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key success factors
business goal
financial reward
profitable business
clear vision
new businesses
mindset
amount of money
The Key Success Factors In Building A Successful Business
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The Key Success Factors In Building A Successful Business

A successful business is not only the result of a good strategy and management.

Very few businesses survive in the first 10 years of their activity. Statistically, only 4% of the new businesses reach their tenth year.

Asked about why they don’t start their own businesses, most people consider money essential to get started.

They say that if they have the start-up capital they will be able to build a profitable business.

Money gives entrepreneurs the possibility to sustain their business at the beginning and even to pay for advisory services to be sure they take the right decisions.

But the fact is that among the companies that fail, there are many businesses which started with enough capital.

Relying on consultants’ advice or employing specialists to put the business in place is also not enough to build a lasting profitable business.

If the entrepreneur itself is not prepared to take the business from the ground and bring it at a certain level knowing exactly where her business should be in one, five or ten years, there are very few chances for her company to survive.

Though, what does it mean for the entrepreneur to be prepared?

Firstly, it is a matter of mindset. And secondly, it’s a matter of business knowledge.

Remember that one cannot go without the other.

A right mindset starts with a clear vision about the business. Being profitable and making a certain amount of money is not a vision. Achieving the financial goals can only be the result of accomplishing the ultimate business goal.

Entering a business, the entrepreneur should establish which solution her business is able to bring into the market and to whom is this solution addressed.

The better the business will serve its core customers, the higher the financial reward will be.

A business can be successful only if it has a clear purpose to exist on the market.

To take an example, let’s think about Disney Company. They are on the market to entertain people. That’s what they are doing for many years. This vision is deeply engrained in their managers and employees minds.

That’s why the company is enjoying a so long lasting success.

Walt Disney’s purpose wasn’t just to draw a character to make money. He invented Mickey Mouse to make people smile setting in this way a very powerful vision which went beyond his physical existence.

Without this vision, Disney didn’t exist. The best consultants and management specialists in the world wouldn’t have been able alone to bring the company where it is today.

This is a lesson for every entrepreneur willing to get started.

Building a successful business is only possible when sound business knowledge and skills meet a powerful vision.


Street Talk

Marlon2  

Hello Ancuta. Marlon here a newbie. Looking forward to seek advice from you!

Reply
  about 7 years ago
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