Top 10 Success Factors In Building A Business |Colluide

How To Build The Best Business For You

A rarely mentioned determining success factor that will make or break starting a business is compatibility between the personality of the owner and the business. You may have heard the term, “It’s not personal, it’s just business” as a way to distance emotion and feelings from a business decision. In my experience, this has been a false attempt to insinuate that businesses as a whole act strictly off rational and logic with no emotions involved with its operation. People are the core of every business, at the end of the day everything we as humans do is founded off from feelings, personality, and opinions. Needless to say the combination of the personalities of the business owners personifies a business which dictates the type, success, and nature of the business. Wantapreneurs starting from the bottom need to consider their personality, not only to come up with the best business idea, but to choose the best type of business to start.

 

Corporations don’t set the standard of professionalism, people do

 

 

There are many other success factors that contribute to business prosperity such as capital, labor, technology or a business plan. However, one of the first steps for starting a business would be to establish a shared purpose between the business’ core specialty and the owner’s goals. In other words, choose a business type with products that are in sync with the owner’s personality and goals. Consider the instance of the newer free spirited millennial lifestyle that resists the idea of a 9-5 job and prefers to be self-employed by their artistic skills by working on the fly. A freelancing business with traveling and spontaneous opportunities would be their best type of business. There are numerous types of businesses ranging from freelancers to specialized boutiques.

To take it a step further, entrepreneurs must be careful to choose the ideal business based on their own skill set and resources. Business proposal ideas must incorporate a bird’s eye view of resources available and how it can be utilized in a business. Check out our “Business Personality Matchup Quiz” on our website at http://colluide.com/business-matchup-quiz/ for a quick test to determine your ideal type of business. Lastly, another fact to consider is that a business isn’t always the only alternative to earning some extra cash. Please consider our last article about earning passive income at http://colluide.com/blog/harnessing-entrepreneur-inside-gain-passive-income-colluide/.

Elon

I do not own this info-graphic

Ten Business Building Success Factors

Do Something Important

purpose

Entrepreneurial opportunities have skyrocketed throughout the years, thus increasing success factors too. The internet industry alone provides numerous million dollar ideas to build wealth through areas such as media, advertisements, or e-commerce. With all the opportunities at hand it might seem overwhelming to decide on just one idea for a business. Ideas that have a purpose to solve difficult problems will always be in style. Learn to gravitate towards products/ideas that will have an impact on a certain niche of a market. For an idea to really take flight there must be an economical value related to your business. Supply and demand are distinctive tell-tale indicators of the economic value of a product/service. In order to guarantee the worth of your business there must be a significant value to a select group of people that will keep them coming back for more. Furthermore, have the intent of creating a legacy or reputation that you are comfortable in standing behind.

Have A Great Product

epictetus

While choosing a great product is seems to be basic advice for a success factor it needs to be said and used as a constant reminder as the business evolves. As I mentioned earlier, a service that aligns with the specialties of the owner must be the focus. Additionally, the combined acts of research, preparation, and ingenuity are the next steps for product selection. Keep in mind you don’t have to invent a cure for cancer or invent another social media to create a great product. Doing an extensive investigation on popular products in your area or on a target market, then figuring out a product/service that you could provide for them is an excellent business model. Don’t be impatient in starting a business, take the time to test your product. Build prototypes, send out surveys, use Facebook demographics, or google trends to lay out the groundwork for hot trends with customers. In finally obtaining a “great product” worthy of your business to endorse, start designing marketing strategies to match its hype.

Attract Great People

leadership

My experience with people as a whole taught me two things: people are reactive to actions and they typically gravitate towards other people like themselves, or people they aspire to be. Whether you are looking for workers or customers, there needs to be a status quo of professional attire that is maintained even in the worst case scenarios. In order to establish a reputation for yourself a certain level of charisma is expected from you as the business owner. When you are sternly professional and polite, it can melt even the most disgruntled customer. Furthermore, workers will more likely stay and work harder if they respect you as a leader. To summarize this success factor, seek out strong minded and motivated people to enlist in your journey. Then treat your customers fairly, and be a beacon of inspiration worthy of great company.

Work Super Hard

hard work

Anything worth having in life will never come easy. This concept is tripled when it comes to building a business. I’ve read numerous success stories and I can screen through the genuine articles and interviews that only give the gloried face value to highlight stories of entrepreneurial success. People are easily fooled by quick schemes to get rich or like to write off somebody’s hard work as luck. One of the reasons that people never amount to anything is due to laziness and jealousy towards other people’s accomplishments. Failing to see other people’s struggle and rise to success denies you of a chance to learn vicariously from their growth. There is no cookie cutter guide to success, only hard work and failing will teach and lead an aspiring entrepreneur to their unique business goal. Decide that this is your path, no matter what hardships and failures await you in the future you will persevere.

