MARKETING // EDUCATION // LIFESTYLE // BUSINESS // DESIGN
7 Rules for Starting a Successful CompanyIf you’re thinking of becoming an entrepreneur and launching your own start-up, we have some bad news for you: there is a 90% chance that you will fail within a year. In other words, if you had enough money to open 10 start-ups at the same time, 9 of them would fail, leaving you with a bunch of problems and wrecked nerves. The thing is, doing business is not something that can be improvised. And if examples of entrepreneurs from overseas who became millionaires convinced you that launching a business is child's play, we’d like to recall the rules of the game you’re about to join. If you fail to follow them, you risk losing everything and having a traumatic experience. It would be really frustrating for a smart person to invest a lot of time and effort into a start-up and fail, right? And that is why we’d like to provide you with 7 golden rules that will help you do it the smart way. Come up With a Counter-Intuitive IdeaCounter-intuitive means "non-intuitive". In fact, what is intuitive tends to be within everyone's reach. To make sure your company is successful, you’ll need to come up with an idea, which is radically different from the one other entrepreneurs may think of. Please, note that such an idea will only work if it is market-oriented and ensures a competitive advantage. Otherwise, it will only take you to that grim place called "the Graveyard of Start-ups." Know How to SellCommunication is the key to success. If not communicated appropriately, a good idea will never help you launch and maintain a successful start-up. Therefore, once you’ve come up with one, you should know how to sell it to various stakeholders:
The last point is the most crucial one. Surround Yourself with Talented PeopleHave you ever met businessmen who bragged about achieving everything on their own? Actually, entrepreneurs who do business alone don't exist. No successful company is possible without people, and having one requires you to hire employees who share your values and put their talents and skills at your service. Ensure Good OrganizationHaving a good organization means knowing how to use all your available resources for accomplishing your goals effectively. What often happens is that owners of a start-up that have managed to survive long enough, and even achieve an increase in sales, have trouble dealing with new challenges. At this point, the question arises: is it better to reorganize things or focus on solving your company’s problems? The answer is somewhere in the middle: a successful entrepreneur is the one who has a plan and at the same time, looks to the market to see if there is a need for some improvement. Measure EverythingAnything that can be measured can be improved. By analyzing relevant indicators, you can measure the two key performance factors, such as talent and competence. If talent is missing, you should take immediate action by providing coaching. If there is no competence, you should concentrate more on training. Once the performance has been measured, you can determine how to improve it. In fact, you can only exceed your limits by visualizing them. In particular, if you want to be a really successful entrepreneur, you should be able to measure both the quantitative and qualitative aspects of your personnel's performance. Efficient LeadershipThat is one of those things you cannot afford not to have if you want to do business well. Leadership is the ability to make other people follow you, and, in the context of your company, guide them towards a common business objective. Therefore, having dispelled the myth that leadership is an innate skill, it is necessary to cultivate those qualities by developing three key factors:
Because a good leader is the one who knows how to get verifiable outcomes. Ensure Personal GrowthAn entrepreneur once said to me, "I would like my partners to become better than me." I believe this is the best example of constructive leadership and the true secret of a successful business. Being oriented towards personal growth means investing in one's own potential and skills, as well as being more flexible, autonomous, productive, and responsible. It goes without saying that external and collaborative training makes the company more competitive with respect to market needs. After reading these rules, you noticed that you lack some of the things essential for succeeding? Well, it's time to think about efficient ways to reach your entrepreneurial dream, improve your attitude to business, and remove obstacles blocking your profitability.
18 Comments
6/13/2020 07:49:05 pm
Hi Sir,
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6/24/2020 06:52:13 am
I really enjoyed reading your article. I agree with all the points. Companies should also invest in automation software to manage proper cash flow of your business.
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7/14/2021 10:46:26 pm
To be successful in today's business, you must be flexible and have good planning and organizational skills. Many people think that they can start making money by turning on the computer or opening the door when they start a business. They find that making money in a business is much more difficult than they thought. Your time and plan all the necessary steps for success. No matter what kind of business you want to start, the following nine tips can help you succeed in your business.
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7/3/2023 03:49:26 am
It’s free if you open it with ANNA company registration tool and you also get a business bank account that gives you all the tools to run your business, from invoicing to expenses. Alternatively, you can Register a company online with Companies House for £12. Postal registrations normally cost £40, though you can pay £100 for a same-day postal registration if that’s what you want.
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