Although many entrepreneurs will claim that hard work, following a passion, and dedicated persistence is the secret to their success, the truth is much more complicated. Two people, given like circumstances, can come up with two very different end results because of the way their ideas and goals influence human frailties and desires. So, is it fair to claim hard work will help you succeed? Yes, hard work is important; however, the following secrets are much more prone to help an entrepreneur create a successful business.
Improve Individual Fulfillment
If you want a business to rise to popularity quickly and stay there for many years, create a company that allows people to use less effort to get what they want in life. Most of the multi-billion-dollar businesses throughout the past century have done just that. Consider computers, phones, automobiles, and computer monitoring wrist bands. You must also make your business or devices user-friendly and easy to update. Although many companies created amazing products during the same time period, if the individual consumer was required to work at the product or the device required a learning curve, it was probably destined to fail from the beginning. As Aubrey Ferrao Gulf Bay discovered when building his popular housing projects, humans want products that guarantee them a better perception of their lives.
Expect the Unexpected
No matter how detailed your plans are for your company’s future, you can believe something outside your wildest expectations will occur in each business or project you create. Sometimes it is positive and sends your company into instant popularity, but other times the law of chaos can almost break your back. Since entrepreneurs can’t plan for every contingency, consider preparing for some options that are unpredictable enough to make you laugh, because they just may come true. One common business problem that few people prepare for is a partnership dissolution. Have the difficult conversation with your partners while you are still friends and prepare your documents – just in case.
Promote Instant Gratification
Businesses that promote or allow a customer to enjoy instant gratification (or the perception of an immediate response) are more likely to succeed than those that cause customers to wait. A key example is the overnight or two-day shipping that sky-rocketed a small company into a multi-billion-dollar industry. Anyone can shop from the internet sensation 24/7 and receive products without leaving home. Another example is that of the insanely successful fast food industry. Sitting for an individually prepared meal is no longer as popular as driving through the area to obtain food the individual can eat on the run. Although there are many psychological debates about the differences in instant gratification and delayed satisfaction, if your business provides your customers with a perception of life improvement with instant gratification, the chance of success is extremely high.
Realize Discipline Is Key
While building his popular housing developments in Florida, Aubrey Ferrao discovered that hard work is indeed at the foundation of all successful businesses, but the effective entrepreneur needs to take that work into the next phase by including discipline. By disciplining himself or herself to look at the details of any venture, the entrepreneur can help risks become apparent, hidden influences to present, and revenues and costs to demonstrate how they work together in the venture. That doesn’t mean a successful entrepreneur needs to micro-manage his or her project; it simply means that knowing the project details can lead to success.
Consumers want products that make life easier, allow more fun and require little effort. If you want to create a successful business, start with those facts and build from there.