your drive and vision.

  1. Strive for a Healthy Work-Life Balance

In the formative years of your business, it will be easy for you to throw yourself into work at the detriment to every other aspect of your life. However, whilst dedication is of course needed, it is also important that you keep time for yourself. In fact, Honest Tea co-founder Seth Goldman credits this balance with the success of his $100 million enterprise. After all, it’s absolutely crucial to look after your own health and wellbeing if you’re going to be in business for the long run.

So, while there is no set formula for business success, these tips are a good place to start. With passion, planning, strong relationships and balance you can be on the right track to prosperity.