5 Factors That Contribute to the Success of Your Business

Source | Entrepreneur : By 

Owning a business is very appealing to people for many reasons — you get to be your own boss, work with amazing people, create your own schedule and turn a passion into a career. There is nothing easy about it, though.

Often, first-time entrepreneurs jump in head-first and become blindsided by the reality of running a business. So, what does it take to launch a successful business? I spoke with several business owners via a HARO query and came up with five factors that are key contributors to business success.

1. An innovative business idea

If you want a shot at surviving, especially in a competitive industry, you need to determine what sets you apart from the other available options. Clever marketing or an exciting technology alone won’t guarantee that your target customers will be wowed by what you’re offering — you have to offer real value and/or a new experience.

Richard Werbe, founder of micro-tutoring service platform StudyPool, explains his strategy for coming up with an innovative business idea, saying, “You have to pay attention to trends. Most people think they have to come up with an entirely original idea, but you can take current popular trends and build from what you’re already seeing out there, creating an improved service or product.”

The market will dictate whether your business will succeed — nothing else — and one way to stack the odds in your favor is to have an innovative product or service that will be well-received. You don’t have to completely reinvent something — just make it better.

2. The right talent

The long-term success of your business requires that you assemble the right talent to build your brand. Your team is the company’s backbone, and one cancerous person can completely derail your progress. Whether you are building an on-site team or a remote workforce, one thing remains the same — the right talent matched with the same vision will greatly improve the chances of success.

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