|Successful Business Talents
Given our definition of a successful business, we believe there are 4 types of business talent that lead to having a successful business.
Franchises are regarded as significantly lower risk to banks than an independent business; the likelihood of achieving long-term success with a franchise is far greater than any other type of business, hence their popularity. The reason for this stems from:
· Proven product or service
· Proven ability to deliver
· Structured reporting and monitoring
· Franchisors business support and input
2) "Naturally Gifted Entrepreneurs"
There are some businesses that have become successful largely because the owner/s have a natural talent for, and understanding of, the key success factors for a business, they can implement them effectively and, crucially, stick to them.
The only difficulty is knowing how gifted they are:
· Are they gifted enough to see the business any further forward?
· Is it a mixture of being gifted and luck (see below)?
· Have they gone beyond their natural ability and have managed to move in to ‘The Lucky Ones’ (again, see below)?
· Is their success getting them carried away?
Can you be sure your one of these? Or maybe you’re:
3) "The Lucky Ones"
There are successful businesses that many see as being successful simply because they were in the right place at the right time and with the right offering. This may be the case but the likelihood must be akin to the chances of winning the lottery.
You will probably find that within these companies the owner/manager recruited the right people in to the key roles because people matter most in business and make the biggest difference, or they made good use of the business advice and support available to them.
There are also ‘The Truly Lucky Ones’ who have yet to be challenged by competition and can therefore carry on as they always have been doing, developing inefficiencies, complacencies and false securities until it becomes too tempting for a new entrant to miss out on the opportunity.
So, with the exception of ‘The Truly Lucky Ones’, it is more likely they will be either ‘Naturally Gifted Entrepreneurs’ or ‘They Know their Strengths and Weaknesses’ (see below) rather than just plain lucky
4) "They Know Their Strengths and Weaknesses"
Many businesses have struggled and failed because of pride or fear or any other reason that stops them taking on board good business advice and implementing it.
The successful ones know their strengths and weaknesses and appreciate that they aren’t necessarily the expert on everything in their business. They also appreciate that sometimes they are too close to the problem or situation to be able to make a truly un-biased or independent decision that would be in the best interest of the business.
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