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June 18, 2014 at 12:00 AM
As the chairman of one of the world’s largest business support organizations, I’ve encountered countless prospective entrepreneurs trying to put their ideas into action by launching a business. My experiences have given me a unique insight into what makes and breaks a business in today’s market.
Here are four essential tips for shaping a good idea into a great business:
1. You can’t build a business as if it were a hobby project. Entrepreneurship should never be a casual endeavor. Building a thriving business in today’s market means devoting yourself fully to your company’s mission. Setting your business aside for any length of time can lead it down a slippery slope and you may not be able to crawl back up. Keep yourself organized, set clear goals you can accomplish and dedicate yourself to making sure your ideas come to fruition.
2. Wrong sequence ends in business failure. One of the biggest hurdles to business growth is the lack of a detailed planning system. No matter how big your idea is, expecting overnight success can blind you to practical considerations which can quickly outpace your ability to deal with them. Move your business forward one step at a time, and more important, know where you’re going before you try to get there.
