Through observing business people who have been successful, and how they achieved their success, I have concluded that there are a number of factors that must be present for business success to occur. As I like to keep things simple, these success factors can be condensed into a formula. It is:
Success = Startup Business Person + Product/Service + Market
Let us look at this formula in a little more detail. Firstly, what is success? The definition of success depends on what you want to get out of the venture, that is, what your goals are. Business success usually means creating a viable entity (business) that returns its investment and earns a profit.
Appropriate and realistic goals include to be challenged, to achieve, and to build something good. For example, your definition of success could be to earn $100,000 a year from your home business so that you can replace your full time job income.
The most crucial element of the above formula is the “Startup Business Person”. This element decides all the others.
Ultimately, a successful startup business person is someone who opens, manages and runs a successful startup business and can...
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