After years working in fast pace online businesses, both high growth start-ups and larger corporate environments, these key factors to success in business were found to be critical. Even if you’re starting your own online business or trying to move up the corporate ladder, you should add these universal success factors to your mission statement.
Develop Good Ideas – Success starts with a good idea. Sometimes it’s an AHA moment and sometimes it’s an idea developed after learning from your mistakes and using those learning’s to make an idea better. Ask your peers what they think of your idea. Get solid feedback from people you respect. Tweak your idea until you’re confident it’s a good one. Always believe in yourself and your idea even if everyone doesn’t agree with you. Remember an idea isn’t the most important factor towards success as your idea can always be adjusted or changed. Don’t be afraid to throw out an original idea that’s not working. Eliminate the guesswork, brainstorm, and continue to fine tune your idea as this will put you ahead of the game and on your way towards reaping the rewards later.
Work Smart – Don’t make yourself a martyr by burning the midnight oil. Try your best to not take your work home with you. If you’ve had a bad business day, that doesn’t mean you’re family or personal life should take the brunt of it. Stay light, be aggressive, and plan accordingly. Before you spend hours going down the wrong road, set your course of action through a detailed plan and eliminate any back tracking. Read the 4 Hour Work Week to by Timothy Feriss to get some ideas on making your time more impactful.
Surround yourself with great People – When asking some of the most powerful business leaders I’ve known, one of most important keys to their success was people. People can be your greatest asset or an enormous liability. Great people will push you, teach you, inspire you, and ultimately grow your business.
Be Frugal – Frugality is tough but is definitely one of the most important success factors in business. Control your spending as business boils down to a very simple equation, Revenue minus Expenses equals Profit.
Execution – The single most important key to success in business is execution. You may come across millions of ideas but the proof is always in the pudding. Can you execute upon this idea? Can you turn this idea from inception into a real living, breathing business venture? So make the tough decisions and execute upon your idea, and be sure to make the necessary adjustments and tweaks. Don’t strive for perfection as nothing or no one is perfect. Instead strive to execute upon your plan of action. The better you become at execution, the more success you will see in business. Period. Ask Larry Bossidy, Ram Charan and Charles Burck who wrote the book Execution: The Discipline of Getting Things Done” and I’m sure they would agree.