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5 Common Factors That Lead to Success in Business

Updated on September 13, 2018
Angelo Grant profile image

Entrepreneur and avid explorer of entrepreneurial opportunities. Master of Business Administration & Sigma Beta Delta honors society member.

What do Successful Entrepreneurs Have in Common?

Many people follow the same process when beginning a business. Some fail and some are successful. When new businesses form they tend to copy the process revealed to them by existing successful businesses. It is generally a good idea to emulate the features that cause others to be successful as you can expect this to give you the best opportunity to replicate their success. Here are 5 common factors that lead to success.

1. Self-efficacy:

Believe in yourself, doubt kills more dreams than failure ever will. To be successful in business you got to have a high level of determination and that sort of tenacity does not occur in someone who does not first believe in themselves. It is not simply enough to imagine that you believe in yourself because business brings about tough times that will shake your core and you have to persistently believe in yourself well enough to extend Grace to your failures and believe that you will rise up to success. According to Katz and Green (2018), "those who believe in themselves and in the passion of their beliefs are more likely to keep at it until they succeed." A positive attitude can be an entrepreneur's greatest asset.

Apply This Strategy

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2. Execute Your Plans:

It is pointless to make plans and not follow through especially if you are convinced your plans will work. Success is one destination you cannot get to without a plan. It is also not helpful to have a map and not use it. It is essential to have a plan but it is also important to recognize that a plan is a living document and that it has to be flexible and be able to react to the different situations that may arise. Expect detours along your route. "Those who plan and act are the ones who most often succeed (Katz & Green, 2018).

Just Do It!

3. Get Help And Take it:

There are significant amounts of resources out there dedicated to helping entrepreneurs succeed. There are individuals and organizations alike that will help businesses and entrepreneurs to measure their risk tolerance, cajole investors into financing new ventures and identifying laws to protect your business. Choosing to get help means you do not have to reinvent the wheel you'll be able to Cipher from the best sources including; experts, potential customer, and other entrepreneurs. Getting help from the right sources can mean reaching success, growing faster and figuring out how to sustain that achievement.

Help helps

4. Be Mindful of The Reputation You're Building:

I grew up with the old adage good name is better than pocket money and it would be wise for even small businesses to recognize the importance of doing good and doing well for the community such a business will naturally play a part in becoming something that is bigger than itself. The life of a business is dependent on maintaining the support of investors, partners, employees, and customers. Businesses can build quite the cultic following when it supports a product or service that contributes positively to society.

5. Leadership:

Starting a business is not a cowardly act, it is not simply a matter of following in the footsteps of others. It involves a considerable amount of risk. It involves opening up yourself to criticism, putting yourself in uncomfortable situations, dealing with drama, and uncertainty. People will look to you to marshal resources, share your vision, inspire others and steady the business. According to Ryan Griffee (2018), "you must take the lead for your ideas to come to fruition."

My Best Advice For You: Figure it Out Along The Way

Perhaps the single most outstanding factor among these 5 is executing the plan. You can be as passionate and as driven as you want to be but if you fail to plan you plan to fail. Furthermore, if you have a plan and do not put your plans into effect then it is futile. According to Katz and Green (2018), the type of plan you make does not matter what matters is that you implement the plan and continue to refine your plan until you have a successful business.

References

Griffe, R. (2018). 5 Key Factors That Influence Entrepreneurship. Smallbusiness.chron.com.

Katz, J. A., & Green, R. P. (2018). Entrepreneurial small business.

© 2018 Angelo

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