Have you ever wondered how certain businesses tend to achieve overnight success?
One minute they are invisible, and in the next they become an instant sensation!
Airbnb, for instance, started out by selling mattresses and the next thing you know it ends up becoming a multibillion-dollar valuation company.
While you may believe Airbnb’s rise to success to be a meteoric one, this isn’t actually the case.
Airbnb started in 2008, but by 2009, it was close to going out of business owing to low traction. After a certain amount of time, the owners were able to identify a loophole in their working process – their listings were full of awful pictures. They replaced all the pictures with high-quality photographs, and that’s when they started witnessing immense growth.
Accomplishing results in a short time don’t happen just like that. There’s a lot that goes on behind the scenes. However, there are certain magical ingredients that can give you the much-needed push and fuel your business’s growth significantly.
Here are a few of the said magical ingredients that can help you get there.
According to Steve Jobs of Apple Inc., people should do what they love doing as people with passion can change the world for the better. If you are truly passionate about the work you do, you will have the greatest chance of achieving entrepreneurial success.
Having a well-defined vision is must when it comes to achieving entrepreneurial success. However, it won’t do any good if you’re not passionate about reaching your goals. Moreover, running a business with all its highs and lows can seem more like a roller coaster ride. There’s always the persistent fear of the ride coming to a screeching halt. As an entrepreneur, you need to have unwavering belief in your vision.
As per researchers at the University of Maryland, passion is a key ingredient in growing a successful new business. The path towards your goals is not going to be an easy one. In fact, it will get bumpy and intimidating. However, it’s your passion and commitment that will enable you to deal with the challenges effectively and see your business through to the other side. More importantly, if you’re passionate, you will be able to ignite the same levels of intensity in your team members.
2. Brilliant Idea and Flawless Execution
Only a great idea can translate into a great product. In keeping with that, the success of your business depends on two important factors:
- Your ability to come up with excellent ideas to expand your business.
- Your ability to implement those ideas successfully.
Are you looking for a business breakthrough and wondering what can help you come up with lucrative business concepts and ideas?
Here are a few tips that can help you open the floodgates of your mind:
- Think about the latest trends and technologies and how they can help you make an impact on your target audience.
- Talk to potential customers to learn about their needs and interests. That can help you come up with new business concepts.
- Consider making a cheaper version of a product or coming up with a product/service that can help provide a far better customer experience than the existing ones.
- Make a list of your skills and strengths and think how you can use them effectively.
- Do something about the persistent problems that plague your business. Perhaps, you can come up with new ways to fix them.
Having a brilliant idea is just the first step. How it is executed matters the most. Former Wharton business school professor Lawrence G. Hrebiniak believes the devil is in the details when it comes to executing a strategy.
Irrational decision making, taking miscalculated risks or making ill-timed business moves can kill your brilliant business idea. Great plans can go awry and all your effort can go down the drain if you fail to execute your plan in the right and timely manner.
Success doesn’t necessarily come from breakthrough innovation, but from flawless execution. A great strategy alone won’t win a game or a battle. Execution done right is a disciplined process. Here are a few tips that can help you execute your strategies effectively:
- Refrain from setting too many priorities at once. Establish only one priority at a time and give your best to achieve the desired results.
- Develop key performance indicators and procure data on the basis of them as doing so will help boost your performance.
- Ensure that the entire organization is in sync with your vision and strategies by conducting regular meetings with your team members. Also, make sure to evaluate your strategy in such meetings to determine whether or not you need to make any necessary changes.
3. Excellent Team
It takes a lot more than an excellent idea for a business to succeed. A great team is a quintessential requirement.
According to a recent study conducted by Rotman School of Management, the success of a new business is dependent on the founder’s ability to create a bigger and an experienced team in most cases.
A high-performing company is the result of a high-functioning team. In the absence of such a team, the entire structure of a business can fall apart. When employees fail to work together as a team, business initiatives and goals become more difficult to attain and the surrounding workplace environment can become negative and disruptive.
Ford Motor Company, for example, stands as an epitome of brilliant teamwork. Henry Ford and his team believed that cars should be reliable and reasonably priced. They did everything to cut costs and pass the savings on to the buyer. This, eventually, helped them take the company to a whole new level.
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” – Warren Buffett
This is the kind of confidence an entrepreneur should exude as it can help him increase the likelihood of his company’s survival and growth in the face of ambiguity and difficulties.
Possessing strong self-belief and confidence in your abilities can help you achieve positive results. What’s more? Self-confidence can aid you with several aspects of running a business such as navigating the difficulties of a business cycle, accumulating human and financial resources, constantly investing in new ideas, expanding the company’s knowledge base, and attracting better talent to ensure long-term success.
More often than not, overconfidence is considered a negative trait. However, science has something else to say about it. An issue of The New Yorker described a series of scientific studies proving entrepreneurs consistently overestimate their chances of success. According to it, if these entrepreneurs weren’t overconfident, they wouldn’t ever launch their startups. It can, therefore, be deduced that overconfidence can sometimes prove to be necessary in order to become a successful entrepreneur.
While you may strongly believe in sticking to traditional working methods, they might not be right for your business in the current age of disruption.
The business world is unpredictable and full of surprises. Top-performing businesses are always willing to adapt to changes as doing so can lead to major breakthroughs. In fact, a business will fail to succeed if it doesn’t adapt to changes.
One of the major traits of highly-adaptable entrepreneurs is their ability to anticipate change as they invest substantial time in surveying their surroundings. In fact, according to SME Research and Statistics, 93 percent of entrepreneurs are quick to respond to opportunities, overlooking the risks around the corner.
Adaptability is all about acquiring new skills. It prepares you to respond to circumstances and stay competitive. Sticking to obsolete and outdated methods or techniques, on the other hand, will simply inch you towards failure.
Integrity may come across as a surprising element for achieving business success. Moreover, in the hullabaloo of keeping the business running smoothly, it’s easy to overlook the quality of integrity. However, it is one of the most essential factors in achieving success.
In fact, according to Warren Buffet, one of the most successful investors in the world, you should look for three essential qualities when hiring people: integrity, intelligence, and energy. And if they don’t have the first one, the other two will kill your business.
Pay heed to the faint voice in your head when it warns you about losing your focus or not being ethical. More importantly, you should remember that building a reputation takes years, but one faux pas on your part may instantly damage your integrity forever.
Embarking on the journey of entrepreneurship is no cakewalk. Moreover, today’s tough economic times can make the journey more arduous. You may have a mountain of tasks to complete, limited capital, or insufficient resources. However, don’t let these factors get in the way of achieving success. The aforementioned magical ingredients can help you bring your A-game to the table. Do keep the above factors in mind and ensure that they are working in harmony towards turning your vision into reality.