10 Factors That Contribute To The Success Of Your
10 Factors That Contribute To The Success Of Your Business When you own a business, you get the opportunity to be your own boss, work with amazing people, create your own schedule, and earn a living doing what you love to do. But the entrepreneurs initially do not know about the harsh realities until they are in the trenches running their own business. No one can prepare the entrepreneurs for challenges; you will know when you will start doing it.
Following are the factors that can help to contribute to your business’s 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.
Richard Werbe, the founder of the micro-tutoring service platform StudyPool, explains his strategy for coming up with an innovative business idea, saying, “You have to pay attention to trends. Most people think they have to come up with an entirely original idea, but you can take current popular trends and build from what you’re already seeing out there, creating an improved service or product.
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. The right talent
The long-term success of your business requires that you assemble the right talent 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.
Kip Skibicki, the founder of Top Notch Threads, understands the importance of assembling an all-star team. “When I started my company, I didn’t have a lot of connections, but I was committed to building a team that shared my vision, along with possessing the desired experience and know-how for each role,” said Skibicki.
Building a business requires a tremendous amount of work during the startup phase. Long hours and the up-and-down roller coaster ride are much more enjoyable when the entire team is willing to push hard to accomplish goals and hit milestones together.
3. Your network
10 Factors That Contribute To The Success Of Your Business 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,” advises Adam Zayed, founding partner of Zayed Law Offices.
4. Hard work
10 Factors That Contribute To The Success Of Your Business 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.
Before launching the American International English Teachers’ Association, Zac Grove was helping other educational technology startups raise funds and build operations. This allowed him to learn the industry ropes, later applying this knowledge to his passion project.
“After working in ed-tech, I realized that my passion in life was launching solutions to bring about change. I would never have had the confidence to venture out on my own had I not first paid my dues and learned about building a solid business by working at another venture,” says Grove. Consider developing the skills, insights, and experience needed by working for another company — it’s a viable option that can pay off long-term.
5. Sales
10 Factors That Contribute To The Success Of Your Business 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
Carlo Cisco is the founder and CEO of Select, a private community that offers access to exclusive events and promotions at restaurants, hotels, nightlife venues and retailers. In order for Cisco to create a footprint for his business, he prioritized sales from the beginning.
“As an entrepreneur, you’re constantly selling your vision to current and prospective employees, partners, investors, and advisors,” says Cisco. “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 businesses a competitive advantage.
6. Innovative business idea:
In the competitive industry, you need to work on something that sets you apart from the rest. There is no guarantee that only with clever marketing and exciting technology, a business will run smoothly. You need to offer a new experience that goes with the new trends and provide improved products or services.
7. The right talent:
Building the right brand requires you to work with people who are talented. Your company’s backbone is the team that gives you the strength to make the process easier. When you are selecting a team for your business, always keep in mind that the right talent should match the same vision. This will improve your chances of success.
8. Your network:
There are several benefits of building a network of like-mind entrepreneurs. They are helpful in providing good advice when you need it and this network assists a lot especially in the early stages of your business development.
9. Work smart, use the internet:
Most people have a false perception of running their own business. They think they are just supposed to invest and lead the team. But that is not true; you need to be willing to work and work smart if you want to be successful. In the modern age, the internet is a true blessing, if used wisely. Businesses need to get a website, ranking it on Google, putting in sponsored posts on other popular websites, leveraging the huge traffic on social media is a need of an hour.
10. Sales/Client Retention:
Sales inject revenue into your business and allow you to grow more. Sales quickly approve the viability of your product and service. As an entrepreneur, you need to constantly sell your vision to prospective employees, advisors, and partners. You need sales to accompany your ideas which will give your business a competitive edge.
Similarly, alongside sales, retaining existing clients helps a long way in the success of your business. A successful retained client always comes back to you with more business and refers other people to do business with your company.