If you are considering the launch of a new business, be aware that 25 percent of businesses fail within one year and fully 70 percent have failed by their tenth year. I’m not telling you this for the purpose of discouraging you. In fact, I want to give you six ideas to ensure that your business beats the odds.
You Must Hire the Right People
A fantastic the product or an invaluable valuable service does not guarantee your success. One important way to ensure the success of your business is to bring the right people on board. Ideally, these employees are people who share your vision. Your staff is the engine and you are better off with a V-8 than a 4 cylinder. Get the best talent you can afford and reward your best performers … openly.
Maintain a Strong Mindset
Your mindset, your vision, to use another term, is the driver of your business. The risks you accept, the opportunities you pursue, the obstacles you overcome and the level of confidence you display to employees and clients alike will determine your success. I own one of the most successful accounts receivable financing companies in the Midwest and I can tell you from personal experience that things which formerly challenged me to the limit are now easy to manage. Nothing fosters personal growth and development more than entrepreneurship.
Without a doubt, the ability to execute is number one the list of attributes necessary for success. I define execution as the ability convert a product or service into business revenue. Equally important is your ability to sustain execution as business demands evolve. Stagnation kills more businesses than almost any other factor.
Create Value for Your Customers
Consider this—purchase decisions invariable come down to the question of value. The definition of value is not confined to the simple cost of goods or services. Customer must realize a benefit from your product or service. If they do not receive a value in cost savings, reliability, convenience or superior quality, your company cannot succeed in a competitive market. Creating value for your customers can generate additional business through referrals, testimonials, etc.
You Must Have a Passion for Change
Change is inevitable—except from vending machines. As an entrepreneur/business owner, you must embrace change. More to the point, you must passionately want change. Chances are high that this is why you created your business in the first place … to effect change! You want people to change the way they do things through your product or your service. If you lose that passion, you risk losing your business. Find ways to fuel that passion.
Target Clients, Customers and Associates Who Share Your Beliefs
While this is not always possible, to the extent it is, try to cultivate like-minded people as clients, customers and associates. It is easier to be yourself with people who share similar beliefs, philosophies and goals. Being yourself is important to your mental well-being and, of course, a positive mental outlook can only benefit your business.