3 Key Ingredients for a Successful Business

There are relatively fewer barriers to establishing your own business. In some countries, you can even file for a single-person corporation whereas, in the past, at least 5 people were needed to incorporate.

 

With the increasing number of businesses set up, the number of failed businesses have also skyrocketed. 

 

The reason? Everyone’s a Want-preneur: throwing spaghetti at the wall, keeping their fingers crossed that something would hopefully stick.

 

Business is anything but unfocused. Thriving ones get to where they are because they are certain of what they offer, clear of their direction and courageous enough to say ‘no’ to things that don’t make sense to them.

 

And if you want your business not to fail and be on its map to success, you’ll need the following three: 

 

CEO Mindset 

This is the mindset that would help you paint a very clear vision, a very clear picture of what your business would look like after the first 100 sales. 

 

Most want-preneurs miss out on this because many are focused on the immediate gains, whereas the CEO Mindset is all about the long-term gain. 

 

Running a business is not simply a game of who sells the most and the fastest. 

 

(And if sales is the only thing you care about, start a garage sale, go on sale and sell your junk – #justsaying)

 

If you want to really have a successful business, you’ve got to remember this: 

 

You are not simply selling junk, you are sharing the things that you love about your business. As such, they have to be treated with respect, passion and integrity. 

 

 

This is why having a vision is important. That vision is the picture of what you are creating and what happens after the first hundredth sale.

 

When you’re able to integrate the CEO Mindset, you’re able to clearly articulate and share that vision with a varied audience.

 

Once you do, others will be able to invest in your ideas, bank on them and hold that vision for themselves so much so that it becomes much more effortless to turn that vision into reality.

 

COO Execution 

 

There is a reason why some are promoted fast while others stay where they are in a corporate structure.

 

Not everyone knows how to work smart. Many love to focus on the tiniest details that also brings the tiniest results.

 

For your business to thrive, you’ve got to learn how to execute like a COO. That starts with you knowing which big steps to focus on.

 

These include reflecting on the following:

 

  • What is the key offer?
  • Which social media platform is the focus?
  • Which avenue of creation is the starting point?
  • How is monetization possible?
  • What gives the highest ROI (return on investment of time, energy, money)?

 

A lot of energy and efforts are mis-channeled towards details that produce little to no results. 

 

Many feel overwhelmed starting out that a lot of time is wasted on things that can come later on in the business. 

 

Some honest points here:

 

  • The color of your pen doesn’t really matter, especially when you know what you’re selling.

 

  • The number of times you post on Facebook doesn’t matter if your content isn’t speaking to the right audience.

 

  • The paper you buy has no bearing on whether a customer will pay your invoice or not. 

 

Businesses are about milestones. Integrating the “COO Execution” would allow you to focus on the key steps to take for you to reach the first milestone. It will help you know how to measure the efficacy of your steps, and how you can move from the first milestone, to the next, and then the next that comes. 

 

Remember, at the end of the day, you can’t just be talking big. You need to DO BIGGER. 

 

CFO Oversight 

 

Many want-preneurs get paralyzed thinking numbers. Everyone wants to talk about the dream and how they’ll make a lot of money with the dream.

 

When it comes to sitting and sifting through numbers, people freeze. 

 

The ignorance and resistance of numbers are what breaks an endeavor. 

 

What separates a hobby and a business is numbers that work for you. This doesn’t mean that your business is only about numbers. Your business can be all about doing so much good in the world. 

 

Think about this: if you want a more formal recognition of your business, meaning if you want ‘serious organizations and people’ to acknowledge your business as a serious business, the only language they understand is numbers. This goes for VC (venture capitalists), investors, banks and the government.

 

Even NPOs (non-profits) are about numbers. 

 

If you don’t have the skill to know what your numbers mean, hire someone. Ask someone to teach you and walk you through your numbers, because your numbers cannot simply be cash-in and cash-out. 

 

There are more factors to consider if you want to run a successful business. You have to understand which of those numbers are long-term investments, sunk costs, recurring expenses, profit, etc. 

 

 

Numbers show you the value of one investment. Numbers show you the value of putting effort into certain campaigns. Numbers show you the value of one staff that comes to you that you’d consider to hire. Numbers show you the value of one client to your company and numbers are the ones that will protect your company moving forward because numbers are the ones that will keep you sustainable, healthy and be a legacy. 

 

Incorporate the Magic THREE: CEO Mindset, COO Execution, CFO Oversight and you’ll see yourself go from being a Wantpreneur to being a REAL Entrepreneur. 

 

And if I may be so bold to ask, let me know in the comments which of the three you struggle most with, so I can help you shift in your perspective, or point you to the right resources.