The Difference Between Success & Failure When Starting a Business

The Keys to SuccessToday I was asked for the top lessons that I’ve learnt along my entrepreneurial journey. It took a lot of thought and consideration and as a result I’ve assembled this list of the biggest lessons that have been vital to our success. Take a moment to read and consider them carefully, they very well could be the difference between success and failure for you as well.

  • Know, Like & Trust
    This is the single most important point any entrepreneur must know. People do business with those they know, like and trust. You need to invest the time to allow a client to get to know you, to learn about who you are and what motivates you to succeed. Once they get to know you and see that you care about the products/services that you provide and that you genuinely wish to help them then a bond of trust is created and strengthens as time goes on. Like is the intangible item in this list. In most cases it is easy to build like, but, occasionally personalities are incompatible and it’s unlikely that a sustainable ongoing business relationship will succeed. People are emotional beings, the decisions we make, investments we choose and alliances we form are based upon these three pillars (know, like & trust). If you are able to achieve and maintain all three of these then you’ve acquired a client for life.
  • Build Your Team
    Building businesses requires a team of all-stars. Even solo-preneurs require support from external parties (partners, accountants, lawyers, banks, investors, distributors, resellers, suppliers, and the list goes on). Take the time to build an all-star team; without it you’ll struggle when trying to push through many barriers. Even worse, you’ll miss out on transformative opportunities and the opportunity to push through other barriers because you won’t even know that they exist!

Continue reading