Want to start small or large and win big? Start first by keeping it simple. Know how to analyze an opportunity.

 

The goal of most entrepreneurs is to win big! Unfortunately, most businesses fail or struggle for years before making money. Often struggling business owners skip over or ignore two important concepts that successful owners know.

First, as a business owner you have to define what success means to you. For example, for me, success means having a well-run business with:

1. Increasingly strong yearly profits

2. Internal discipline with respect to processes, goals, and results

3. A competitive nature resulting in high customer loyalty and increased market share

4. Curb appeal (i.e., other business owners would love to buy it)

5. Once you are clear about your goals, you can achieve them. Knowing what success means to you helps define the business and gives you parameters for growth.

The second concept to making it “big” is a bit more difficult. It requires the mental discipline to steer clear of all the minutia surrounding business ownership, and to think strategically. Every successful business owner is most concerned with two factors:

1. The Opportunity: Are there favorable factors for growth? Is it difficult for competitors to enter the market? Will you have the ability to retain strong gross profits?

2. The Owner: Do you have the talent, toughness, competitiveness and strong character to take the business to the top?

Want to start small or large and win big? Start first by keeping it simple. Know how to analyze an opportunity. Then determine whether or not your experience, ownership skill, resources, and competitiveness will allow you to not only win but win big in the market.

For a thriving business start by being clear on what success means to you and then remember your business is more than just the day to day operations. You must always consider new opportunities for growth and evaluate them against your talents, skills and determination. 

Most markets are war zones because there are always competitors who want to grow their businesses. And as their competitor, you are in their way. You have what they want, new and loyal customers. Keep in mind that making it “big” demands toughness and a strong competitive appetite.