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Important Factors In Business Success

If you want to now what it takes to enjoy entrepreneurial success, here are the fascinating results of a survey on success factors. Summary: You need

1. Ideas

2. Experience

First, I agree that the importance of ideas cannot be underestimated. When an entrepreneur starts up, the only assets of the company, hence its only value, come from the ideas of the founder. But ideas are “a dime a dozen.” Your ideas will simply be discovered and used successfully by others unless you act on your ideas and you protect your ideas from being taken by others.

Second, your experience in your industry is invaluable for you to understand customer needs and wants and the competitive landscape. Interestingly successful entrepreneurs rank the role of advisors low among the factors that contribute to their success. I think that result is simply telling us that advisors probably cannot replace your own experience with your product or service. But it is obvious that advisors can be indispensable in helping you run your company. After all, the vast majority of entrepreneurs don’t have any experience at all when it comes to running a company.

So, collect your ideas based on your industry experience. But seek appropriate advisory help to buttress your general lack of knowledge about running a company and protecting your ideas.

 

Argent Place Advisors serves small business owners as a trusted advisor on business and legal ways to improve their company’s value.

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