Look For Problem Solvers

smart

The essence of startups is ingenuity, typically to offset the lack of initial resources. Problem solving is a primary success factor for a beginning business to create products, attract customers, and build foundations. Relinquish the stress of corporate bureaucracy of everyday work life with an easier and more hassle free laissez-faire work style. Remember that the purpose of your business idea should be to provide a solution to a problem. Therefore, the concept of problem solving should spread to every aspect of the business to provide the best product/service possible.

Focus On Signal Over Noise

no drama

Motivation will be slippery slope that will be constantly steered by emotions. At times, you will need a constant reminder to dwell on the positives not the negatives or distractions in your journey. Consequently, you as an entrepreneur will need a solid reason for embarking on a road to self-employment. This reason will get you through thick and thin, also providing you with the motivation to stay focused on your dreams. Despite other things that may occur in your life learn to either multitask or specialize in the most optimal area at a time.

Don’t Listen To The Little Man

haters

 

 

 

 

 

There is a thin line between constructive and negative criticism, the success factor is learning to distinguish between the two. How can you make them work for you? To begin, developing thick skin is a lifelong lesson that will always be beneficial especially when faced with criticism. Sometimes it hurts to hear the truth, but if you learn to roll with the punches, then the intent of the criticism becomes irrelevant. You can learn to take what you need from insults and advice alike, then simply ignore the rest. A common anthem to entrepreneurs is being told you cannot make it. Strong-minded individuals can see past that allegation as non-factual and simply use it as motivations. So consider your ‘haters’ as a propelling force to greatness.

Really Like What You Do

passion

Businesses are born in many ways ranging from simply manifestation of an owner’s passion to exploiting a profitable solution to a problem. Furthermore, they typically end many ways such as being burnt out, bankrupt and so on. However, the businesses that last typically seem to have one common ongoing factor which is passion. To corroborate this point, imagine all the success stories out there. They all have many origins; the only common denominator is that they developed a strong love for the business to build continuity. Recall that the reason you wish to gain independence is to not have to directly work for somebody else. If you have a business that you don’t enjoy, then it is no different from a typical dead end job. Be cautious in the business that you start. Lastly, always keep in mind that nothing is carved in stone, you can change, start over, or have multiple businesses.

Take A Risk

risk

You don’t have to be risk inclined to be an entrepreneur. Suffice you say you do have to be able to take one big risk to start this journey with it being the heart of entrepreneurism. Let’s clarify the risk involved and leave nothing to speculation. Nowadays, to even start a small online business all you really need to start a business is an idea and a website. On the contrary to a medium to large business with more assets involved there will be a higher demand for capital with more risk. Ideally, the trick is to build a type of business that fits your personality. A less risk inclined person would perhaps be better to start of small with blogging, online stores, or freelancing. Then, if the business progresses then simply match the demand with more investments, you’ll grow with the business.

Never Give Up

persistence

The final and most important tip is persistence. Owning a business isn’t for the faint of heart as your emotions are tied to the success of the business. Having a bit of OCD to important matters is the final piece to the puzzle in building a business. Regardless, of your experience and intelligence you will never know all the ins and out of an industry that you are entering and you will make mistakes. A steep learning curve is always present and what makes or breaks a person is whether their desire to never give up on a problem is strong enough. Furthermore, be creative with your problem solving, in the sense that you aren’t just repeating the same actions and expecting a different result. Fully analyze the issue then try different methods, look at it from different angles. One perspective of a successful entrepreneur is an individual that tried every money making move unless one finally worked.

Business owners epitomize beginning businesses on a multi-faceted economical scale. Utilizing success factors will always mitigate the risk in starting a business and are universal to any type of business. However, the type of business should be tailored by the goals and personalities of the owners. Successful business leaders have mapped out their skills and manifested a business that best exploits their contributions. To get a better idea of matching businesses with personalities take Colluide’s “Business Matchup Quiz” at http://colluide.com/business-matchup-quiz/.

Also, no jobs no money, so before you make self-employment moves either have savings or keep your job and do your business hustle on the side. If you are a true entrepreneur in the making then you will understand the struggle in just living a mundane life and will eventually want more…

life

Dont Be This Guy

 

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