Many entrepreneurs seek to emulate successful companies who have made it to the top of the corporate hierarchy. At the end of the day, most of us would happily lend our name to a thriving business enterprise. Who wouldn't want to be the founder of the next Facebook or Twitter?
Following in the footsteps of Marc Zuckerberg (founder of Facebook), is not a guaranteed path to success. While his success story and that of many others can serve as inspiration and motivation, such stories are not outcome determinative. Very much like an individual each business has a unique corporate persona that correlates to its success. Because each business is a separate entity one's recipe for success will not work interchangeably. Nonetheless, there are three characteristics that all successful companies share.
1. Servient
The initial thought for any business should be focused on serving a particular need for a targeted demographic, or a certain subset of a community. The emphasis here is on serving, meaning that the company will fill in the gap for a need. When the service the business provides is in demand, you may think that it is a simple matter of filling in the gap. But it's not. In addition to filling an existing need, you need to anticipate prospective need. Your proactivity will dictate whether your company will be servient to its targeted demographic. Think, if the founder of Twitter decided to create another version of Facebook or MySpace instead of anticipating the need to send and read text-based posts otherwise known as tweets.
2. Distinguishable
In supplying the need, you need to ensure that you set yourself apart from others providing similar service in the industry. The company must have an established business persona that is unique and individualized. This can be accomplished in several ways including the use of branding which will foster a specific reputation for the company through its service offerings that is unmatched by others in the industry. Ever wonder why people start preferring the use of Facebook over my Space? That's because Facebook through its marketing campaigns set itself apart. Consequently, MySpace for the most part is extinct.
3. Consistent
According to the Small Business Administration over 50% of businesses fail within the first year. This is common knowledge to business owners and consumers. As an owner, you should be mindful of the statistics. However, they should not influence the stability of the company. Customers can generally sense instability and will not reward that with loyalty. Part of being consistent requires a plan of action for the company with little or minor changes if any, in the level service and price points. Do not make any drastic changes predicated on temporary situations such as price of oil increasing or other economic factors. Consistency begets consistency. Earning the trust and loyalty of consumers will guarantee repeated business which will increase the life expectancy of the Company.
Catherine is the founder and owner of Delcin Consulting Group, a Business Consulting firm that provides comprehensive services to Startup Companies, Existing Businesses, and Non-Profit Organizations. The collaborative effort of the firm generates business solutions and long-term support to facilitate and ensure the successful pursuit of entrepreneurship.
For more information please visit our website: http://www.delcinconsultinggroup.com.
You may also connect with Catherine via email, Catherine@delcinconsultinggroup.com or connect with her via Twitter at: http://twitter.com/CatherineDelcin.
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