Critical Elements of Success

Critical Elements of Success

Over the past 9 years, Blue Horizon Venture Consulting has had the opportunity to work with entrepreneurs and executives from many different industries. In doing so, a number of truths seem to be consistent across all sectors of the business world.

Focus is the key. While being open to new ideas and other peoples’ inputs, the successful entrepreneur has the ability to stay focused and work towards his or her ultimate goals. There are many ways to get distracted, set back, and discouraged, but a winner will always see things through.

Delegation is also very important. The entrepreneur who tries to do everything ends up getting mired in the details instead of utilizing the most precious resource: time. Surrounding yourself with a core team of carefully chosen employees and external resources is paramount to success. You want people on your team who are intelligent, motivated, and passionate about what you are trying to accomplish, and you must trust them to help you reach your goals.

Communication in all facets of a new enterprise is a critical skill. Effectively telling people what you want, how they’re doing, and how you can help them will help move your team down the road to success. This is true with employees, contractors, vendors, investors, and customers.

Achievement is the ultimate target. In the business world there are many more failures than successes. That’s why it’s important to set targets and strive to achieve them. A competitive team wills the company forward faster, with a sense of excitement and energy. But be careful in setting the bar too high. Goals must be attainable so the team can have a taste of success. Setting short, intermediate, and long term goals can help keep your team motivated and on course.

Sticking to these principles can help an entrepreneur beat the competition and achieve success.