I am sure an entrepreneur, of course is thrilled with the success, but always has the next challenge lined up to keep moving on relentlessly.
I am sharing the key success factor as questions that one needs to ask oneself regularly, at least once a week, to continue to be thrilled with one’s business.
How well is the core purpose defined and being relentlessly pursued? Thorough understanding of the expectations and the focussing of the most relevant practices.
Is the passion good enough to be an Entrepreneur? Meticulousness, Perfection and Attention to detail with persistence can only come if the Job=Passion!
Are the basics for sustainable profitable growth robust? Strategy based on thorough understanding of the current reality followed by deployment and learning.
How good the personal Network for an entrepreneur? Mutually beneficial trustworthy contacts who can anytime be approached for help.
How well can the feasibility be assessed as an entrepreneur? Conversion of ideas to numbers (NPV, IRR, ROI, ROCE, EBIDTA,…) while thoroughly validating the assumptions.
How good are the Products/Services involved in the business? Exceptional value proposition with consistent on time zero defect delivery.
How good is the Expertise of both the products/services and the processes? Thorough knowHow and doHow both Tacit and Explicit with proven sustained problem solving.
How well are the employees taken care of? Clarity on the roles and responsibilities with an optimum competence match combined with regular assessment and development.
How comfortable is everyone involved with the Uncertainty? Ability to act based mainly of values and principles with very minimal guidelines and procedures.
How good is the business with its Customers/Clients? Regular and frequent contact with the market with appropriate product/service collaterals.
How good is the financial support? Evidencing of the good governance along with validated sources for raising funds.
How well established is the supply chain? Reliable supply chain based on the core competencies with assessment and development of vendors for a win-win relationship.
How good are the Premises for the business? Well maintained premises, infrastructure, machinery and equipment to be able to use whenever needed immediately.
How focussed is everyone involved (Less is More principle)? Focus on Feasibility | Competition | Relationships | Cash Flow | Scalability | Breakeven for effectiveness.
The doHow™ APP helps companies and individuals transform themselves through introspective peer learning by getting them to answer these questions regularly.
Wishing you all the best for continuing to be thrilled with your business.