Top 5 Reasons Your New Business Will Succeed

As a start-up guy, serial entrepreneur and business owner 10 times over, I have come to the conclusion that there are 5 simple reasons why a new business will be successful. No matter the arena (business or life), these 5 reasons for success are consistent.

Awareness of these reasons is critical to understanding why your new business is failing or thriving. It also allows you the opportunity to ask the question “Are We doing the basics?”

Top 5 Reasons Your New Business Will Succeed

  • 1. Good Idea – The idea for the business has to be a good idea. It doesn’t have to be great, simply good enough, founded upon a need or identifiable market space, an overall sound idea and concept. It will be up to you to move it from good to great. The movement of an idea from good to a great has less to do with the idea and more with how the idea is implemented.
  • 2. Quality Product – Quality product is something that’s overlooked in this quick, fast, marketing, viral, social media day and age. Businesses and individuals will take a good idea and couple it with a mediocre product, service delivery and experience. The result of that combination will be a failing, mediocre, run of the mill business on the verge of closing its doors. A Superb product is part of the process of moving an idea and business from good to great.
  • 3. Word Of Mouth – The number one lasting source of customers for any business is referrals. Advertising will get the ball rolling, referrals and word of mouth will make sure that it maintains momentum. The number one reason people will try a new business is because someone told them to. Think about the last “new business” that you tried, checked out, visited or experienced… my guess would be you tried it because someone told you about it. The majority of my business in every business venture I’ve been a part of, including my current situation with Nxt Level Solutions has been the results of word of mouth. People telling people.
  • 4. Change and Adjust — Change is crucial. Change doesn’t mean “being all things to all people.” Change is more about adjusting to your market, your environment, your situation, the trends etc. A successful life and a successful business are a result of change and adjustments. You can willingly change and adjust or you will be forced to change and adjust. Change is not about compromising, some of the most successful non-compromising people are willing to change.“Life is change, growth is optional… choose wisely.” ~Karen Clark
  • 5. Hard Work — There is no substitute for hard work. In life and in business elevators and shortcuts are helpful; however sometimes you have to take the stairs. Good idea, good product, word of mouth, adjust and work hard.

If you want your new business, church plant or start-up to succeed, it will boil down to these 5 things.

Thoughts?

  • Can I add 1.b? It’s actually an expansion on finding a “need or identifiable market space”, and this is to solve specific problems people are willing to pay for. People have lots of needs, but there are some they may not be willing to pay to have met. I’ve found when you can solve a specific problem, for a specific person who is WILLING to pay for a solution it’s win -win. Solid stuff, Scott. 🙂

  • love them….i’d say smart hard work….cause you can work hard and not smart and get no where

  • Opata Olende

    This is a good reminder for those of us taking the plunge into new business. I love your point about word of mouth still being king.

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