The 1 Thing a Business Leader Must Do to Succeed

Sadly, 25% of businesses fail within their first year and an astonishing 70% of businesses fail within ten years. So, if you’re thinking about starting a business or you’ve recently made the leap, how can you optimize your chances of success? What is the single most important factor in determining your success? I asked this question of 10 successful business leaders from the Young Entrepreneur Council, and their answers are below, followed by mine:

1. Build A Strong Leadership Team

We used to invest in technology. Then it was marketing. Then we woke up and realized it was all about the people. Bringing in the best, seasoned, Director/VP-level talent over the past 18 months has really helped the owners bring the company’s goals back in focus. Do your systems, workflow and technology always need to be evolving? You bet. But at a certain point in company’s growth, you will NEED an experienced leader helping you architect those things if you want to go to the next level. – Andrew LoosAttack

2. Have A Great Mindset

Your mindset drives so much in business: the risks you take, opportunities you pursue, challenges to tackle, confidence level and vision. The great thing is that even if you have doubts and fears now, your mindset can change and grow with you as an entrepreneur. The things that once terrified me are now easy to manage and I understand much better why entrepreneurship is an excellent avenue for personal growth and development! – Kelly AzevedoShe’s Got Systems

3. Execute

Hands down, continuing to execute to accomplish your goals is the single most important factor in making your business a success. Without continual execution, businesses sink. However, executing on the right goals will not only keep you from sinking, it will help you excel. – Stacey FerreiraMySocialCloud4. Have a Passion for Change 

At Star Toilet Paper, we have a deep-seated yearning to change the world and that is what we are doing and will continue to do. Each and every week, we have a weekly email that we sign off with, “Let’s change the world and disrupt the status quo.” Having an internal team slogan like that really helps bring out the best in us and continues to fuel our passion. – Bryan SilvermanStar Toilet Paper

5. Create Value

Purchase decisions almost always come down to value — customers must realize a benefit from working with your business. That can mean a multitude of things, such as cost savings, convenience, reliability, increased quality, etc. Effectively providing value is integral to the long-term success of your company; not only does it assist in retaining your current customers, but also provides the highest-quality referrals you can ask for when attempting to gain new business. – Charles Bogoian,Kenai Sports, LLC

6. Work With Clients Who Share Your Beliefs

Being ourselves and working with companies who share our beliefs is everything. We believe design makes a difference and we look to work with companies who agree. We also work with companies who know the people inside the building are what counts. Working with companies with soul has been the key to our success. – Chuck Longaneckerdigital-telepathy
7. Focus 

It’s so tempting early on to chase after every interesting idea and business opportunity. Learning to say “no” or at least “not yet” is paramount to every entrepreneur’s success. Focus on what’s most important. Your customers and investors will thank you for it eventually. – Ryan BuckleyScripted, Inc.

8. Serve Your Customers

By providing your product or service in a fast, convenient, and friendly way, you’ll establish your business as one built for the long term. Any unsatisfied customers should be compensated to ensure they’ll still consider you for future business. Happy customers are everything. – Andrew SchrageMoney Crashers Personal Finance

9. Remain Unsatisfied

I am famous internally for saying “we’re almost there” when referring to the business. The truth is that “there” is a constantly moving goal post. As a team, we have a positive but relentless and never-satisfied attitude, which in turn results in our company always pushing for better and never being complacent. – Lauren FrieseTalentEgg

10. Hire the Right People

I was telling my team just last week that regardless of how much we market or sell, if we don’t create good products (in our case, websites), then we can’t progress. It’s people who create those sites, so hiring the best developers (or widget makers, or whoever makes your business succeed) is vital to keeping the engine of your business running. – Hassan BawabMagic Logix

These are the single most important things a leader must do to succeed in business according to ten successful young entrepreneurs. But wait – there are 10 different factors listed above! So which, in fact, is most important?

My answer to this question:

Focus is the single most important factor in determining your success as a business leader.

Focus means understanding what your priorities are in any given hour, day, month, quarter or year. Focus means knowing what’s most important – product, service, hiring, fundraising, sales or innovation, and then concentrating on that one thing. Focus means knowing what’s not as important in any given time period. Without focus, it’s easy to wander – it’s easy to become reactive instead of proactive – it’s easy to fail. With focus and determination, you and your team will understand what’s most important, and help you execute – to success. So that unlike that 70%, you can beat the odds and maintain a successful business over time.

—–

Now it’s your turn. How important do you think focus is for leaders in determining business success? How important do you think the other factors listed above are? What do YOU think is the single most important factor in determining whether a business succeeds or fails? Let me know in the Comments section below, please share this post with your network, and here’s to your success!

Posted by:Dave KerpenDave Kerpen
Advertisements

10 thoughts on “The 1 Thing a Business Leader Must Do to Succeed

  1. Hello! This is my first visit to your blog!
    We are a group of volunteers and starting a new project in a community
    in the same niche. Your blog provided us beneficial information
    to work on. You have done a outstanding job!

  2. Hey there are using WordPress for your blog platform?
    I’m new to the blog world but I’m trying to get started
    and create my own. Do you need any html coding expertise to make your own blog?

    Any help would be really appreciated!

  3. Heya! I’m at work surfing around your blog from my new apple iphone! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the fantastic work!

  4. Write more, thats all I have to say. Literally, it seems as though you relied on the
    video to make your point. You clearly know what youre talking about,
    why throw away your intelligence on just posting videos to your weblog when you could be giving us something informative to read?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s