Own a business if you really want to create wealth for your family, they say. There are hundreds of factors that can influence the success of your business, they don’t say. While it is very tempting to give up everything and invest in your childhood dream, considering the relevant aspects is key to success.
Earlier on, economic success was looked down upon and it was all credited to luck. However, as capitalism has entrenched its roots across the globe, studies have been conducted to analyze the common thread among all successful businesses. In this post, we take a look at some of the factors that impact the success of a business.
- Solving Problems– In this new age economy, if you wish to succeed then your business idea must be one that solves a problem. Gone are the days when you could succeed just with some extra marketing. For instance, when online casinos started flourishing, something like boku pay by mobile casino came into existence to meet the need for payment options.
As a corollary, it is imperative for one to have a sound strategy to solve the target problem. This means not just having a general idea about the direction that your idea must take but also minor details like hiring policy and the ilk.
- Delegation – It doesn’t matter that your business is highly dependent on software and you do not need a lot of people under you. You still need to delegate tasks that just take up a lot of your time without adding much value to the business.
Even important areas like Finance and Marketing need to be delegated (unless you are an expert in that area and can delegate other functions) to the right talent so as to ensure optimum utilization of resources. Over the long term, this will result in massive success if you play your cards right. - Connect – If you are someone who recalls the old times where you could start a big business in your garage with fondness, then you might want to change your ways. By a lot. This is because the times have changed and today your network is your net worth.
From getting the right lawyer for incorporating your LLC to hiring the Finance Manager, every aspect of your business will suffer if you do not indulge in networking and stick around your old circle of friends who may not be into the same field too. Something as big as a scaling up decision needs to be taken after looking at what your mentors have to say. - Burning the midnight oil – There is no substitute for hard work. If you thought that having a business would mean that you would be able to take that long vacation without being bothered by emails, then let us burst that balloon for you.
Having a business means that you no longer have a 9-5. You now have a 9-as long as it takes to accomplish a task. In the initial stages, you definitely need to work extra hard so that you start raking in the moolah.
Over time, once you can hire more people to do specific jobs, you may have some breathing room but then a businessperson is never really on break.
- Focus on Sales – When you are an entrepreneur, you are always selling something. First, you sell your idea to yourself before taking the plunge in the deep dark ocean. Then you convince your best friend to fund it initially.
Once the idea bears fruit, you sell your vision to your prospective employees. All this while, you are constantly selling to your clients in the normal course of business. Be it a one-on-one meeting or a TED event, you need to up your game with every interaction and become better at closing the sale.
Owning a business is not a piece of cake but yes once fully baked, there is nothing more delicious than the cake. Throughout the journey, there will be lots of tough situations like the oven not heating up or the batter getting too runny.
You need to motivate yourself and others who work with you to tackle the obstacles by ensuring that all aspects of your business are working fine. Just like you need to make adjustments to the batter for the cake to fluff up, you need to commit yourself to the plan. This is easier if you have inherent passion for your idea and are not half hearted in your attempts.