In the progressive world of today, more often than not we hear someone entrepreneur with a new business idea. Success or failure is a not just facilitated by luck. There are a variety of factors involved which lead any business towards success. We studied a wide number of successful entrepreneurs, their habits and conduct and came up with a list of factors which were found common between them.
Let us keep the introduction brief and discuss those factors which every entrepreneur and the new business owner needs to take into account in order to survive and thrive in today’s business environment.
1) Consistency is the absolute key
A Harvard research conducted over a span of over 100 years identified the key element which is common between various successful individuals across the globe. It wasn’t lucked, or hard work or intelligence whose took them towards glory. That key element was consistency.
When you commit to a task, you need to make sure that you see it to the very end. There will be many setbacks, yes. There will be good and bad days. Motivation will also have its highs and lows. But you need to be consistent enough to keep on putting effort towards your goal. Take time to recover when there is a setback, take a trip to ease your mind if you have to. But eventually, you need to come right back to your objective and see it through.
2) You need to be your own motivation
In any entrepreneur’s life, motivation plays a vital role in success. Motivation drawn from people and factors around you could work temporarily and could be precisely what you need at a given time. But seeing an effort through till the end might require ample time. To keep your motivation going, you need to be the foundation. Motivation drawn from one’s own self could be a shining beacon throughout the journey of an entrepreneur. You need constant positive energy in order to succeed. Be your own energy.
3) Your network is your strength
An important fact which every ‘independent’ person needs to realize is that you are dependent on your network. A person might consider themselves to self-sufficient, which isn’t a bad thing. But that doesn’t mean that you take every task and duty on yourself. You need to evaluate the utility cost and let your network help you. That help could be in the form of positive word of mouth, marketing, resource management, rather it could be linked to any sphere or domain. Don’t be hesitant to call on your connection to get the job done.
4) You need to fill the market gaps
The first thing which many people believe while coming up with a new business idea is to bring in something entirely new to the market. That shouldn’t be the case. If we study the trends of major success stories, the actuality is different. Those individuals and companies were able to identify various market gaps and provide offerings which cater to those gaps. In such approaches, potential clients are readily available and you don’t have to worry about creating an entirely new need, which is usually time and money consuming. For instance, let us consider the story of OnePlus (mobile company). With a cutthroat competition between Apple’s and Samsung’s flagships, they were able to target the mid ranged audience. As a result, a market gap was successfully identified which bolstered OnePlus’s position as a company.
Comcast as a leading company identified the need for a premium sub-brand for their packaged offerings and came up with the Xfinity brand which proved extremely successful. You can go through some of their offers such as Xfinity internet deals to observe how effectively they have targeted their segment.
5) Be open to criticism
You are an entrepreneur and the business niche you might be entering could most definitely be unknown grounds for you. You can’t always be right about everything. This is the policy you need to live by. Always welcome constructive criticism when it comes your way. You should rather appreciate that someone cares enough to give pointers which can improve your position or stance. That being said, not everyone would be pleased with your journey towards success. People also end up being critical towards things they themselves failed to achieve so don’t let that factor hold you down. Deciding which pieces of advice to consider and which one to overlook has to be based on your own instincts.
6) Know when to quit
There would hardly be a handful of entrepreneurs who haven’t tasted failures in their journey. The difference between a successful entrepreneur and an unsuccessful one is simple. The former knows when to quit on a strategy or an idea while the latter is oblivious to that. There will be times when you need to change your scope and direction. Evaluate your position and don’t drag too long on a failing idea. That would save you both time and money, and let’s not forget the mental stress. Business personnel who invest in wider portfolios know this well, and in turn, end up saving a lot.
7) Doers rule, while talkers drool
There are two kinds of people in this world, ones who DO things, and ones who JUST TALK. Evaluate which one you want to be. Quite certainly you chose the 1st option, which is the way to go. You’re an entrepreneur, have confidence in your abilities and do what needs to be done in order to succeed. Evaluating and reconsidering your steps might be necessary for certain situations. But once that phase has passed, make sure that you actually end up acting upon it.
8) Don’t be hesitant of debts
In every entrepreneur’s journey, there comes a moment when you need resources in order to grow. These resources could be financial or something like a physical space or machinery. Rather it could be anything that can facilitate your journey. Now that you are on this path, get used to taking loans whenever they are a necessity for growth. Sometimes you might need resources to sustain yourself in the short-term. Don’t be hesitant to apply for debts. A majority of people hesitate from taking bold constructive steps, which could be considered beneficial for their businesses due to the fear of debts. Overcome that fear, and grow! Your friends, family, and financial institutions could all be viable sources.
9) Buying has to be your last resort
It is important that you don’t hesitate in asking for favors or loaning stuff out when that moment comes. There is a rule which you need to know though, in order to cut on your liabilities, if you have something available at your disposal, use it. If you can get it as a favor, ask for it. If you can get it on loan, loan it out. Purchasing something has to be the last resort when you are absolutely sure that the investment is well worth it.
10) Don’t believe everything they tell you
Everyone might seem somewhat different now. Stances are changing. They all know that you are starting up a business and they all want to pitch in with their mass of ideas and suggestions. Now all of us have different experiences which shape up our mind. What worked for one might not work for another. Keeping that in mind, don’t believe everything that people tell you. As stated earlier, constructive feedback is valuable. People might be right on occasions, but not always. Jack Ma, the CEO of Alibaba was considered insane by people when he brought in the idea of Ecommerce in China. If he would’ve listened to people, his success story would not exist.
11) Grasp opportunities that come your way
When differentiates successful business minds from those of general public is that they can identify opportunities. Identifying them is one thing though, and making good out of them is entirely another. This can also be linked to our doors and talkers debate. You need to be aware of the changing market trends, the latest technology developments, and climatic changes. All these could indicate towards a new trend entering into the market and for a previous one to go obsolete and become extinct. Be active, be vary, and most of all are vigilant.
12) Take the formalities on paper
This point might have been discussed on countless occasions yet it is of exceeding importance. Always take down the formalities and contracts on written/legal papers. Be it a partnership or a sole proprietorship, this would ensure that your interest is safe. Your assets and liabilities also need to be present on legal documents so that whether the business faces success or failure in the future, the participants especially you, do get your fair share of decided income.
13) Get used to taking a risk!
If you think the journey ahead will not be risky, then let us burst this bubble for you right now. It will be risky! But then again which business isn’t risky? If it was easy, everyone would be doing it. So why aren’t they? Because being an entrepreneur takes guts and commitment. There will be instances where you need to make decisions which can impact your entire business, for good or for bad. But those decisions are crucial for your survival and well-being. If you want to be an entrepreneur, own it. Take risks when you need to. When you ever come to the barrier of fear, your decisions would be more aligned to grant you the success you have in mind.
In all the struggle and the phases you go through, don’t forget to be a good human being. Life is like a turning wheel, and the person who’s on top could be on the bottom the very next day. So never look down on others and their endeavors. Karma actually exists and the good you do towards the world will come back to you in one form or another. Always be humble, don’t forget to lend out a helping hand towards someone, provided that you don’t jeopardize your own business idea in the process.
There are countless other factors which you will come across during different phases of your journey. Factors which might not have been able to comprehend or analyze before-hand. But our objective is to give you sufficient guidance, and an overall framework so that you can start implementing your idea fearlessly. If fate will have it, you might be individual whose exploits we are boasting over in one future article.
