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August 30, 2012 / compassioninpolitics

10 Success Factors for Business–including Social Businesses

Eight success factors which seem to run throughout:
• Scaling perceived value in the mind of the customer. Understand the life and mind of the customer on a deep, deep level. This is probably the only and best way to get to product market fit.
• Asking a fair market price (ie not undervaluing your product or service).
• Have a Unique Selling Proposition (USP) and a special sauce. This helps communicated your value and create top of mind memory in the mind of the customer.
• Look for patterns. Don’t be afraid to copy. Also be contrarian once you’ve figured out what patterns work and which ones don’t.
• Meet and exceed customer expectations. Service is part of the experience and your uniqueness as a company. Its what creates trust and repeat customers.
• Be a thunder lizard. Hustle. Execute.
• Eliminate fear from your vocabulary. Courage and sacrifice.
• Your people are your most important resource. Time may be your second most precious resource. This means productivity, process, leverage, and automation are critical for long term success.
• Know yourself. Hedgehog. Focus.
• Having a co-founder.

Other key success factors:
• You can also create a spreadsheet matrix which explains how many X products you have to sell–so you can create goals.
• Hire A players.
• Resourcefulness.
• Mentors.
• Collaboration. Rely on other people’s trust, expertise when possible–or at least draw upon them.

* Admittedly some products compete online based on price and thats certainly fine. Early on thats hard to do because with higher costs you get more money for marketing and hiring.

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