Introduction
From time memorial, people start out business with the intent of making profit so as to make it a success. There may be a variety of reasons for starting a new business - making some money might be one, but there are other reasons as well such as the challenges, the desire to take responsibility and control of your own future and the likes.
Business closures can occur at any time and for many reasons. Success is not always as easy to achieve as many would like to think. - Hilary Quinn
The reality is that many businesses do not survive for any length of time. In the last decade, Tens of thousand of businesses had closed all over the world. Small business failure rates can be anything from 10-30% within the first year.
The factors that influence the success of a business can be very varied. This write up will try to outline some of the factors that lead to success in businesses.
We will also look at what we mean by 'business success' - it can mean different things to different people.
Success may mean, but is not limited to:
• a level of social status
• achievement of an objective/goal
• the opposite of failure
Success Defined
"Success is a journey, not a destination." ~ Ben Sweet land
Success is achieved when a stretch goal is met overcoming failures, problems and difficulties by conscious effort and by application of capabilities, resources and methods. It is to be differentiated from luck, chance and doing what comes naturally without effort. Some of the factors that influence business success includes but not limited to
1. Find the Balance: Balance is a key element of a happy life and sustainable business. Finding the right balance in your body, your mind, your life, and your business will help you refine your goals and hasten you towards them.
2. Do your best: Do your best at every job. No sleep! Success generates more success. So be hungry for it. Hire good people with passion for excellence... More
3. Inspirational Business Plan
Being creatures of pattern and habit, we unknowingly achieve success and construct our failures. Once you have taken these three guiding principles on board, you will have at hand a valuable source of information - an effective prescription for exactly the progress you desire.
4. Help people connect their personal goals to business goals. Leadership is essentially about helping people to achieve a better life. An important measure of your own success as a leader is the success of your followers. Talented and empowered employees are the prime ingredient of organizational success and they need to be able to lead themselves. Provide strategic alignment and be a coach to your people to help each of your followers to develop into an effective self-leader. Establish an attitude of relentless growth to enable your organization and people to achieve their stretch goals... More
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