WHAT DOES IT REALLY TAKE TO START A BUSINESS AND GROW IT?
Posted on February 11, 2022 by Theodore Petrus, One of Thousands of Executive Coaches on Noomii.
In this article I answer the question of what does it really take to start a successful business?
It all starts with a decision. That is the decision to take the unconventional path of an entrepreneur. It is the decision to NOT go for the illusion of comfort and security of conventional societal thinking. But the decision is only the starting point.
To start a business from scratch, and grow it into a sustainable, highly profitable cash flow machine that makes an impact, you also require these 5 keys to unlock the full potential of both yourself and your business:
1. A clear, sustainable vision for yourself and your business. Your vision and goals must be clear and in alignment, and, most importantly, they must be long-term.
2. Upgrade your skills for innovation and your unique selling proposition. What makes the most successful businesses in the world successful? They constantly innovate and distinguish themselves from their competition. The only way to be innovative is to constantly find ways to improve your knowledge and skills relevant to your business/industry. Sometimes you don’t need to come up with a completely new idea. Sometimes all you need is to find a better and faster way to get your customers/clients results.
3. Optimize your environment. Your environment potentially has the most direct impact on your business success because it directly affects productivity. Optimize your environment for success and you will drastically improve the chances of building a profitable venture.
4. Overcome mindset challenges. I indicated at the start that a successful business starts in the mind of an entrepreneur, with a decision. From here, your mindset will determine not only how successful you become, but also how fast. Studies have been done that show how important mindset is in entrepreneurial success. Limiting beliefs, doubts, lack of confidence and demotivation are mental blocks that rob you of momentum because they prevent you from taking decisive action.
5. Develop and implement a strategic action plan. Business is all about strategy. To succeed you need the right strategy at the right time. A winning strategy is not created overnight. It takes time, but you can accelerate the process by working with the right people who guide and advise you, and hold you accountable for your plan.
Anyone can start a business. But not everyone can start a business from scratch and turn it into a cash flow machine. If you’re willing to do the work. If you’re willing to apply the above steps consistently, then you can be one of those entrepreneurs who makes an impact, and has the success to go with it.
