I could list a billion things like investing in yourself, getting a mentor, read books about businesses and startups, the list could be endless but here are some vital things you need in building a successful business.
I feel without them you really can’t get your business there.
Ask yourself that question a billion times.
Ask yourself everyday.
Why do I want to go into this?
What problem am I solving?
What are my goals?
What will I achieve?
Am I doing it for the paycheck?
Am I doing it because I love it?
What is my reason?
I like to be involved in things that change the world. — Elon Musk
Why am I doing this?
Your answer to that question will determine how successful you might turn out.
The stronger the answer or the more answers you get the more drive you will push towards being successful.
Simon Sinek explains this concept properly in his book – Start with why.
His idea was that customers would love and believe in your product if you give them a strong reason to.
You should really be clear on why you want to start up, this would help you in the long run.
Am I passionate about this business?
How do I feel when I think about it?
What gets you fired up?
What are you passionate about?
I have a friend that loves clubbing; he never misses his Friday and Sunday night for any reason.
You would always find him at the club these two days of the week, I can’t keep count of the number of times I had advised him to stop or cut the rate at which he clubs.
It all fell on deaf ears! Fast forward six months later, he is now a club promoter and he is making cool cash every Friday and Sunday of the week.
The more you love what you do, the more you will be actively engaged in it which will lead to success.
This should also relate to your staff, members and co-founders.
It’s very essential that people working with you have passion for the business.
I would make sure to hire people who love what they do, heck they should have the same goal as you!
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What is your unique selling point?
What will you do different from your competitors?
Have you identified who your customers are?
You should analyze your competition to see what they don’t have, learn their business, you might see what they aren’t doing well or probably see what they are doing well and you can twist it adding your experience and ideas making it your own to become more successful.
Take Airbnb for example, it’s practically a hotel at home.
They connect travelers and people around the world that have living spaces to rent, by doing this, they changed the way the traditional hotel works.
I don’t plan on booking hotels anymore, I will always using Airbnb’s service.
It’s cheaper than a hotel and the advantages of meeting and talking with the host is incomparable especially if you are a tourist.
Plan. Plan. Plan. Fail.
Make mistakes, get back up quickly and get on the run again.
You should have set goals, get a business plan; not a big 150 page business plan, get something small – 20 pages at-most.
With time as the business grows, you can scale up the plan accordingly.
This has been disputed many times that you need money, enough money to start a business, I do not agree with that.
The question is how much is enough money? Money is never enough no matter how much.
The secret is to start with what you have, then bootstrap!
Bootstrap till you gain traction, that’s when the VC’s will come, that’s when the angel Investors will come knocking.
They would never if they don’t see traction.
We have seen that with companies like Flipkart – They recently raised a billion dollar in funding: they started with selling books online and I have been their customer since early 2010.
I have bought many books from them, till now I have not even finished reading half of the books!
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This should set you on the right course and push you to cut off all red tapes.
Tesla Motors is doing just that.
There are laws in the United States preventing cars sold directly to the consumers, cars are normally being sold through auto dealers and Elon Musk doesn’t really care about that.
You can buy a Tesla online and it’s an electric car – what the world thought it will never be possible.
You need to be ready to take risks. Break the rules.
You need those brass balls! I have never heard of any entrepreneur that hasn’t taken as much risk as possible.
Be ready to fail, accept it, get up and move fast.
With that being said, it’s important to cut as much risk as possible.
Building a successful business can be rewarding, challenging and also a frightening experience.
It won’t happen overnight without work and no amount of luck will make it happen either.
So keep working, keep your head up and don’t stop until you hit that set goal.
Have more points to give? Let me know in the comment section.