Owning a business is very appealing to people for many reasons - you get to be your own boss, work with amazing people, create your own schedule and turn a passion into a career. There is nothing easy about it, though. An experienced business professional will tell you that success in business is planned and does not happen by accident. Several factors contribute to the success of a business, and understanding what they are and how they work together can help your business succeed. Often, first-time entrepreneurs jump in head-first and become blindsided by the reality of running a business. So, what does it take to launch a successful business?
Here are five factors that are key contributors to every business success.
1. An innovative business idea
If you want a shot at surviving, especially in a competitive industry, you need to determine what sets you apart from the other available options. Clever marketing or an exciting technology alone won't guarantee that your target customers will be wowed by what you're offering - you have to offer real value and/or a new experience.
The market will dictate whether your business will succeed - nothing else - and one way to stack the odds in your favor is to have an innovative product or service that will be well-received. You don't have to completely reinvent something -- just make it better.
2. Equipping your staff with the right skills
The long-term success of your business requires that you assemble the right talent and equip them with the skills to build your brand. Your team is the company's backbone, and one cancerous person can completely derail your progress. Whether you are building an on-site team or a remote workforce, one thing remains the same - the right talent matched with the same vision will greatly improve the chances of success.
Building a business requires a tremendous amount of work during the startup phase. Long hours and the up-and-down roller coaster ride is much more enjoyable when the entire team is willing to push hard to accomplish goals and hit milestones together.
Effectively training your employees can greatly improve your chances of success and business growth. Training your employees is an investment and will cost you money but it has been shown that the productivity gains from a strong training programme will far outweigh any costs you have to pay.
3. Your network
Building a personal network of like-minded entrepreneurs has several benefits. It gives you a sounding board for when you have questions or want advice, which is a huge help, especially in the early stages of a business. As your network grows, so do your resources.
I'm a member of several professional groups and I am constantly networking. Personally, my network has been a huge part of my success, and seeing how beneficial ts has been led me to start the Mastermind House, a new virtual networking opportunity for entrepreneurs.
Every business, from a large law firm to a small single member startup, can benefit from having a strong network. As you become more comfortable networking, your network's size and ability to help you solve problems and make wise business decisions increases. I highly suggest you carve out time from your schedule to dedicate to networking.
4. Hard work
If you're not willing to get your hands dirty and work in the trenches, you might as well not even start. A lot of potential entrepreneurs have a false sense of what it's really like to own a business. The media likes to glorify the startup life, but it's not all Lamborghinis and private planes. You have to be willing to put the work in if you want to be successful.
There is one thing that will quickly prove the viability of your product or service - sales. Not only do sales prove you have something viable, but it also injects revenue into your business, allowing you to grow and avoid
As an entrepreneur, you are constantly selling your vision to current and prospective employees, partners, investors and advisors. Know your pitch and practice relentlessly. You need to be confident pitching one-on-one, to a room of hundreds of people or to senior executives.
Ideas are great, but without sales to accompany them they will likely fail. Mark Cuban constantly talks about how success is based on sales. Entrepreneurs who are great at sales give their business a competitive advantage.