It is widely said that great businesses arise out of great ideas. For the success of any business, the first and the foremost ingredient required is innovative intent and ideology. If the entrepreneur/ businessman will lack the intent, he will forever struggle in establishing his business. However, in this article today, I’d like to classify and integrate all the things required for the success of an entrepreneur besides having the best of ideas.
Guy Kawasaki, founder of AllTop once said, “Ideas are easy. Implementation is hard.” So, even though ideas and plans are required to run a business, effective implementation of these ideas is extremely important. This has to be done by an effective and efficient allocation of both human and physical resources in the company. So, once the plans are drawn out, the first and the foremost step required is controlled and supervised direction. This can be done by conducting employee training programs and workshops to polish the skills of the employees and tap the best out of them. Once this is done, they must be motivated from time to time by providing them with financial and non-financial incentives. Their performances must also be monitored and be compared with the standard performance set by the respective company. While all this being done, the company must also recruit fresh employees from time to time so that it is able to get the best workforce.
The entrepreneurs must always be poised, unambiguous, calm and composed. They must always express full dedication towards the employees so as to maintain their trust and loyalty for the company. This can be done by establishing employee developmental schemes from time to time. So, their fundamental purpose must be to serve and constantly motivate the employees of the organisation to perform better each day.
While all these movements are required inside the company, the company also has to control and monitor the market demand and supply. It has kept itself intact with the business atmosphere and be constantly aware of the recent trends and change. This is extremely important as only then can the company evolve and be able to maintain its position. When new trends, tastes, fashion, etc are introduced in the society, the customers would always want to try it out. So, if the company is able to identify these demands and market interests timely then it would be successful to attract the customers. Apart from this, the company must also always be aware of the major national and international business policy changes, political environment, social environment, economic environment, and legal environment of the country.
So, to conclude, the success rate of a business and entrepreneur isn’t just decided by his or her ideas but also by the efficiency and intellect in implementing those ideas constructively.