The Recipe for Business Success by Dr. Anika Goodwin Hilderbrand
The fact that 8 out of 10 start-ups fail is an alarming statistic. If only there was a road map to follow that would lead you to success in your business. Well, I can’t say there is one sure way to get to success, but there are definitely key ingredients in the recipe for creating a successful business.
I want to share with you today what I have found to be essential ingredients in the start-up world and that have given me and many others a measure of success. One of which I totally believe is the secret sauce and separates those that thrive from those that cannot survive. So let’s jump right in!
The first ingredient is Innovation
Defined as the creation, development, and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.” I like to think of it as finding the white space and filling it in. Finding the gap and bridging it. It doesn’t have to be as groundbreaking as discovering electricity. It just needs to solve a problem that either hasn’t yet been solved or perhaps has a solution that is better than the one that currently exists. Think back to times you have said to yourself or someone else, “There has to be a better/easier way!” We have all said this, but how many of us take it a step farther and actually look for that solution? The best ideas solve a problem that many people have. So start paying attention and look for those problems and then go a step further by thinking through and creating possible solutions. I am sure you have heard that necessity is the mother of invention. Well, she has a second child and its name is innovation!
The second ingredient is Creativity
You should always be looking for new ways to improve your business and stand out from the crowd. Keep your mind open to new ideas and better ways of doing things. The key to that is realizing (and admitting) that you don’t know everything. The more you learn, the more ideas you will have. It is inevitable. Just because you filled one gap doesn’t mean there aren’t more to be found and filled.
The third ingredient is Organization
Make daily, weekly, and monthly tasks and stay on top of the list. Lists not only serve as reminders of what needs to be done but also as records of what you have accomplished. Prioritize and delegate. Be sure to adequately train team members, but remember that you will still need to follow up with them. Your business, your name, your credibility. I think of the organization as fertilizer. Being diligent in this area will cause your business to not only survive but thrive and grow.
The fourth ingredient is Sacrifice
You might think that all of the preparation you did before you officially launched your business is hard work. Well, I am sorry to be the bearer of bad news, but you are just getting started! Have you seen that photo of the iceberg with just a small amount visible above the water, but a massive amount below the surface? It will feel like that once you launch. You will work harder for yourself than you ever did for someone else, but the satisfaction you get is like no other. This will come with a cost, however. Time with family and friends will be significantly less, and they may not always understand why you are always so busy. Keep this feeling in mind as you decide how your business will run. Decide if you want the business you create to serve as a job for you or an entity you run instead of slave in. This is an important distinction to make and decide on early in the process.
The fifth ingredient is Curiosity
Spend time getting to know the competition. Especially, if they have been around for a while. Don’t be afraid of this step. Their success is not an accident and you can learn from them. It is very likely they have systems, processes, or practices that have helped make them successful from which you can learn, imitate, and finally evolve to fit your company’s needs. And never stop learning. Learn about business, marketing, finance, scaling. Make sure you are continuously learning something. Incorporate the business classics into your library and set aside time to consume some each day.
The sixth ingredient is Resourcefulness
Setbacks are a part of every entrepreneur’s life, but what can set you apart is your ability to respond in the right way to these setbacks. If you have extra production or inventory costs and feel you may need to take a loan to help meet the increased need, don’t automatically go and apply for as much as you are qualified. Stop and take a hard look at the books and review your finances with a fine-tooth comb. Maybe you can cut some expenses to help cover the shortfall. Don’t just jump to the first, most obvious conclusion. Look at all the alternatives. Never assume there is only one way out.
The seventh ingredient is Consistency
There is a saying that goes if you continue to do what you are doing now, you will continue to get the results you are getting now. We often take it as a negative, but in business, it can be a positive. Once you find the right thing in your business, do it well, and do it consistently. This is why systems and processes are so important. If you find the winning formula, but fail to document or capture it, how then can you repeat it? Consistency creates long-term positive habits that, if practiced regularly, will produce the results you seek and result in your business making money.
Defined as the creation, development, and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.” I like to think of it as finding the white space and filling it in. Finding the gap and bridging it. It doesn’t have to be as groundbreaking as discovering electricity. It just needs to solve a problem that either hasn’t yet been solved or perhaps has a solution that is better than the one that currently exists. Think back to times you have said to yourself or someone else, “There has to be a better/easier way!” We have all said this, but how many of us take it a step farther and actually look for that solution? The best ideas solve a problem that many people have. So start paying attention and look for those problems and then go a step further by thinking through and creating possible solutions. I am sure you have heard that necessity is the mother of invention. Well, she has a second child and its name is innovation!
The second ingredient is Creativity
You should always be looking for new ways to improve your business and stand out from the crowd. Keep your mind open to new ideas and better ways of doing things. The key to that is realizing (and admitting) that you don’t know everything. The more you learn, the more ideas you will have. It is inevitable. Just because you filled one gap doesn’t mean there aren’t more to be found and filled.
