The No. 1 Key: You Gotta Really Want It
Once you have decided to launch a business, you should be determined to give whatever effort it takes within those prescribed limits. You need to have the kind of drive that will keep you going even when the chips are down, a drive that pushes you to keep giving a little more energy, even when things are not looking good.
If you have a really strong desire to start your own business, then you have the number one most important ingredient in what it takes to succeed in business.
The No. 2 Key: Choosing Your Business
People frequently make a lousy choice on their very first business decision: which business area to enter. In fact, it is often given little consideration, a choice that people may drift into without consciously looking at the options.
Choosing your business idea is your most important decision as a future entrepreneur. Too many people choose a particular business for the wrong reasons, such as their limited experience in it, their familiarity with someone who made a lot of money in the field, or that it seems fun and prestigious. To be sure, it doesn’t hurt that you have experience in a business, but that alone doesn’t necessarily mean it is an excellent choice.
The No. 3 Key: A Great Business Plan
I view having a great business plan as a super important factor in determining your likelihood of business success. In fact, much of the work that goes into a solid business plan you should already have conducted even before deciding on your area of business. This is vital for every business.
The No. 4 Key: A Solid Strategy
Strategy goes hand in hand with business planning. Many businesses do not have a great strategy, yet a strong strategy is extremely important for increasing your chances of business success. You want to have compelling answers to questions like, “Which part of the market am I going to target?” and, “How am I going to compete in a different way than my competition?” How are you going to differentiate your business from the competition? You need a clear strategy to answer this type of questions.
The No. 5 Key: A Nimble Approach to Marketing
Your mindset and approach to marketing will also greatly impact your chances of business success. You don’t need a Madison Avenue background to create a powerful marketing program, but you’ve got to give it some deep thought and probably try a lot of different approaches. It’s hard, but you can do it. I have many presentations giving specific ideas on what to do and what not to do.