Entrepreneurial success could be referred to as creating sustainable financial success and making a sustainable positive difference in the World or on people.
There are many factors that most entrepreneurs have considered to be contributors to their success. These determinant factors are not unanimous to all entrepreneurs. However, there are a number of them that are common for any business to succeed.
Among them;
- Strategic focus: A business strategy is what the business does and the benefits that are discovered through the performance of these activities. A business is successful if it ties its strategies to its competencies.
- The business adaptability: The business world is never statics, it is actually very unpredictable. However, the business’ ability to respond to the various circumstances and remain competitive makes it successful.
- Effective and efficient leadership: When a business has outstanding leaders, they influence the performance and attitude of the workforce. Good leaders lead the business to new levels as they aid in solving problems and motivate workers to attain the business goals.
- An outstanding workforce: Individuals who are competent and self-driven determine what happen to the business. Employees who love their job and are always looking forward to finding better ways of performing their tasks determine how far the business goes and what it achieves in a span time. According to Mary Kay Ash,”A business is only as good as the people it keeps”.
- A healthy corporate culture: An organization where people collaborate and share knowledge is likely to be successful because individuals care about their job and they work towards achieving the business’ goals.
- Loyalty of the customers: If your business can make promises and deliver them to customers, you are likely to grow the customer’s loyalty to your products. If your business cannot serve customers and met their needs, then it is as well dead. You have to understand the specific need of the customers and work to meet them efficiently.