As the chairman of one of the world’s largest business support organizations, I’ve encountered countless prospective entrepreneurs trying to put their ideas into action by launching a business. My experiences have given me a unique insight into what makes and breaks a business in today’s market.
Here are eight essential tips for shaping a good idea into a great business:
1. “You can’t build a business like a hobby project.”
Entrepreneurship should never be a casual endeavor. Building a thriving business in today’s market means devoting yourself fully to the mission you intend to accomplish via the company.
Setting your business aside for any length of time can lead it down a slippery slope you may not be able to crawl back up from. Keep yourself organized; set clear goals you can accomplish, and dedicate yourself to making sure your ideas come to fruition.
2. “Wrong sequence ends in business failure.”
One of the biggest hurdles to business growth is the lack of a detailed planning system. No matter how big your idea is, expecting overnight success can cloud you to the practical considerations that can quickly grow larger than your ability to deal with them. Move your business forward one step at a time, and more importantly, know where you’re going before you try to get there.
3. “Advertising is naked without PR.”
Flashy ads are no substitute for a well-thought out communications strategy. In the age of information, every business needs a sensible way to spread its ideas and brand to clients and consumers ready to buy. An idea is useless without a suitable voice to present it to the world. Build your advertisement strategy around the people best suited to get you to the next step of your objective.
4. “Never say NO to growth.”
In today’s market, you can’t afford to miss the opportunities that can get you from one step to the next. While defining a plan for growth and future investment is necessary to guide your business decisions, nothing should ever be set in stone.
5. “The difference between wealth and income is how many people you benefit.”
All the growth in the world means little if you do nothing to benefit those who helped you get there. Your team and periphery support network need to be included in the rewards in direct correlation with the effort they put into the business’s success. While numbers need to be your first concern when it comes to sustaining yourself and your ideas in the market, make sure you measure your success by more than just a bottom line.
6. “As you grow IT, IT will grow you.”
Don’t get tunnel vision when it comes to everyday business. In today’s business world, every connection you make can be a game-changing opportunity. Never walk away from the chance to shake hands with a potential partner no matter their value to you and your business at the moment. Grow your network every chance you get.
7. “Nothing will grow you more than growing your dreams.”
While it’s important to consider all of your decisions through a filter of practicality, you should never be convinced you can’t achieve what you’ve set out to do. Businesses never fail because a dream is wrong; they fail because they choose the wrong path to achieve it. Remember that the more work you put into getting somewhere only makes the achievement more meaningful in the end.
8. “Competition slows everything down.”
If your definition of progress includes hurting other companies along the way, you’re not on the fastest lane to success. Although the market environment may appear inherently competitive at first glance, a collaborative perspective on business can make everyone’s ideas a reality faster than they could through isolation and bitter fights for market share. Look at your competitors as potential partners and find a way forward for everyone involved.
Berny Dohrmann is chairman and founder of CEO Space International, one of the world’s largest support organizations for business owners. For more information, visit www.ceospaceinternational.com.
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