What are the keys to success in business?
Although all businesses aim tall at the beginning of their journey, the reality is that only a small proportion of companies will create it to their intended success. Most businesses founded today are destined to become other failure statistic.
At the Keys to Success event held by business management service Catapult, Mike Boorn Plener, the founder of Catapult and speaker of the event, spoke about the importance of managing mindset, revenue, getting a great team in and raising capital in order for business owners to succeed.
From the presentation that Dynamic Business attended, we have collected some useful tips on making certain that your business is on the right track for making profit, gaining capital and achieving success.
Thinking it over
Managing a business is a constant battle. With the never-ending cycle of devising, contemplating and revising business plans, the road to success is incredibly heavy.
Early in the talk, Mike pointed out that it is worth taking plenty of quality time to think through your company's potential. This will ensure a good start in the first year and create a important difference for a business long term.
Getting into the right mindset and reflecting on the business idea is one of the trickiest tasks that entrepreneurs will encounter.
Mike advised that in the initial phase, it is crucial that owners are open to suggestions yet mindful of their own convictions.
Specifically, he suggested that entrepreneurs to ensure deep subject matter expertise near their businesses and unlimited passion for what they do; at the same time, don't be afraid of being proactive and making mistakes - that is, within a reasonable scale, of course.
This is a great strategy for entrepreneurs to gain an insight into the pros and cons of their current business strategies and identify practical solutions to improve the situation.Revenue strategies
Ensuring a sustainable access to revenue is one of the most important tasks for businesses if they wish to "make it" in the long term; there are many ways to establish a solid premise for this endeavour, ranging from figuring out the right business branding to acquiring relevant joint ventures and partnerships.
Once the business is established, Mike shared that owners could maximise their revenue through different hacks, including:
Having the right team is also an essential piece to the puzzle.
To ensure that their businesses are set out for success, entrepreneurs need to not only select the right team but also have a systematic arrangement of the personnel.
Mike emphasised that "a great team is the lifeblood of nearly any business". Leaders could ensure that the team stays at its top game by keeping relevant management tips in mind, such as:
Last but not least, learning the mechanism of raising capital is other crucial task for entrepreneurs to create certain that they are not cut out from the operations of their own companies (i. e. from accepting terms where investors take the majority share! )
Mike mentioned that in order to perform well in the capital-raising process, business owners must strive to build a comprehensive business model, reach the right kind of investors and build a relationship with them based on trust.
To get started on your first pitch, you can work with Mike's recommended material down below to get organised: