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What’s The Number One Trick To Making A New Business Successful?

Starting Up A Business? What Is The Key To Success?

I’ve seen some people start up certain businesses in a specific industry and succeed, and I’ve seen people start up the same kind of service, in the same kind of industry, and fail. You must have seen this too. Do you ever wonder why one business fails even though it is exactly the same as another business?

I do think that it has a lot to do with what the company offers, how they get out their message, and how they relate to others. I am more willing to work with a business that offers value, has a great message, and is social with their customers.

Don’t Listen To Me Though, Listen To An Expert In Business

If you want an insightful look into what makes businesses succeed and what makes them fail, there is a great new TED talk for that.

Bill Gross, who has been a part of a lot of startups and is the founder of Idealab, wanted to know why some businesses succeed and why some failed. So, he went ahead and looked at the data from hundreds of companies, and he found that one thing stood out above the rest.

If you are in the process of starting up a business, or if you are just curious as to what makes one business more likely to succeed over another, then this is a short 6:41 minute talk that you will want to watch.

As Bill says in the video, there are 5 things that matter to startups: timing, team, ideas, business model, and funding. You would think it would be the idea or possibly the funding that has the biggest impact on business success, but, the most important aspect seems to be the timing.

When you think about it, it’s not surprising that timing is so important. If a service comes out right when it is needed, then why wouldn’t it be successful?

I personally don’t look for services until I need them, and it is very easy for me to spend money on something when I do need it. When that need doesn’t just come from me, but thousands or millions of other people, then you have a good shot of reaching a lot of people and having a lot of success.

An Example Of Good Timing

I think a lot of people already take advantage of creating a business at the perfect time.

For instance, I’ve noticed that lately a lot of fitness and diet products are coming out that help people fix their hormonal issues to lose weight rather than their calorie in and calorie out issues.

That makes sense to me because hormonal issues are now being discussed much more in the dieting community, and the demand for it is there. While there may still be some people who are willing to buy a diet focused on calories, it would be wiser to start a business focused on hormones.

If you have any examples of businesses that came out at just the right time, please share in the comments below.

 

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5 thoughts on “What’s The Number One Trick To Making A New Business Successful?”

  1. great article, It’s my first time I’m here at your blog. you wrote an interesting article on why businesses get fails or succeed. the reasons given by Bill Gross are completely true and there is no objection on that things in any case. all of the five things discussed by Bill are important and I would like to add one thing and that is motivation. I’m also a businessmen from last seven years and found that motivation is very important for every business. if you’re not motivated then it can be reason to get fail in your journey.

    Thanks..

    Gaurav

  2. There’s a lot more to success than just what get put in the bank. Using sources effectively and efficiently to execute business strategies was also considered significant. Also, keeping detailed records helps successful companies know where the business stands financially and which challenges could crop us.

  3. I struggled with the same fears for years… until I discovered the psychological breakthroughs and systems that make it easy and fun to get started.

    I want to show you the truth about starting a successful online business. Unlike unscrupulous marketers whose entire business is creating ebooks about creating ebooks, I’ve spent years teaching over 100,000 readers how to live a rich life.
    It’s easy to get stuck with a low-profit business that sucks your time and money. I’ll show you how to avoid the mistakes I’ve made.

    When you’re the same as everyone else, you’re a commodity. And that means crummy pay, long hours, and bad customers. You do NOT want to compete against everyone in the world.

    It doesn’t matter if you’re a man, a woman, a life coach, a stylist, an analytics guru, or a language tutor. Whether you’re trying to get a date or start an online business, if you’re the same as everyone, you’re doomed.

    You need business systems. I’m talking about repeatable, reliable, automated (or nearly automated) ways of completing key business processes. I couldn’t run I Will Teach without the systems I invented — and I definitely wouldn’t have the great work/life balance I enjoy.

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