The Essential “F’s” to Entrepreneurial Success

The great day has arrived. Now, you have finally opened the doors to opportunity – you have identified a unique idea, constructed your business plan and gathered your crucial resources. What are the essential factors that determine your business success?

  1. Founders – Every start-up business must have an excellent, determined and knowledgeable entrepreneur. A business will never be built without you!
  2. Focused – Businesses must have a focused market need, a specialized one. Perhaps, niche market would be a better for start-ups. Successful business lies upon focused market needs.
  3. Fast – The rate of change in business is rapid. Product life cycles are getting shorter. Technological innovation progresses at a relentless pace. Government rules and regulations keep changing. Communications and travel around the globe keep getting easier and cheaper. And consumers are better informed about their choices. To survive, let alone succeed, you must be quick and nimble.
  4. Flexible – You must be ready for rapid changes – personnel factors, environmental factors and social factors. Alternative plans and strategy is a good preparation for such. Be flexible and stay successful.
  5. Forever innovating – Small businesses are great innovators. Whether you hope to build a big company or a small one, the message is the same: Strive tirelessly to keep productivity high.
  6. Flat – You must have a few layers of management as possible. Start your way in and learn things slowly.
  7. Frugal – Maintain your overheads low, productivity high and ownership of capital assets to a minimum – only spend with useful and utilize them well.
  8. Friendly – But, whatever you do, you probably won’t be able to attain much success unless you have happy customers, happy employees and happy suppliers. The secret is you have a friendly business. This means, that everyone in your company must be friendly, especially those that deal with your customers and your suppliers as well must be happy to serve you.
  9. Fun – Stress always comes in. Having fun is one of the keys to keep your business stride high. You would not have put in 12-hour days and even sometimes overnights to catch up with the relentless pace of entrepreneurial changes without your own dreams and passion.

Determined entrepreneurs have the nine F’s at the outset. Those that become successful and grow pay attention to keeping them and nurturing them. Small businesses are those that are updated and continuously innovating. No large businesses started as one, every business started from the bottom of the iceberg.

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