Many people would talk about having selling skills, negotiation skills, marketing skills, and business acumen before starting a business. I don't disagree with these people, but coming from the background where I learned from my mentors who made millions of dollars in their businesses for decades, I believe that the following three components are critical for someone to become a successful business owner or entrepreneur.
The first component is "INTENTION." Business owners are there to provide solutions to solve others' problems. It is not about what business you are in but what your business can do to provide solutions to other people. That's the first one, which is dealing with the word "WHAT."
The second component is "PURPOSE." After you have figured out the "WHAT," you have to ask yourself WHY you do what you do. If the purpose of any business is to make money, that's having a short-term focus, and that business won't be sustainable in the longer run. So, figuring out the "WHY" allows the business owner to be supported with a more significant cause or reason and therefore, he can keep it going. The late Jim Rohn has this famous quote, "The BIGGER the WHY, the EASIER the HOW!".
Only you have figured out the "WHAT" and the "WHY," then you focus on the "HOW," i.e. the strategies and tactics. This is the appropriate time for you to find out what skills you already have and what additional skills you need to have so that you can achieve your business goals and milestones.
So, in short, my successful formula is IPST – "INTENTION," "PURPOSE," "STRATEGIES & TACTICS."