The Two Sides of the Success Coin

There are just as many reasons an entrepreneur succeeds as there are reasons they fail. Most of us tend to think of all the factors that cause failure when they are merely the opposite side of the coin of success. It’s really a dichotomy. If you do this, then you get that. If you don’t do this, then you also get that. The difference is what you get. For example, we know tight operational processes are a key to success. We also know that loose operational processes are a key to failure. Same concept, just opposite sides of the coin that have very different consequences.

Businesspeople who create businesses that withstand the test of time tend to exhibit similar behaviors. None are anything we haven't heard before, but all are fundamental and built on timeless truths. Below are a few of those fundamental truths that when implemented consistently will lead to choosing the right side of a coin flip more times than not.

• They work in the business, and they work on the business. More in the business at the start. More on the business as it matures.

• They operate with a strategic growth plan that also incorporates actionable items to be completed within a specified timeframe.

• They don’t let the established systems and processes to become bastardized

• They don’t let things slide. They know that accountability and execution are critical to business success.

• They pay attention to the numbers. Due diligence in financial management is as critical to success as execution. Knowing that the product, employee and rent costs are within specified limits is key to keeping them there.

• They market, market and market some more. Marketing can be expensive, and it can feel as if it is not worth the investment. However, good businesspeople also know that when you are out of sight you are also out of mind. There is a reason McDonald’s, Taco Bell and Apple continually market the way they do.

• They don’t ever forget who the customer is and that if it wasn’t for the customer they wouldn’t be in business.

• They don’t underestimate the value of hiring the right people and training them accordingly. They know that the right people can be a differentiator.

• They don’t ignore culture. They know that a culture exists in every organization. They also know that they must develop that culture or someone else will. The right culture can bring out the best in people and lead to a highly disciplined and motivated team.

• They don’t shy away from the tough decisions. Successful business owners do what needs to be done, whether they like doing it or not. Accountability, adherence to systems, and spending what needs to be spent to survive are not always fun or easy. However, the successful business owner knows that success hinges on the “how” of business. Execution is key to operational excellence and operational excellence is key to success.

Owning a business isn’t easy. But then again, neither is working for someone else. If you have a desire to be your own boss then entrepreneurship may be your ticket to professional, personal, and financial freedom. To achieve those goals, you need to be clear about the fact that it will require a lot of hard work. However, the rewards of business ownership can greatly outweigh the risks. The question is most likely not whether you can do it or not. The question is most likely whether you truly want to do what it will take to succeed. That, my friend, is a question only you can answer.

Randy Stepp is a Principal with Renaissance Leadership Group. RLG is a full-service business and franchise development company whose purpose is to help business owners realize their dreams of independence and freedom.

Visit Renaissance Leadership Group at www.renaissanceleadershipgroup.com to learn more about business development