If you are starting a new business, the single most important thing that will determine your long-term success, is a driving commitment to a meaningful cause.
Most people start their business as a “means to an end.” For example, they start their business to make money (the “means”), so they can purchase nice things (the “end”). Or they start their business so they can have more personal independence (the “means”), which in turn gives them the ability to go where they want, when they want (the “end”). But I must say that money, personal independence, or prestige should NOT be the reason for starting a business.
I would even go so far to say that starting a business because you would enjoy doing that type of work, or you want to fill a need in the marketplace, are both not good enough reasons. Those need to be part of the reason, but there’s a more important reason.
One of every four small businesses fail within the first year, and fifty percent of them don’t make it past the fifth year. This failure rate can be attributed to many factors like mismanagement, being under-capitalized, outside influences, etc., but I would argue that behind almost all of the reasons why a business fails, is the hollow philosophy from which it was built on.
If your business’ goals are not a “means to an end,” but are the “end” itself, then your business should persevere through the tough times. Here is why…
The number one reason businesses succeed, is a driving “passion” supported by the belief that the business is an imperative and necessary component to the community it serves.
So if you are in business for the money or any other self-serving purpose, when times get really tough and you’re face down in the mud over and over again, it would easily seem prudent to cut your losses and give up. Why? Because that would make the most financial sense.
However, if your business was to be as a necessary component to the well-being of your communitylowest price, then it would not be prudent to cut your losses and run. There would be too much at stake and it would be your intense passion for this commitment that would help you get out of the mud.
Can you see the difference? Because no matter what business you’re in, you will be face down in the mud at one point or another. Therefore, before you launch your new business, re-evaluate the true meaning behind your passion. It can be the difference between success and failure. And in this world of competitive business, people prefer to go with companies that really stand for something.
So if you are starting a new business, and you would like to discuss setting goals for your business, I will be happy to offer you free advice.
San Diego Small Business Marketing Services helps business owners save money and boost sales… usually within hours. If you absolutely, positively need to get your business jump-started-we deliver a practical action-plan that is affordable and gives you a competitive edge. We try harder because we understand the challenges small business owners go through.
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