What makes a business successful? How do you build a successful business even when you have limited capital and experience ? Well, I advice you read on. It is no longer news that approximately 99% of new start-ups fail in their first ten years and the primary reason for this high rate of failure is that most entrepreneurs start a business unprepared and with the wrong mindset. Now the dream of becoming successful in running a business captures the imagination of aspiring businessmen. This is where a vision of thrilled customers, balanced profits and industry respect comes in – and it is possible to fulfill each by understanding the factors that really make a business successful. Now what really makes a business successful? You will find out below. 1. The Right Mindset The mindset is the foundation of every successful business and the reason is because your perception determines the way you do business. Your mindset determines your business mission, its vision, your business culture and your work ethics. Why did you start a business? What is your primary aim of building a business? These are two important questions you must answer now because the answers will determine if you will succeed or fail. Most people start a business because they believe building a business is the fastest way to make money and get rich. Some start a business because they want to be their own boss and do things their own way; while others start a business just to pay themselves a decent check monthly. While making money from your business is not a bad idea, you must never forget that your primary aim should be to provide value and take care of the customers. Aside your reason for starting a business, you must also understand that building a successful business is not an overnight hit. It is a product of continuous effort in the right direction. Secondly, you must also know that running a business is never a smooth ride. You must prepare yourself adequately for the challenges involved. Lack of preparedness on the part of the entrepreneur has caused the collapse of many businesses. 2. The Right Business Idea The next factor that makes a business successful is a great business idea. This is a no-brainer in the success secrets of every business because a great idea translates to a great product. But your business idea does not have to be something very special for it to be successful. It can be either a new product or service or an opportunity that exists but need improvement. However, the most important success factor is that your idea must ultimately have demand. It must either solve a problem or satisfy a need; this in turn will create a market. 3. Capital Some experts say that online businesses don’t need capital in order to last. The truth however is that capital is crucial to the success and survival of all types of business. But a critical point I want to emphasize is that capital is not the most important factor for building a successful business. The reason I say this is because I have seen businesses with excess liquidity, yet they failed. So it’s not all about having the money, it’s all about knowing how to use the money and having the right people to execute your plans. 4. A Great Team You can be a successful self employed entrepreneur or artisan but to be a successful business owner, you need a team. Now I am not talking about your regular staff or employees, I am talking about assembling a business team that provides strategic direction and execution of your plans. Every member of your team must be competent, tested and proven in their various fields. To obtain the best result, it is advisable to split your team into two: (Internal and External team). Your internal team should comprise of individuals that see to the smooth daily operations of your business. They include your accountant, operations manager, product development team, etc. Your external team on the other hand may not exist within the business, yet they provide strategic professional services and advice you need to grow your business. Those you should have on your external team include an advisor, mentor, consultants, attorney or lawyer, banker, tax strategist, etc. 5. The right timing Nothing kills a business faster than irrational decision making, taking miscalculated risks or making ill-timed business moves. To reach the pinnacle of success in business, you must have a strategic plan and a team to execute such plan. But most importantly, you must execute such plan at the right time. I have seen businesses with potential fail simply because they announced their innovation too early; thereby arousing the attention of their giant competitor. Now consider some of the innovative products that shook the world (Windows, iPod, Gillette) and you will see that timing was placed into consideration. However, I want to emphasize the point that waiting for the right time to make your move can also become a disadvantage for you especially in this rapidly changing world. So you must know when to wait, when to act and when to act fast. 6. Network In the course of building your business, you must also build your business network. Some call it business network, while others call it strategic alliance or political connection but the fact remains that it is very important to build one. Who are your friends? Who are your business associates? Who is on your team? Most entrepreneurs know the power of inner networks. It is your job as an entrepreneur to strengthen relationships with peers, mentors and other key players from the business. Inner networks provide direction, support, and a growing number of people to help. 7. Adaptability A successful business stems from its ability to adapt to changes. The world of business is filled with startling events and surprises. In other words, it is never static and it is unpredictable. Adaptability allows you to respond to circumstances and stay competitive. It keeps your business in a liquid state, thereby making your business adapt to any situation whatsoever. 8. Integrity One of the untold but important criteria for building a successful business is integrity. Being honest and open about your business helps your company grow and develop your individuality. You have to be honest with your employees, customers, suppliers, associates, investors, etc. Even if you are engaged in an illegal business, you have to be straightforward with your partners or investors except of course you are a con man. One thing about integrity is that it will take you places, never doubt it. 9. Competence Of all the business success factors listed here, competence is the most important. Why? The reason is because without competence, all other factors are null and void. Even with all the capital, ideas and customers in the world; if you are not competent enough to handle them, you will lose them in due time. Now what is competence? In the simplest of terms, competence is a combination of knowledge about the business, thorough understanding of the industry and experience built over the years. Competence is the key factor investors look out for before deciding whether to invest in a company or not. 10. Customer Loyalty The reason you are in business is to serve the customers and if your business cannot serve customers, then it is dead on arrival. But serving customers is not enough to ensure a business’ survival and eventual success. To succeed, you need to raise an army of loyal customers and to achieve such; you need to make them a specific promise and deliver on such promise. In conclusion, I want to state emphatically that if your business has all these factors; then there’s nothing really stopping you from reaching the top. However, you must note that attaining a status where you control these ten factors is not an easy task. It’s a task that requires time and dedication. Internet Marketing The Additional tip is the power of internet marketing for your business, INTERNET MARKETING for your business would definitely build up your business brand for you and increase your consumer base thereby making your business meet it’s planned profit target. CLICK HERE to get an ultimate INTERNET MARKETING plan for your business. I hope this help! and again you can contact me here if you planning a business but dnt know how to go about it. Stay focus stay successful. Joyce
Posted on: Fri, 09 Jan 2015 17:59:30 +0000
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