Everyone who wants to start a business has a goal to succeed. A piece of advice, if you do not have this goal, do not start a business. To study success theories, principles, and practices is a lifelong learning journey. However, we can learn “one piece” at a time. If you are able to integrate all of the factors below, you are on the right track to succeed.
1. Product/Service Factor
There is a classic saying that still very relevant today, “find a need and meet that need.” Products and services were made, created, and invented because there is a need. As human beings, we have various needs. When you are able to provide something that people need, there is an opportunity for you to succeed. It is also interesting to note that people buy not just for their needs, for instance, necessities, but also for their “wants.” Look around and observe the “needs” and “wants” of the people. Be creative. Be innovative. One thing more, if you can create a value, you can make a product or service. Need and value seem inseparable because people are willing to spend their money on what is valuable to them.
2. Marketing Factor
Even if you have an excellent product or service, if you do not have somebody buying it, there is no chance to make money. To be able to succeed in business, you need to advertise your product or service. Others say that you need to allocate a higher percentage of your budget for marketing and advertisement to succeed. That means you need to spend more. However, the concept of putting a lot of money in advertising does not necessarily true anymore today. It is because your product or service can be advertised through a different medium, including the use of technology and the internet, for free or a minimal fee. But you can always spend a huge amount for advertisement. The popularity of your business depends on the quality and the value that you can offer regarding your product or service.
3. People Factor
If your business will employ people, you need to consider many aspects of their personal and professional life. Hiring people is a factor to succeeding or failing. But it boils down to a basic principle: personal development. An employee who has good moral values, teachable, matured in character, and skillful, your business is likely to succeed. Unfortunately, the opposite, which is a failure, may also happen. People in your business who are immature, incompetent, unwilling to learn, lazy, and etc., just to mention a few characteristics, will pull down your business. The good news is: there is always room for improvement and development. People can become better in all aspects of their lives.
4. Number Factor
Successful business people know their “numbers.” This is a factor that might neglect by many small to medium business owners. Failure on record keeping is a problem. If you really want to be successful, consider knowing and understanding even the smallest details of the financial status of your business. Accounting is the name of the game. One of the best ways to evaluate the success or failure of a business is “knowing the numbers.” There is a principle that is true to all of us. If you can handle and manage your personal finances, you can also handle and manage your business finances. But if you do not know “where the money goes” with regards to your personal finances, you are likely to fail in your business. Know your “numbers” and will succeed.
5. God Factor
The Bible teaches that God is concerned with all areas of our lives, including our work and businesses. He also wants us to succeed. There is a term used by others called “divine intervention” in business. All people, those that are religious, including those who claimed to not have any religion, still use terms such as “help from above,” “divine guidance,” “universe,” “spiritual guidance, and etc. These terminologies refer to God. It is important to learn and understand how God helps us to succeed in business. Success at the highest level, God must be at the equation.