Building a business is not a simple task. It might begin with a small, simple idea, but in order for that idea to grow into something tangible — there’s a lot of legwork that needs to be done first. Most people give up during those first conceptualizing stages, even before the first investor makes their mark or a loan proposal is made.
Relationships and networking are key to making a business work. Not only will friends and family motivate you to keep building what you know might one day be great, but relationships will help eliminate some of the question marks and increase your customer base. Those contacts are one such “nuance” that most people don’t recognize or know they need. Get on LinkedIn to make sure your community knows who you are — and that you support it. Make sure people know you’re a phone call away and perform some community services so they know your face.
Retaining legal help is one reason so many people give up before they begin. Mention the word “lawyer” and people will immediately showcase any number of reactions almost as if they were preprogrammed. But the truth is this: You need a lawyer to tell you which laws are important, and which you might not know you need to follow. Business law is extremely difficult. Knowing everything takes years of study, so don’t try to do everything on your own.
Think about everyone who is successful. Pick a name: Mark Zuckerberg, Steve Jobs, Jeff Bezos. What do they have in common?
At the end of the day, it’s one key trait: Drive. Without the motivation to succeed, you never will. All of those guys were once small-time entrepreneurs, but they went about business in a way most of us can’t. They spent all their time trying to perfect whatever it was they set out to do. They treated their business ventures not like jobs, but like their lives depended on the success of those ventures. If you can’t devote enough time to your business, it’s destined to fail.
That brings us to the next nuance most people don’t consider: competition. It’s not enough to know what your competition is doing or why. You need to know more about business than they do. There’s always a bigger fish in the sea, and you need to be that bigger fish before you get eaten. When someone has put more effort into their business than you have — when they know more than you do — they’ve already got you beat.
Another thing most of these guys have in common is novelty. The most successful individuals in business found a niche that no one knew about, and then exploited it. For Zuckerberg, it was smashing Myspace by grabbing an important demographic by making it feel special (college kids).
For others, of course, luck is a big factor — and one that cannot be calculated. Do you have what it takes to grow a successful business? It’s a marathon, not a sprint.