It is one thing to have an idea, yet quite another thing to be able to nurture the idea to a very successful business. Business success is achieved when the following points are considered.
The first key to developing a long lasting business is building something you believe in, something you can proudly associate with years to come. When you’re all alone, sitting in a dark room wondering why your business is failing, there is only one true thing to power you forward – belief in your purpose.
In today’s society we collectively create amazing products, services and companies through entrepreneurship. The world is constantly changing, likewise the way of doing things. And, if you look around, you would realize that we are living in the land of ‘me-too’ businesses leading to constant increase in business competition.
If your idea is truly radical and takes off, you can count the minutes before the copy-cats arrive. You survive these competitions through a system of ‘continuous innovation’. Or make friends with one of the bigger boys in the industry and let them buy you out.
This you do by running as lean as you possibly can and not wasting money or energy. Mistakes and misfortune may occur along the way, so having a good war chest full of capital and energy can help you handle them.
Some high-impact entrepreneurs will readily give up control in exchange for the lure of high-growth through venture capital; you should not be one of them. Remain in the driver’s seat of your enterprise by assuming true control of your business. Never, ever give up control -- until you sell.
Write your vision, purpose and core values in stone and never budge. Never compromise in them. However, in order to remain competitive and relevant in the ever-competitive market, you need to be flexible in your company value propositions, the products and services you build to execute your purpose. As an entrepreneurs, you need to be flexible enough to ‘bend to the market’ by listening to the voice of your customers and adapting to what they are saying.
As stated in point 4, you need to keep applying the principles of lean to your business from day one and at all time. Eliminate waste in all forms with the goal of staying alive until you can nail your secret formula for success. Do not blow of your budget to ensure continuity.
Believe in your purpose, work hard but never forget to drive for personal balance. It is a very misaligned notion that we need to kill our family relationships, personal health or level of sanity to build our business.