Recently I was fortunate to spend time with some of the UK’s top entrepreneurs. In discussion I asked them “what does it take to launch a successful business?” Here are the five key factors they came with.
An innovative business idea
If you want to survive in business, especially in a competitive industry, you need to determine what sets you apart from the other available options. Clever marketing or an exciting technology alone won’t guarantee that your target customers will be wowed by what you’re offering – you have to offer real value and/or a new experience.
The market will dictate whether your business will succeed and one way to stack the odds in your favour is to have an innovative product or service that will be well received. You don’t have to completely reinvent something – just make it better.
The right team
The long term success of your business requires that you assemble the right team to build your brand. Your team is the company’s backbone, and one cancerous person can completely derail your progress. Whether you are building an on site team or a remote workforce, one thing remains the same – the right talent matched with the same vision will greatly improve the chances of success.
Building a personal network of like minded entrepreneurs has several benefits. It gives you a sounding board for when you have questions or want advice, which is a huge help, especially in the early stages of a business. As your network grows, so do your resources.
If you are not willing to get your hands dirty and work in the trenches, you might as well not even start. A lot of potential entrepreneurs have a false sense of what it’s really like to own a business. You have to be willing to put the work in if you want to be successful.
There is one thing that will quickly prove the viability of your product or service – sales. Not only do sales prove you have something viable, but it also injects revenue into your business, allowing you to grow. Ideas are great, but without sales to accompany them they will likely fail. Entrepreneurs who are great at sales give their business a competitive advantage.