The time for theory is over. The time for action is now. We are in the midst of business turbulence and turmoil greater than we have ever seen before. Economic storms end, as they always do, but we will never go back to the good old ways of doing business.
TODAY, competition is fiercer and more determined than ever. the challenges are greater and more demanding. It looks like the only way to survive and thrive in such a market will be to build a great business that can withstand the economic shocks of any market and rise to the top of its industry.
So here are the THREE things that you will always see in a great business.
GREAT LEADERSHIP
Leadership is the most important requirement for the success of any business. There must be at all times a leader who must be accountable for all the results, and then to fulfill that responsibility, no matter what the external situation or pressure. Without great leadership there would have been none of the great businesses we see today. FedEx, Sports Illustrated, Hyatt, Wikipedia and MTV opened their doors just in time for awful recessions that defeated many other organizations. Even Google incorporated just when the tech bubble was ready to bust at the end of last century.
GREAT LEADERSHIP
Leadership is the most important requirement for the success of any business. There must be at all times a leader who must be accountable for all the results, and then to fulfill that responsibility, no matter what the external situation or pressure. Without great leadership there would have been none of the great businesses we see today. FedEx, Sports Illustrated, Hyatt, Wikipedia and MTV opened their doors just in time for awful recessions that defeated many other organizations. Even Google incorporated just when the tech bubble was ready to bust at the end of last century.
Leadership is a key element that guarantees success against all odds. A leader who can find a opportunity in the midst of turbulence and panic can definitely build a great business.
GREAT BUSINESS PLAN
'You've got to be careful if you don't know where you're going, 'cause you might not get there.'
People and organizations with clear visions, values, and plans tend to accomplish far more and do it faster than their competitors.The major reasons for success in business and in life are focus and concentration. When everyone in the organization is united by a clear strategic vision, they create a powerful mental synergy that moves them toward their goals.
GREAT PRODUCT OR SERVICE
As Elon Musk says :' Great companies are built on great products.'
Anyone who comes up with a means for doing or producing anything better, faster, more economically has his future and his fortune on finger tips. A great product is the only thing that works for a business in the long run. There is no alternative for quality. At the end of the day quality beats quantity. Apple, Google, Microsoft and Amazon are the living examples of this. A great Product or a Service will always prove to be beneficial to any business in the long run.
These three are the basic ingredients for the recipe of success in the world of business. It is always easier said than done. Rarely do we see the blend of these three things in any organization before they succeed, but those who are able to distinguish these organizations long before they come into the view of layman do hugely benefit from their fore sights like Warren Buffet.
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