Critical Success Factors For Growing Business

Critical Success Factors For Growing Business

In an effort to create enduring and growing ventures, entrepreneurs require the following if they are to succeed:

1. Clarity: An entrepreneur is required to be clear of his/her vision in life. This will help her to get set challenging goals for the business. The starting point is to begin with personal values: what do one believes in and stands for. The greater clarity an entrepreneur has regarding values, mission, purpose and goals, the greater the probability that her venture will grow and succeed.

2. Competence: Even when goals are clearly defined, there is the need for an entrepreneur to constantly learn new skills and acquire experiences to permit making informed decisions. Formal and informal training are available locally and internationally to equip business owners and managers with special skills needed to create unique value to the society.

3. Reputation: The most valuable asset a firm can develop is it's reputation. Reputation is how the business is known by it's customers. Building reputation around quality, reliability, and service is critical to the survival and growth of businesses.

4. Resilience: There are numbers challenges confronting businesses especially at the initial stage. The ability to indentify and remove obstacles with focus and speed is critical.

5. Creativity: Successful businesses are innovative. The ability to think differently, faster and to figure out new and easier ways to produce and deliver products and services are very crucial to growth.

6. Concentration: Entrepreneur's ability to avoid distractions and focus on what she does best us one of secret for success. Many people spend so much time copying others and jumping from one business to the next. They are unable to focus their energy, resources and time to what they are good at. Bill Gate can expand to automobiles and pharmaceuticals, but he chooses to concentrate his attention to software and related businesses where he possessed special talent and advantages.

7. Courage: Many people tend to avoid risks and difficult endeavors. Many studies have shown that the courage to take the "First Step" makes all the difference. This entails audacity to explore and venture into the unknown with no guarantee of success.

8. Learning from Failure and moving on: As entrepreneurs target growth they sometimes fail. The ability to learn from the failure and venture out on the next exhibition makes entrepreneurs different from the "rest of the pack".

9. Financial Discipline: There are instances where entrepreneurs get carried away by short term financial successes. They tend to acquire assets and liability that contribute little or nothing to the business. In some cultures, they acquire more wives and invest massively in luxury items in an attempt to change their social outlook. This is one of the common reasons why businesses stagnant and die eventually.

10. Investment in People: Businesses that grow consistently develop the capacity of managers and employee. Also, they tend to appreciate and reward the creative talents and efforts of their employees.