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 more essential tips for shaping a good idea into a great business:
1. Real wealth includes benefiting others. All the growth in the world means little if you do nothing to benefit those who helped you get there. Your team and support network need to be rewarded in direct correlation with the effort they put into the business’s success. While numbers need to be your first concern when it comes to sustaining yourself and your ideas in the market, make sure you measure your success by more than just the bottom line.
2. As you grow your network, your network will grow you. Don’t get tunnel vision when it comes to the day-to-day details of running a business. In today’s business world, every connection you make can be a game-changing opportunity. Never walk away from the chance to shake hands with a potential partner, no matter his current value to you and your business. Grow your network every chance you get.
3. Nothing will grow you more than growing your dreams. While it’s important to consider all your decisions through a filter of practicality, never convince yourself you can’t achieve what you’ve set out to do. Businesses never fail because a dream is wrong; they fail because the dreamer chose the wrong path to achieve it. Remember that the more work you put into getting to your destination, the more meaningful arriving at it will be.
4. Competition slows everything down. If your definition of progress includes hurting other companies, you’re not in the fast lane to success. Although the market environment may appear inherently competitive, a collaborative approach can make everyone’s ideas a reality faster than isolation and fighting over market share. Look at your competitors as potential partners and find a way forward that includes everyone.
Running a business is a challenge at the best of times. Remember these rules on your way to the top.
Sign up for The Lead and get a new tip in your inbox every day! More tips:
- 9 business development questions, Part 3
- Practical ideas to increase sales in any economy, Part 1
- 4 lessons to help you build a better business
Berny Dohrmann is the founder of CEO Space International, one of the world’s largest support organizations for business owners. For more information, go to www.ceospaceinternational.com.