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Top 10 Attributes All Businesses Need to Succeed

Top 10 Attributes All Businesses Need to Succeed main image

Taking the plunge to start your own business is scary – and in many instances keeping it afloat is just as tough.

But you’re not the first person to launch or oversee a business, and there are many success stories to take inspiration from out there.

Here are our top tips to ensure your business thrives.

Work outside your comfort zone

When running a business, challenging moments will arise, and you’ll have to tackle it as best you can – and this will undoubtedly involve you working outside of your comfort zone.

Whether it’s learning about new technology or holding a conference in front of a crowd of people, pushing yourself to go further is necessary for your business to succeed.

They say you should do one thing that scares you every day, and this could be a benefit in business too. Think of all the rewards waiting for you once you push through your comfort zone and go bigger than ever before!

Be decisive

There is no time to procrastinate in the business world – you need to strike the iron while it’s hot.

Understand what needs to be done and don’t hesitate when it’s time to make tough decisions that could ultimately lead to your organization’s success.

Understand marketing and selling

One of the most integral parts of all businesses is marketing and selling a product or service. Whether you know how to market products or need to appoint a knowledgeable marketing team to efficiently promote the company’s services, both will work in your favor.

With a good strategy at your disposal, your organization will be unstoppable.

Be financially prepared

It’s common knowledge that running a business can be quite the expensive endeavor – and you’ll need the right financial backing to jump into the unknown.

A number of small businesses struggle financially during their first year, as there are so many unexpected expenses along the way.

Start-ups need to be perceptive about cash flow and ensuring they break even before they can think about being truly successful. With this in mind, you need to be financially prepared for anything that could be thrown at you.

Remember, the reason a lot of businesses fail isn’t because they’re unprofitable, it’s because they can’t pay off their debts when they’re due. Be financially aware and the business will be fine.

Positivity

There’s a lot to be said about a positive attitude. If this doesn’t come naturally to you, it’s easy to work on, but you have to be intentional in your efforts to develop it.

Things won’t go your way all the time, and that’s OK, but you’re in control of how you respond to it.

Keep the negative thoughts at bay, replacing them with positive, effective ways of curating a successful business.

Partnership

Strong working relationships and partnerships help to drive growth, not only for your organization, but also a client’s business.

Strong partnerships evoke smooth business processes and ensure the easy exchange of information. Lucrative and rewarding partnerships will ultimately increase customer satisfaction too.

Assume responsibility

As the leader of a company (or team) you need to be aware that responsibility for the business or operation falls onto your shoulders.

There won’t be the opportunity to back away from responsibility if you want to see the business succeed. And furthermore, if you won’t take responsibility, how can you expect employees or stakeholders to support your business decisions?

Be willing to change

To ensure you develop a successful business, it’s important to be quick witted and be willing to mix things up if something isn’t working.

The business world is a competitive one. Because of this, having adaptability and the ability to change is crucial to your success.

To see if the changes you implement are effective, you should regularly reevaluate your business plan and goals. You’ll achieve your business goal if you’re adaptable.

Future-oriented

You always need to think about what could be right around the corner. Being goal-oriented and thinking about the future is key to a business’s survival.

It’s important to set goals, and to do everything at your disposal to ensure those goals are achieved. If your business has a strong vision, accomplishing your goals will be easier than you think. Think of the goal as the north star guiding you towards success.

Resourcefulness

As a business owner you need to primarily rely on yourself and what you can personally bring to your company.

Being resourceful means finding innovative ways to tackle a problem by moving around obstacles. You’ll need to make tough decisions, but there is no shame in asking for help when needed either.

You have the knowledge, power, and ability to be responsible for your business’s success.

Niamh Ollerton, Deputy Head of Content at QS
Written by Niamh Ollerton

Niamh is Deputy Head of Content at QS (TopMBA.com; topuniversities.com), creating and editing content for an international student audience. Having gained her journalism qualification at the Press Association, London and since written for different international publications, she's now enjoying telling the stories of students, alumni, faculty, entrepreneurs and organizations from across the globe.  

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