The 3 Most Critical Components to Building a Business
Succeeding in business is often a combination of ingenuity, hard work, perseverance, and, yes, even luck. But there are a few things you can do to ensure that the odds are in your favor. Here are three things that are absolutely vital to building a successful business.
1. You must be passionate about your business! This level of passion requires genuine commitment and belief in your company’s mission. If you aren’t passionate about what you do, you can’t expect your employees to be passionate. Passion is contagious! Unfortunately, a lack of passion is also contagious. Without passion, neither you nor your employees are going to present a positive image to your customers. Passion starts with the business owner!
2. You must build a unique culture that identifies and recognizes your top-performing employees. This can be a formal process but, it has been my experience that an informal process can be much more meaningful to the employee receiving the recognition. If you want more of “IT,” reward “IT.” Here are a few ideas:
- small gift certificates for meals or entertainment
- a small surprise bonus
- an unscheduled day (or afternoon) off
- a small office celebration recognizing an employee’s achieved goal
3. You must strive to exceed your customers’ expectations. No matter what product or service you deliver, make sure that your business exceeds your customer’s expectation. Or go even further, PROVIDE FOR YOUR CUSTOMERS DESIRES AND UNRECOGINZED NEEDS. If you can achieve this level of customer satisfaction you’ll turn your customers into a network of testimonial-providing fanatics. The best salesman you’ll ever have is an enthusiastic customer that is thrilled, and beyond, with you and your business.
READ MORE FROM AMERICAN COMMERCIAL CAPITAL
In this week’s business video roundup, Steve Forbes and economist Carl Schramm talk about how U.S. regulations can hamper entrepreneurship, Gary Vaynerchuk and his interview guests delve into what your goals should be in the first two years of your business, and millennial founders Adelle Archer and Adam Lyons debate the pros and cons of starting a business in your twenties. Plus, CNBC explores why Hollywood-backed streaming platform Quibi shut…
In this week’s roundup of great videos for small-business owners and entrepreneurs, Brian Tracy discusses how to adapt your goals when faced with uncertainty, Evan Carmichael reveals the five skills you need to build a multi-million-dollar business, and Stanford GSB’s first View from the Top talk of the year features Starbucks COO Rosalind Brewer. Plus, Entrepreneur Elevator Pitch makes a comeback with three fresh new entrepreneurs seeking additional funding, while…
In this week’s business video roundup, Gary Vaynerchuk chats with Walmart eCommerce CEO Marc Lore, Forbes explores how some small businesses are finding success during the pandemic, and Inc. reveals three science-backed techniques to boost your team’s morale. Plus, CNBC investigates how Garmin is staying afloat now that smartphones have radically changed the GPS market, while Marie Forleo gives tips on how to find your niche if you’re overwhelmed with…