Most entrepreneurs are impatient by nature. And why wouldn’t they be? They have an exciting “cool idea” and are itching to take the concept from coffee shop napkin to execution. Before you rush into executing, however, there are three important steps you should take on how to succeed in business:
How To Succeed In Business
- Set Goals
The first logical step in developing any successful business is to set goals – both for yourself and your new venture. Studies have sown that setting forth clear goals increases an entrepreneur’s likelihood of success by as much as 20 percent. That’s right. Before doing any of the hard work, by simply setting a goal for yourself, there is a 1 in 5 chance you will be successful.
Your goals must be specific, measurable, and subject to deadlines. In other words, you should know what you want to accomplish, and by what date. To get started, make yourself a list of all that needs to be done between now and accomplishing your goal. Then, break it down. Make it more manageable. What can you accomplish in the week? Month? Year? You get the picture…
- Develop a Solid Financial Model
Typically, the last section of a business plan is reserved for your financial summary. You might reasonably assume, therefore, that the financials are the least important detail. Well, you’d be wrong. What investors often care most about is your financial plan. So it behooves you to prioritize your financials early on, and write your business plan backwards. Once you develop a sustainable financial model, the rest of the plan will fall into place all on its own.
- Define Potential Obstacles
In developing any successful business, it is critical that you anticipate what might go wrong. Every company experiences obstacles, but it those that can anticipate them and clear them out of the way before they cause real damage that succeeds in the long-run. In order to do so, prepare to make sacrifices. You may need to tweak your product, refine your sales pitch, overhaul your team, or cut costs. Picture your potential obstacles, and decide in advance how you might overcome each of them.