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5 Factors That Influence The Success Of Your Business

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Having a business of your own is the heart desire of most people for so many reasons such as achieving success, becoming your own boss, interacting with different set of people , creating your own schedule, owning your time,turning your passion into a profitable career among other things.

Many at times, new born entrepreneurs jump head on into the business without taking full account of what to expect and how it will be dealt with until they are hit with the realities of running a business or starting one.

From what was written in the previous two paragraphs then begs the question which often times many people ask which is , what does it take to successfully launch a business ?.

I started a business some of my friends but it didn’t work out due to some reasons which is why i feel you should know what things to look out for before and during your business that can actually influence your business positively.

Hey everyone my name is Timileyin and in this post i will be giving you 5 factors that can influence the success of your business. Just follow me closely and remember to subscribe to this blog so that you can be the first person to know of any other new post as soon as it’s published, thank you.

The factors includes

  • The Right Talent
  • Your Network
  • Hard Work
  • Sales

An Innovative Business Idea

In this day and age, there has been the influx of a lot business ideas in the market thereby stuffing up the market, therefore to make your business idea thrive well in such market niches, you need to be innovative about it which means you have to do old things in new ways or doing new things in new ways.

The whole idea is for you to pitch your business in a unique way and also addressing the needs of your potential users telling them how your business is different from it’s other competitions.

According to Richard Werbe, to create an innovative business idea, you need to pay attention to trends. Most people think they have to come up with an originally new idea, you do not need that, all you can do is leverage on the existing businesses and find a gap in their market where you can pitch in and make up something from it.

The Right Talent

To make a business run you need people to carry out certain activities, and the right persons with the right talents will ultimately help your business through to success.

Note that your team is like the bony frame work (skeleton) of your business,  without thr right hands or legs in the operation of your business  your business may have a hard time reaching success.

One of the top renowned entrepreneurs, Kip Skibicki gave a very resounding phrase on having the right team with the right talent when was talking about his company’s early days. He said “When I started my company, I didn’t have a lot of connections, but I was committed to building a team that shared my vision, along with possessing the desired experience and know-how for each role,”.

Taking a business to the lime light requires a ton of Hardwork especially during the starting phase. It requires long hours of work, late nights early mornings, disappointments and the list goes on and on. Without the right team with the right talent, your business will not successfully thrive through those hoodlums.

Your Network

Spreading your wings in terms of your network and your connections is another very integral factor to the success of your business. This comes in handy many at times when you need some sort of assistance in terms of questions,  advice and so on.

One of the advice Adam Zayed who is the founding partner of Zayed Law offices received was that  “Every business, from a large law firm to a small single member startup, can benefit from having a strong network. As you become more comfortable networking, your network’s size and ability to help you solve problems and make wise business decisions increases. I highly suggest you carve out time from your schedule to dedicate to networking,”.

Hard Work

Having a business is one thing and going the extra mile to ensure that business grows and scales up is another thing.

As an entrepreneur you need to be dogged about your business and also be ready to get your hands dirty and deep your feet in the muds especially during the early stage of your business.

A lot of business owners think entrepreneurship is a child’s play if they have the money, and the right idea. The social media has had a negative impact on the mentality of entrepreneurs because of the image being painted and how entrepreneurship has been made to look simple and straightforward.

You need to workkk!!!!!

Zac Grove who is a fund raiser said “After working in ed-tech, I realized that my passion in life was launching solutions to bring about change. I would never have had the confidence to venture out on my own had I not first paid my dues and learned about building a solid business by working at another venture,”.

Sales

This factor (sales) has tell a lot about the viability of your business in the sense that it gives the impression that people are interested in your product or services being rendered.

This factor can also help you analyse the areas you need to improve on and what to remove.

Carlo Cisco who is the founder and CEO of Select made two resounding statements in his effort to explain how his business made a footprint in the market.

He said ” As an entrepreneur, you’re constantly selling your vision to current and prospective employees, partners, investors and advisors,”. He also made another statement which is  “Know your pitch and practice relentlessly. You need to be confident pitching one-on-one, to a room of hundreds of people or to senior executives.”.

You can then see how important your sales affect the success of your business.

From this post, i’m sure that you can relate a couple of what has been said to your business and also imbibe them

Thank you for staying up to this moment.

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Read, practice, share

Regards.

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