Give Me 10 Minutes, I'll Give You The Truth About Setting Up Your Own Business

As an entrepreneur, I’m no stranger to failure. I admit that I’ve made mistakes but at the same time, I’ve also been incredibly fortunate to reap the rewards of my success.

The journey wasn’t easy but it has given me a better understanding of what makes a business succeed - and what doesn’t. 

It’s been widely reported that nine out of ten startups will fail. Sounds depressing, doesn’t it?

If you’re thinking about setting up your own business, this is something that you may not want to hear but that’s the hard truth. Even the most optimistic entrepreneur needs to know the harsh reality so that they can work harder and smarter to ensure their business succeeds.

So what are the characteristics of business owners that succeed? 

1. They picked the right product

The top reasons startups fail? The answer is quite simple:

They make products that no one wants. Think about it. You spend all your time creating a product or service but at the end of the day, no one wants it. How crushing that must feel.  

Your products or services define your business. In fact, they are your entire business! If you want to turn your business into an income-generating machine, the first step is choosing the right products or services to sell.

The basic rule is that your product or service must fulfil a need by either solving a pain or providing a pleasure. 

Other things to consider also include how to differentiate your product/service from your competitors.

2. They are flexible

A good service/product does not guarantee a sustainable business. It is important to have strong business skills and a capable team to support you.

As a business owner, you may think it’s just your job to lead and for your staff to concentrate on their own duties but business doesn’t work like that, especially when you are just starting out. 

Roles and responsibilities will definitely overlap and small things can easily become overwhelming. The key to business success is therefore to have a versatile team that can back you up.

What do I mean by being versatile? It’s not just about skill set but also mindset. 

When you are just starting out, your team must be flexible enough to adjust to changes, changing up the marketing approach and even be open to tearing down the business and starting all over again. 

A team that is able to recover from blows quickly during the first crucial years will ensure that the business will survive.

3. They have a clear vision 

Every business needs a leader with a vision. As a business leader, you must know where your business stands and where it is heading. 

Every day, you have to remind yourself and your team of the big picture - what exactly are you hoping to achieve? 

A good business leader must learn how to keep your long-term business goals in mind while dealing with the immediate needs of a new company.

Make it a point to review the effectiveness of your business plan with the rest of the team and to ensure that they stay motivated. 

If you manage to achieve all three, then congratulations! There’s a high chance that your business is destined for great success. What characteristics have you noticed about the businesses that succeed?

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