Many people have sound business ideas, but a good idea is only part of a successful and profitable business. There are additional intangibles that make the difference between a business that thrives and one that never quite gets off the ground.Motivation
Along with a great idea must be the motivation to see it through. You have to see the success of your enterprise as a “must” versus a “should”, which comes from deep internal conviction. In addition, a strong commitment to results and benefit for others will contribute greatly to your success.
Core Competency
If you’ve got a good business idea, and you’re highly motivated, then there also has to be some unique competitive advantage that lets you go out and make a market for your business. Identify a marketing hook or niche that sets you apart from your competition.
So you’ve got a good business idea, you’re motivated, and you have something unique – what else do you need for success?
The Plan
You have to have a vision and a blueprint of how to get your business from point A to point B. When you look at the need for accounting systems, legal counsel, insurance products, human resources policies, and marketing plans – all facets necessary for a successful enterprise – it quickly becomes apparent that you’ll also need a team of experts that can help you with the plan. Then that business plan can turn into a checklist of action items that can turn into making money.
Flexibility
The blueprint has to remain flexible to change: the business is rarely going to stay the way it started, so don’t let your attachment to your original vision trump good sense. When you see changes in the needs of your market, use your team, your know-how, and your increasing experience to adjust your plan, even if it means going back to the drawing board.
Capital
Pulling all of this off takes money. The number one reason people fail is that they don’t have enough start-up money and consequently don’t have enough time to ride the learning curve until money isn’t a factor anymore. If you don’t have a lot of start-up capital, it is all the more important that you follow these steps to give yourself the best chance for success.
Integrity
There are additional personal qualities that are imperative to achieving meaningful business results: you must have an unmitigated dedication to doing things right and to prosperity for everyone you serve. If you become a nameless, faceless, impersonal entity, you will separate yourself from your customer, creating negative consequences for your business in the long run.
Leadership
People know honest intention, character, and leadership when they see it. By committing to these principles from the beginning, you give yourself and your team the best chance for long-term profit and long-term happiness.
Steve Donelson is a shareholder and managing director of Donelson Ciancio & Goodwin, P.C., a full-service law firm located in Broomfield, CO. He practices in the areas of Business and Corporate Law; Real Estate; Taxation; and Estate Planning, and is well known for his ability to apply highly insightful strategies to these intricate areas of law. He can be reached at stevedonelson@colo-law.com.
Posts
