You start a business with the hope of seeing it succeed. Whether your goal is for your business to become the next buzzword or to just earn enough to support your family, you put a lot of passion, time, money and resources to the business. Here are twelve factors that are important in creating and building a successful start up business.
1 – Develop a clear short and long term vision for your business. Your vision will give you purpose, and help you keep focused, on what you want the business to achieve. Your vision will help your clients understand, what you and your business stands for, and keep your employees and investors, if any, focused on your goals.
2 – Hire the best people, and manage them well. As your business grows, you will be faced with the enormous task of hiring and managing other people. The quality of your people is the key to your success. Find people who share your passion and vision, for what you want to accomplish with the business. Then work hard to keep your good people. Invest in your people, and they will appreciate working for your business.
3 – Keep your focus. It is important to identify, and concentrate on making the unique aspects of your business as superb as possible. Every day, your focus should be on how to further enhance your business.
4 – Innovate and do not duplicate. Think differently, and differentiate your business through your concept or presentation. Your business is unique. Even if you offer the same products, clearly define your unique selling proposition, to help users see your business apart from your competitors.
5 – Keep realistic expectations. You have heard the statistics that 80 percent of all small businesses fail within five years. Be clear about the risks and stumbling blocks that your business may face. Revenues may not come instantly, and you will fare much better to keep this in mind.
You can read the full article How to Launch a Successful Startup