- April 23, 2019
- Posted by: Koyona Duke
- Category: Entrepreneurial Development, Learning, SME Support
The definition of success is different for many. According to business Dictionary.com, success is about completing an objective or reaching a specified goal. We all know that really defining what success is, can be tricky. For many, it pretty much emulates the life of a Nigerian music celebrity, for others, it is simply being able to do what you want, when you want and be able to afford it.
For the purpose of this article however, we will define it as the achievement of goals or objective we have set out for the business that gives us an edge and improves our effectiveness. In the simplest of its forms, success will entail being able to run your business at a profit, exist debt free and be able to invest and reach the rewards of your business, whatever they are.
No matter how lofty or little your goals, no matter how the vision presents, how to unlock success within your business remains the million dollar question. Here are 5 ways to business success curated from some of the top leaders in their fields for your education and growth.
- A Vision: How do you achieve what you cannot visualize? Most of us on a business journey figuratively jump around from target to target without having a direct aim that our businesses wish to serve. What is the vision you wish to achieve with your business? Where is that particular goal that can help you keep track your journey? The beverage giant coca cola has the vision to be the ‘undisputed leader’ in any market that they compete. They know what this leadership means to them so they will work hard with targets set up within their mission, purpose and goals to ensure that they achieve this vision. Another brand with a compelling vision is Lyft who want to use their technology to create better communities where people feel more connected instead of apart. This vision will then go on to guide all that the brand does so that they are in no way deviating from the Vision.
- Intentionality: Going through all the tenants and pyramids crafted out in books as well as stories from highly successful individuals, very few arrive in those locations by simple luck. No longer can success be derived by striking gold mistakenly on a hot day. Majority of those who are successful worked intentionally over a long period of time toward a particular goal. The same can be seen in personal growth journeys as well as successful businesses. How can you harness a more international approach for your business in the organisation and processes so you can be successful?
- Self-awareness: How well do you know yourself and in turn how well do you know your business? Self-awareness and Emotional intelligence go a long way in pushing us towards achieving our goals and visions. If you don’t know your business SWOT (strengths weaknesses opportunities and threats) how do you harness opportunities or play your weaknesses against strengths especially when you are operating in a highly competitive sector? Self-awareness is a key factor in SMSE success. As the popular saying goes ‘if you don’t stand for something, you will fall for anything’ the more aware of yourself and your business you are, the higher your ability to succeed no matter how much needs to change
- Teams: The wise say to ensure you hire people who are smarter than you. Your business should not be an expansion of your ego is anyway. In other to remain highly dynamic and sensitive to learning, ensure your team is 100% on board. The team is one of the most important factors that could make or break your business in any sector. The nature of good teams ensures that the collective weaknesses are downplayed and collective strengths are pushed forward so the team shines and in turn, you build yourself a strong business. Your network, as well as the people who help in the support of your teams, also play a huge role in the drive of a businesses success.
- Timing: how sensitive are you to the timing within your industry and even the general economic atmosphere you are existing within. Brands like Paystack, Farmcrowdy and Netflix are as successful as they are because they were ready and positioned to take advantage of the time and frustrations and change of trends within the market. In the case of Paystack, the time was right to harness existing platforms to make payment easier for small businesses to receive money along their value chain. The same thing applies to Netflix harnessing the timing of wider access across the globe to better internet connectivity. How is your business taking advantage of trends and timing to solve problems and build lasting success?