7 Ingredients to build a great business
Many people start a business thinking that they can turn on their computers or open their doors and start making money – only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to reach to achieve success. We have collated pointers from successful business ventures and put it in a nutshell for you.
Build something you truly, truly believe in
It’s important to have that tenacious passion for your idea and to ensure that it’s not ‘just another idea’. 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 — you believe in your purpose.
Don’t aim for small improvements
In today’s businesses, we collectively create amazing products, services and companies through entrepreneurship. But, we also live in the land of ‘me-too’ businesses. Decide right now to build something radically different and radically better.
Prepare to be copied
If your idea is truly radical and takes off, you can count the minutes before the copy-cats arrive. How will you survive competition from the big gorillas on the block? Or even from the upstart little guys? Your key is a system of ‘continuous innovation’. Don’t start unless you can survive imitation. Although you could make friends with one of the gorillas and let them buy you out.
Have money and energy for bad luck and mistakes
Run as lean as you possibly can and do not waste money or energy. You will endure mistakes and bad luck along the way, so having a good war chest full of capital and energy can help handle it. Relinquish control and you risk losing the culture and vision of the company you set out to build.
Don’t compromise on the big things — compromise on everything else
Vision. Purpose. Core values. Write these things in stone and never budge. But flexibility in the value propositions, products and services you build to execute your purpose is vastly important. Building a business is neither for the faint hearted nor for the speed demon. Build systems for the long-haul and focus on small-connected steps.
Achieve your goals on a tiny budget
Apply the principles of lean to your business from day one. Your goal is to stay alive until you can nail your secret formula for success.
Take care of your family, personal and spiritual health
The notion we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned. Believe in your purpose and strive for personal balance. If you aren’t laughing on a regular basis, re-calibrate.
Plaster these golden rules to your mirror, live by them every day of your life as an entrepreneur and you pave the way for all rounded success.