And yet, so many new entrepreneurs don’t know what it takes to start a new business successfully.
In this post I will discuss the three factors required to start a successful business. Once you know these factors you will be better able to be successful in your new venture.
Two factors form the foundation. In a way they are just common sense: you need the skills and resources.
If you are going to start say, a picture framing business, you have the skills to do picture framing.
By resources we basically mean money. For picture framing you need certain tools and supplies. You need money to acquire those, as well as pay the rent, insurance and so on.
But there is a third factor, which is indeed the pinnacle of our success triangle. The third factor is passion.
You need to be passionate about what your business is about. It is passion that will attract your customers. It is passion that will keep you going when things are tough, and there will be tough times!
So if you are considering a new business, think of the three success factors, skills, resources and passion. If they are true for you, you are well on your way to being successful.
In our next post we will discuss that first critical step, without which the three factors will simply be wasted.
To be sure you are reminded of our articles, sign up for our free monthly newsletter (HMD News) in the sidebar on the right.