Building a Successful Business
We all dream to have a successful business to call our own, but lacks what it takes to build a successful and highly profitable business be it small or big.
To build a successful business need creating and fine-tuning a great idea and the business plan, have access to required capital and finances, pick relevant partners if the need be and choose the best tools, systems and location to help you get your business off the ground.
Yes, I agree you have a great idea or multiples of ideas, but....
Ideas are easy. Implementation is hard. - Guy Kawasak
You need to kick off that idea and nurture that idea so well that it will be the next big thing (business). But before that, evaluate your idea(s) through market research so as to point out how unique it is and the value it will generate to the target audience. The results of the evaluation is important to determine whether or not your idea works and also know the competitive advantage for your business idea.
Your business plan will help you figure out how much money you will need to start your business. If you don’t have that amount on hand, you will need to either raise or borrow the capital. For a small business, you either go into partnership with few individuals that have the funds or that can contribute one way or the other or through bank loans, while if you are looking at a mega or big business you can either financed it through borrowing form bank (debt financing) or through issuing of shares for potential investors (equity financing). But note this..
It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”- Richard Harroch
Except you are planning to be your only employee, you are going to need to hire a great team to get your business off the ground. It is said
It takes a village to create a product
Make sure you take the time to outline the positions you need to fill, and the job responsibilities that are part of each position.
It takes effective plan, the right team and common goal to build a successful business.
Thanks for sharing.
Happy New month and Best wishes
Agreed! Having people with the right expertise, skills, a similar work ethic, and a strong network who can execute an effective plan is obviously going to contribute to the success of new business.
Thanks for reading
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One thing is to have an idea and a beautiful dream. A completely different thing is put in the day-to-day labor needed to make this dream materialise. Having people who are motivated, disciplined, focused and hard-working is essential.
Very true. The right team who is as driven as you is important too
Implementation of ideas is the right step towards fulfilling our dreams on proposed enterprises.
Easier said than done
Interesting business tips
Thanks for reading
Nothing good comes easy, someone once told me a successful business starts with a great idea then all the neccessary ingredients need to be added at the right time. If you fail at getting it right the first time, restrategize and start all over.
Thats right
Absolutely spot on, dear. Building a success business requires good and watertight plan from the get go. Although, not all holes can be covered. That, at least will reduce the possibility of failure.
You just have to do your best, implement the right plans and hope for the best