There are many entrepreneurs who dabble into numerous ventures with the hope that one or two will quickly materialize into profit. There is absolutely nothing wrong with making profit but if this is the sole purpose for starting a venture, chances are that the business will be short lived.
To build a lasting business, an entrepreneur needs a drive beyond making profit for that business to weather any storm along the way. You must provide a solution to a target audience who see the value in your product or service, and are willing to pay a premium for it. A business that creates an impact will inevitably make profit. Here are five key factors that will keep a business going in the long term:
Passion: You must be passionate about what you do. Being passionate gives you the required motivation and energy to start and run a venture. When people see how passionate you are, they are more likely to buy into that business idea.
Vision: A clear vision must be in sight to run a successful and lasting venture. The vision gives direction to a business of it long term aim. It is also important to help businesses set their short and medium term goals that will eventually lead to success. The vision must also be communicated across board to everyone in the company to drive them towards achieving a common goal. With a clear vision, it is harder to deviate or loose focus when the going gets tough.
Expertise: It is important for one to have the required know-how in starting and running a venture. It is even more crucial for business owners to identify their areas of weakness and hire professionals to fill up the gap. Acquiring knowledge and having the necessary skill set are key for building capacity, and staying competitive to keep the business going.
Resilience: You must be resilient to achieve business continuity. Seasons of difficulty, pressure and adversity are bound to occur when running a venture. The ability for an entrepreneur to adapt to such circumstances can determine how long a business will last.
Tenacity: Tenacity is key for achieving long term success. An entrepreneur must be patient and committed to achieve the business objective. Great ventures are not built overnight, but take time and a lot of effort. Success doesn’t come easy and you must stick through the rough times to enjoy the fruit of your labour.