When an entrepreneur starts a business, it takes a lot of work for that business to be successful. An experienced business professional will tell you that business success is planned and that it does not happen by accident. But before reviewing each of these factors, I would like to share with you what is the definition of business success for me.
Defining business success The financial rewards that come from being successful in business are, of course, important to many entrepreneurs, and are key factors in motivating them to work hard and take tremendous risks.
But if success can be defined as the sense of satisfaction and fulfillment you have when your business career ends, success has other dimensions that for many business owners are just as important, if not more, than monetary rewards.
Personal For entrepreneurs, great satisfaction comes from the creation process, starting with just an idea and building something that lasts.
The fact of seeing the name of your family in the company, is a pride for you. Facing challenges successfully, and as a result finding skills and strengths you didn't think you had, these are definitely aspects of personal business success.
Financial Successful companies make a substantial return on investment for shareholders who have risked their capital in the company.
The founders of the company, who are also generally shareholders, can create wealth for their families and security for their future, as well as enjoy a more prosperous lifestyle. They measure success by providing their children with a better life than they had when they were young.
Social Companies also measure success by the good they achieve for society. Some have specific social goals, such as improving the environment or providing educational opportunities for children through the products and services they offer.
Others have a very high commitment to charitable giving and to being good corporate citizens.
Longevity With the number of businesses failing or starting strong only to stumble into the competitive market a few years later, another measure of business success is the ability to maintain success in the turbulent, ever-changing business world.
Customer satisfaction Helping customers solve a problem - that's why so many of the products and services we use every day were created.
For business owners, seeing that their products have made their customers live better meaningfully is one of the motivating factors that keeps them working tirelessly to develop better solutions.
The compliments of satisfied customers provide a sense of accomplishment that is as important to some entrepreneurs as the financial rewards they earn.
Employee satisfaction Fortune magazine publishes an annual list of the top 100 companies it believes they work for, but thousands of business owners do not need national media recognition to know that they have made caring for their employees a priority.
How hard your employees work, how committed each member of your team is to the organization's goals.
They measure this aspect of business success in how many employees stay with the company for five or 10 years or more, sometimes throughout their careers.
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