The third ingredient is Organization
Make daily, weekly, and monthly tasks and stay on top of the list. Lists not only serve as reminders of what needs to be done but also as records of what you have accomplished. Prioritize and delegate. Be sure to adequately train team members, but remember that you will still need to follow up with them. Your business, your name, your credibility. I think of the organization as fertilizer. Being diligent in this area will cause your business to not only survive but thrive and grow.
The fourth ingredient is Sacrifice
You might think that all of the preparation you did before you officially launched your business is hard work. Well, I am sorry to be the bearer of bad news, but you are just getting started! Have you seen that photo of the iceberg with just a small amount visible above the water, but a massive amount below the surface? It will feel like that once you launch. You will work harder for yourself than you ever did for someone else, but the satisfaction you get is like no other. This will come with a cost, however. Time with family and friends will be significantly less, and they may not always understand why you are always so busy. Keep this feeling in mind as you decide how your business will run. Decide if you want the business you create to serve as a job for you or an entity you run instead of slave in. This is an important distinction to make and decide on early in the process.
The fifth ingredient is Curiosity
Spend time getting to know the competition. Especially, if they have been around for a while. Don’t be afraid of this step. Their success is not an accident and you can learn from them. It is very likely they have systems, processes, or practices that have helped make them successful from which you can learn, imitate, and finally evolve to fit your company’s needs. And never stop learning. Learn about business, marketing, finance, scaling. Make sure you are continuously learning something. Incorporate the business classics into your library and set aside time to consume some each day.
The sixth ingredient is Resourcefulness
Setbacks are a part of every entrepreneur’s life, but what can set you apart is your ability to respond in the right way to these setbacks. If you have extra production or inventory costs and feel you may need to take a loan to help meet the increased need, don’t automatically go and apply for as much as you are qualified. Stop and take a hard look at the books and review your finances with a fine-tooth comb. Maybe you can cut some expenses to help cover the shortfall. Don’t just jump to the first, most obvious conclusion. Look at all the alternatives. Never assume there is only one way out.
The seventh ingredient is Consistency
There is a saying that goes if you continue to do what you are doing now, you will continue to get the results you are getting now. We often take it as a negative, but in business, it can be a positive. Once you find the right thing in your business, do it well, and do it consistently. This is why systems and processes are so important. If you find the winning formula, but fail to document or capture it, how then can you repeat it? Consistency creates long-term positive habits that, if practiced regularly, will produce the results you seek and result in your business making money.
The eighth ingredient is Focus
Don’t expect your business to be an overnight success. The likelihood of you making money right away is low because people will not immediately know that you exist. It takes time to create brand awareness. Stay focused on your short-term goals while never losing sight of your ultimate goal - to be a successful business.
The ninth ingredient is Courage
There is no too young, too old, too ignorant, or too busy. It is only too scared. Fear has murdered many a dream. It won’t be easy. It won’t be immediately successful. It will be worth it. If you cannot muster the courage to pursue your dream, my best advice is to do it scared. Just get it done.
The tenth ingredient is Thick Skin
I like to think of my business as my baby, and no one likes to hear that their baby is ugly. During the course of your business, you will suffer adversity. People will disappoint you, vendors and wholesalers will fail to come through, people will not like your product, they will give bad reviews. The bottom line is these things will happen but it is your reaction to them that is most important. Take what is constructive and can help you improve and grow and let the rest roll off your back.
The eleventh ingredient is Mindset
Mindset is everything. Mindset is bae. If you picture yourself as a successful entrepreneur, there is a higher likelihood that you will get there. Conversely, if you picture yourself as a failure, that may well be your destiny. Regardless of your talent or how hard you work, what and how you think is going to greatly affect the outcome. One of my favorite things to say is I never fail. I win or I learn. Being successful in business is not about never failing. It is all about failing forward.
The twelfth ingredient is Self Care
As an entrepreneur, there is no more 40-hour workweek. It is both a gift and a curse. You need at least one day per week to focus on something other than your business. I promise you it will not fail simply because you take a day off. Taking time to unplug is good for the soul and in the long run will make you more productive, not less. If you think your business won’t run without you, what will happen if it has to?
The final ingredient is what I like to call the secret sauce. It is VISION
Sight is the faculty or power of seeing, while, Vision is the ability to think or plan the future with imagination or wisdom. Vision is the reason why your business is unique to you even if you are selling exactly the same thing the guy or gal down the street is selling. It is your USP (unique selling proposition). It is what you bring that may be imitated, but cannot be duplicated. It is the reason I can give all of you the same ingredients, but none of you will come up with exactly the same dish to serve. I feel it is what separates those destined to be successful from those destined for failure.
Learn more about Dr. Anika at www.opulencemdbeauty.com Twitter: @opulentlashlife
SO grateful I ran across this post! This is the second post I've read on this blog and I can't even tell you how grateful I am. I recently took the plunge to start my own business and really could use this. I personally feel like I have everything but thick skin. I'm working on it, I know I can get there. Anyway thank you for this.
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