What is the hallmark of a solid successful business? Longevity. With small businesses having a limited success rate and most predicted to fold within the first 3 years of launching, it seems like there is a dim outlook for those who want to venture out into such a risky endeavor. However, there are many small businesses around the nation that succeed and go on to produce great profits and have sustainable growth. What makes these businesses stand out in the herd? What is the “key” that unlocks the success of these businesses? Interviewing several successful business owners gave me insight into what has enabled their business to stay in the market and what major aspects they attribute their success to.
It all starts with an idea, that spark of ingenuity that gets the mind racing. Most business owners have in common that initial spark of an idea that will either fill a need or help consumers make their lives easier. Whatever that idea may be, it helps initiate the beginnings of a small business for entrepreneurs. Whether or not the idea turns into a successful business depends on many variables ranging from maintaining accurate finances to providing excellent customer service. Providing quality services and products is essential to any company but that is just one part of the equation. Starting and maintaining a great business is comprised of a whole package that will help determine the outcome of the companies’ longevity.