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Essential Factors for Succeeding in Business

essential1Aspiring entrepreneurs who plan to establish their own businesses are inspired by several factors that can motivate them to push for success. They usually set a variety of goals that guide them in every undertaking and hire employees who are not only equipped with the necessary skills but have the right mindset that suits the company.

Unfortunately, not all businesses owners are able to achieve the results they expected. Studies show that most start-up companies don’t last beyond the first five years. Researchers and business experts have performed countless of studies to determine the essential factors that make for a successful business. But so far, results have been less than promising until J. Robert Baum from the University of Maryland made some compelling discoveries as he tried to explore the essential factors for business success. His research exposed him to the disappointments, challenges, and pains that aspiring business owners faced and he usually ended up with vague results.

For six years, Baum studied over 400 start-up architectural woodwork companies. He finalized his tests after going through some of the old factors he studied in the past where he made some changes or added new things in order to find out how the old factors can affect the success of a business.

Initially, Baum interviewed the CEOs of these firms and key employees handpicked by said CEOs. His questions were aimed at uncovering and defining the motivational factors of the CEOs who are planning to start their own business. The development of each firm was monitored over the next six years as he checked which companies made it and which ones failed. Once the study was completed, Baum re-evaluated the motivational factors of the CEOs and related them to how successful their business became.

essential3

After six years of relentless pursuit over the factors that makes for successful business, Baum concluded that success is tied to being self effecient. This is a trait best exemplified by people who have a strong belief in themselves and their capabilities. People who are meant to be successful often hurdle over challenges and are able to solve problems simply because they are able to get a clear head even when the going gets tough.

Trust is another element that makes for a successful business. Trust in the leadership of the CEO, trust in the employees and the trust given by customers to companies, all these contribute to business growth.

Owners of start-ups must know how to build and maintain these relationships while ensuring they have self-efficacy in order to gain their trust. Every other factor that can lead to success has lesser importance. However, being self efficient only be achieved through proactive mastery. Entrepreneurs must learn everything about the industry they are involved in and be updated about any changes. They should have knowledge and master over the products or services they offer and believe that they can be beneficial to the customers. Even the best of them all are not afraid to challenge the norm and innovate. In order to get the results you want, you need to learn from your industry, the people behind your business and push to become even better as a group.

by: Jeffrey Slayter

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