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11 Factors for Business Success, Prospective Entrepreneurs Must Read!

Admin BFI
5 July 2022
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11 Factors for Business Success, Prospective Entrepreneurs Must Read!

Talking about business success factors, of course, every entrepreneur or entrepreneur has their own definition that they believe in. There are people who think that a business is declared successful or successful if the profits obtained have reached double the amount of capital spent. There are also those who think that a business can be said to be successful if it has carried out mass expansion.

Whatever it is the meaning of business success that is believed to be, in fact, every entrepreneur or entrepreneur must have 2 main business success factors, namely skill and attitude factors.

In addition to the 2 main factors, the following 10 factors must be present so that your business can continue to survive!

 

11 Business Success Factors

Faktor Keberhasilan Usaha

Image Source: Pexels/Ketut Subiyato

What are the business success factors that need to be considered?

1. Business Knowledge

Knowledge is very important, especially when you want to start a business. Make sure you have a knowledge base related to the business you want to run. For example, you want to open a coffee shop business. So it's a good idea to understand how to make coffee, the types of coffee, and certain techniques used in the art of making coffee.

In addition, you also need to equip yourself with basic knowledge in managing finances. As we know, money is the spearhead of a business. Without good financial management, the business that we live in can be threatened at any time out of business.

2. Capital

Business capital has an important role at the beginning of opening a business. Without capital, we cannot prepare various necessary business facilities, whether it is the need for basic materials, tools, or other operational costs such as promotions.

Therefore, we should prepare sufficient capital before starting a business. Whatever business you will later undertake; small, medium, and large scale, keep trying to obtain and use capital as effectively as possible. The way to forget to record the existing cash flow, huh!

3. Careful planning

The next business success factor is careful planning. Some people think that a business can run as long as there is the capital and strong determination. This is not wrong, it's just that without careful planning you will find it difficult to deal with various conditions that come and go.

Some of the important things that you can use as a reference include:

  • Conducting Business Analysis, one of which is by means of marketing research

  • Determining the Target Market and Business Achievement Target

  • Following the Latest Trends

  • Understanding Competitors

  • Maximizing Social Media, including implementing strategies in the form of awareness, promotion, and others

4. Self-confident

Having self-confidence goes hand in hand with having a strong will. This attitude of optimism needs to be built from the start you decide to open a business.

If you don't have enough confidence, how can you possibly convince potential buyers to use your product?

In addition, with self-confidence, it will certainly be easier for you to face the various obstacles that exist.

5. Dare to Take Action and Risk

Anyone can dream and have bright ideas. However, how many people are able to turn their dreams into reality? Only a few people can do it. Because to get something it takes courage to act and take risks.

Likewise with starting a business. To achieve the desired success, you are required to be brave in acting and taking risks. Ups and downs in business are natural things.

6. Have Creativity

Memiliki usaha sendiri tentu sangat mengasyikan. Anda dapat mengeskpresikan diri sendiri lebih baik, tidak terikat oleh aturan, fleksibilitas, dan berinovasi tanpa batas. 

This is of course continuing with the success factor of the next business, namely having creativity. Develop your creativity, create unique products, and build your own market. If you succeed in doing so, it is not impossible that your efforts can last for a long period of time.

7. Teamwork

Success in starting a business does not occur singly or only from 1 person, however, the intervention of other parties also supports this occurrence. Through good teamwork, you will be able to get the desired success.

For example, collaborating with your business partners to improve the quality of products and services, collaborating with employees in managing outlets, collaborating with suppliers in selecting quality raw materials, and much more.

8. Networking

Networking is very crucial in running a business. Through good and broad relationships, your business will be better known by the public and allow your business to develop more.

So, make sure you don't feel shy or embarrassed about making new relationships as this can really work in your favor!

9. Leadership

The attitude of leadership or leadership is a business success factor that is no less important. An entrepreneur or entrepreneur must be able to lead himself, his business, and his team (if any).

10. Resilient

The business world is very dynamic. Every day there will always be new products and competitors with various innovations. Be an entrepreneur who is resilient and able to adapt in all conditions. Don't give up easily in every obstacle that befalls you.

This is an explanation of the factors of business success. Hopefully this information can add insight and be an encouragement for all of us to become better individuals!

11. Discipline

Success is not obtained instantaneously or simply by carelessness. Discipline is needed in managing many things, including in building a business. Make sure you are always disciplined so that you are not easily distracted and are able to achieve your goals.

This discipline also needs to be applied in all aspects without exception of the existing human resources when you work with other people or have employees.

This is an explanation of the factors of business success. Hopefully, this information can add insight and be an encouragement for all of us to become better individuals!

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