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Entrepreneurs - October 14, 2022

3 Things that Make a Successful Business

Businesses with market capitalisations that run into billions of dollars have one thing in common — success. This is because they share the same traits that pave the way for a business to be successful.

These businesses exhibit traits such as motivating their employees with incentives, being customer-centric, and having a strong driving force despite being in different sectors, delivering various services and products, and operating distinct business strategies.

Having some of these traits and more has helped companies build wealth over the years and become some of the most successful businesses in the world. Implementing these three things will make your business successful.

Mission and vision statement

Every successful business has a mission and vision statement. As the success of a business depends on both, the mission guides the entrepreneur towards achieving the vision. This has seen many entrepreneurs like Tony Elumelu exceed the borderline of success.

He said, “My vision for the foundation is to unlock the obstacles that African entrepreneurs face so that they, rather than aid agencies or governments, will spur the continent’s transformation.” His vision led to the creation of the Tony Elumelu Foundation and the promotion of African entrepreneurs.

Besides guiding entrepreneurs, it also instills a sense of purpose in employers and gives them something to strive for. This way, a personal connection is created between them and the company, which motivates them to be dedicated to boosting productivity.

This explains why Strive Masiyiwa, an African billionaire said, “A vision on its own is not enough. Hard work and dedication are required to make that vision a reality.”


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Focusing on customers

The fact is that customers are king. They are crucial to the success of any business. Hence, customer service and experience should be the focal point of every business. Jeff Bezos, one of the wealthiest people in the world, said, “The most important single thing is to focus obsessively on the customer.

Our goal is to be earth’s most customer-centric company. We see our customers as guests at a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”

To satisfy your customers, you must ensure your brand and products are tailored to their needs. You deliver value and build a reputation that translates to more customers and revenues.

Jeff Bazos supported this and said, “A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well.”

Remember, “If you make customers unhappy in the physical world, they might each tell six friends. If you make customers unhappy on the internet, they can each tell 6,000.”

Pursuing long-term goals

Importance of having general and long-term goals quotes from established entrepreneurs and examples of entrepreneurs 

Goals give you the direction of what you want to achieve. The realisation of this has seen many businesses grow from zero to millions through their short and long-term goals. This served as the foundation of success and paved the way for many well-established companies today.

Long-term goals are crucial. The goals can be investments in projects that might take years to be achieved or plans to expand the business to a particular milestone in years to come.

For example, at the inception of Alibaba, the founder, Jack Ma, said, “What we will build is an e-commerce company. Firstly, I hope it is going to last for 102 years. Secondly, we will serve all the middle and small-sized enterprises in China. Thirdly, we will make it the biggest e-commerce company in the world and a top ten global website.”

With the vision in sight, he nurtured the company to be one of the best e-Commerce platforms in the world. This was done gradually, with the short-term goals serving as the stepping stones to the long-term goals. However, ensure your plans are flexible. This allows modifications when it is not fulfilling the mission and vision.


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