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How to Succeed in Business and Improve your Profit

How to Succeed in Business

How to Succeed in Business

How to Succeed in Business – by the Harvard Business School

I recently read this article written by the Harvard Business School on what it takes for businesses to succeed. It’s pretty interesting reading – if somewhat negative for startup businesses.

So what does the research tell us about how to succeed in business?

Well, it suggests that there are a number of key attributes which make some businesses more successful than others.

1. Timing is everything. Those entrepreneurs who launch their product or service at the right time are more likely to succeed in business than those who get the timing wrong.

2. Success breeds success. Those who have had successes in the past will find it easier to get good suppliers if they perceive that they are persistent performers.

3. They did their research. The report talks about how companies backed by Venture Capitalists are more likely to succeed in business – not necessarily because of the funding, but because VCs are very good at researching and identifying whether or not the business will be successful before they invest.

4. They thought about it first. Many entrepreneurs who do succeed in business have spent time thinking about their idea while still in employment. Hence, by the time they leave they’re ready to launch their products immediately.

5. Reputation is worth alot. If VCs can see previous success, then investors are more likely to hand over the cash more quickly.

So what can we, as business owners, learn from this article about how to succeed in business for ourselves?

Well I think they have one very important point. If we are serious about knowing how to succeed in business then it is vital for us to make sure that people want what we have. The VCs have the right approach. They won’t invest in a business unless they are sure that it will succeed.

It is vital that we spend time before investing our time, energy and money on completely understanding how to succeed in business with our new idea. It doesn’t matter whether we’re first time business owners, or part of an established corporate – the principles are the same.

I used to be responsible for the finances of a £70m business. To keep that business profitable we had to constantly re-invest to reduce cost and reach new markets. But before we did, I had to convince our £300m holding company that it was the right decision.

So many business owners work on their gut instinct – which is often the best way. But it’s essential to get some facts and figures which support the feeling.

Good research can be the key to knowing how to succeed in business. For more guidance on how to find out whether or not your new business idea has “got legs” click here for my free PDF.

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