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3 Factors Of Small Business Success

According to author Seth Godin, there are only three factors you need for small business success:

  • The ability to abandon a plan when it doesn’t work,
  • The confidence to do the right thing even when it costs you money in the short run, and
  • Enough belief in other people that you don’t try to do everything yourself.

There you are. Short, simple and profound.

This is interesting.

I think most people would say having a plan is one of the most important factors but Godin says changing a plan is.

I would add that the vision/dream of the entrepreneur is another essential factor. You need to have a destination, an overall direction to work towards so that you can change your plan or route map to how to get there.

Author Chet Holmes writes about the concept of pig-headed discipline and determination. The fight to find a way.

There is a fine balance between giving up without giving your business your best shot, giving up too early and continuing to battle on when the war has been lost, effectively giving up too late.

Have you any thoughts on how you can tell the difference between the two? When you should press on and overcome the obstacles or when you should concede defeat?

I think it’s a hard call and is one reason why business owners can get stuck is a situation of uncertainty and indecision.

The best solution is to talk it over with someone who has the right level of business experience, who can relate to your goals but also see the frustration of the obstacles along with having ideas on how to get unstuck.

Many business owners don’t have this person in their life naturally. Family and friends may be inexperienced and care too much about trying to say the “right thing”, that is whatever they think you want to hear.

It’s a role for business coaches and advisors who can give you an independent and objective view.

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