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3 Elements of Business Success

by Olufisayo
100 Brilliant Business Ideas You Should Consider Before You Give Up Trying
Elements of Business Success

Building a business empire begins with an idea or inspiration and the willingness to do what it takes to make it happen. The mythical entrepreneurial spirit is the stuff of legends.

Often, business success is only realized after long hours of hard work, setbacks, and failures. Many people begin the quest to build a company from scratch and never succeed.

Today, the internet has empowered entrepreneurs to take their dreams out into the world by simply convincing customers to click here.

Organizations that, find a need in the market where they can profitably add value, and, execute their plan effectively, seem to succeed. There are many steps in the process and some key elements are necessary. Once a demand has been identified the next step is to determine if there is a way to add value around that demand.

Next, is the determination of whether meeting the need with an added value can be accomplished profitably. When that hurdle is cleared, a plan can be formulated and executed.

There are many factors that influence the execution of a plan or strategy and contribute to its result. While many variations exist based on the industry or market, there are some common elements associated with achieving a positive outcome.  These include leadership, communications, and teamwork.

Leadership

One person seldom achieves huge results alone. There are exceptions but most businesses involve many people. The importance of an ability to lead a group in a way that results in productive activities cannot be overstated. Part of this element is the ability to articulate a clear vision of the objectives and the path to those objectives.

These are goals and plans. Another piece of leadership is the ability to inspire people in such a way that they will accept ownership in the successful execution of a plan. Finally, leadership is about example setting. People watch what we do more closely than they listen to what we say. Leaders set the example and help others to be accountable.

Communications

Articulating the vision is an example of this element but communication goes much further. Information is the lifeblood of business. It holds knowledge and as the saying goes, knowledge is power.

Communication is as much about listening and reading as it is about speaking or writing. An organizational focus on communicating intentionally and with clarity at all levels and in all directions is pivotal in good decision-making.

Customer facing communications may be the only impression some people will ever get of a company. Each interaction with a customer represents an opportunity to improve or damage their impression of your abilities.

Teamwork

Accomplishing big things requires the coordinated effort of many people. The inability to work as a team will destroy the ability to improve and further innovate as a company. Teamwork is, in part, a result of the first two elements of leadership and communications.

The Greek philosopher Aristotle is credited with the concept of the whole being greater than the sum of its parts. This aptly captures the essence of the element of teamwork. When all participants accept this premise and apply their best efforts in a coordinated fashion the outcome is often quite astounding.

Entrepreneurs believe in something so strongly that they sometimes bring it into reality. Leadership, communications, and teamwork are key elements to executing a business plan well. Another indispensable element that entrepreneurs must bring to the table is hard work.  These taken together are often the recipe for success.

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