In my last post- “What you need to become an entrepreneur?“, I discussed about the different forms of “capitals” essential for business venture. Today I am trying to put forward few other fundamental things that you should really understand for successful entrepreneurial venture.

Your every move is the deciding move. Every move makes impact on your result. Your first move should be even more important, on that move you decide where you are heading towards? So you should make a thoughtful, well-informed decision to succeed. When I look at the successful, failed or “growth trapped” businesses, in general, I see three success pillars that decide their fate.

Three Pillars for Successful Business Venture

Work with Right People

Follow the Customer demand

Control your Finance

You must start with right people with required skills, experience, attitude and drive. And another essential is that you must know the mystery of your business.

You may have many crazy ideas and may be you are extremely capable but if those ideas are not doable or not achievable in short length, you can not win so easily. You must produce or deliver something your target customers really want, its their need or that makes their life easier. Either you choose your right target customers or offer the right things to the customers you are around. When I started a web development business, the market I was around was not ready for that. I tried to push, but I could not. I had to ultimately change my target customers. I learned that pushing something does not work.

Another important lesson that you learned from my business - to control the expenditures. Learn to spend as little money as possible. When you get money (from loan, Venture Capitals, or friends and family members), don’t spend it. Keep reserve for the time when you will be in cash crunch. Most of the entrepreneurs spend lavishly on everything - furniture, latest computers, ambiance and everything. I learned from my business, those should come gradually as your progress along. Learn to look at the figures and keep a careful control on it from the very first day you start your venture. I think, these are actually difficult to do but again doable. A new business venture that does all three will probably win.

Many would-be-entrepreneurs think that the business idea should be unique and brilliant. But it’s not necessarily be a unique or brilliant. You don’t need a unique and brilliant idea to start a new venture. The way to win is the innovation. You need to offer your product or service with better, easier, accessible and technology with value of money your customers spend.

Google came with common idea of searching the web. Yahoo! was there, Infoseek, altavista and many other strong competitors were in market when Google came into the market. But they came up with innovative ideas like page ranking and community driven business model.Today you see Google is the Winner so far. If some of you come up with better innovative ideas even on the same “searching the web” market, you still can win. I guess Google knew three of the success pillars I discussed, when they started their venture.

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Three Pillars for a Successful Business Venture