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Can a Business Really Be Built on Solid Foundations Alone?

pexels photo 590016

pexels photo 590016

Estimated reading time: 5 mins

We’ve all heard terms like “business foundation”. The words are often used to describe the basics of what a business should be built on. A few examples of this include knowing your audience, customer service and pricing your products and services correctly. However, can a business in the modern age really be built on these foundations alone, or does it require something special in order to really make it out there?

In this article, we’re going to be talking about a couple of important points that all budding entrepreneurs need to think about before they start a business. These are tips that will integrate within your business plan so that you have a much higher chance of creating a thriving business, but it’s also important to remember that failure is part of the learning process. With this in mind, let’s explore a couple of important considerations that will help to shape the success of your company.

Defining Success

Firstly, how do you define success? Some people believe that success is defined by your profits, but there are plenty of companies that don’t make much profit at all. A couple of good examples include Twitter, Uber and even Amazon. It might seem shocking, but most of the capital that these companies make are actually reinvested back into the company itself. Although it doesn’t necessarily mean these companies aren’t making money, it does technically imply that monetary rewards are not used as a way to determine success.

Rather, success for these companies is defined as growth. Growing your company, reaching new heights and exposing your brand to new consumers is what success means to them. However, that doesn’t mean it’s the only way to define what business success is. Some people consider themselves to be doing well if they’re able to make a profit or even just stay afloat. The point here is that everyone has their own definition of what success is, and this is going to play a huge part in the rest of this article.

Before you continue reading, think about what success means to you. Is it defined by the money you keep in your pocket? Is it defined by the lifestyle you can live as a result of your company’s profits? Or does it depend on your brand’s exposure?

Building on Solid Foundations

When we talk about solid business foundations, we’re often talking about a few key pillars that can really help your company reach stability and not just grow. Here are a couple of solid foundations that are commonly spoken about:

 

 

These are the types of solid foundations to keep in mind when starting a business–but are they really enough? While a business can survive and even thrive under these conditions, there’s something more that every company needs if they want to be ahead of the curve.

The Importance of Risk and Reward

Risk is something that many businesses refuse to think about. They believe that solid foundations and risk-free options are the best way to grow a business–but they’d be wrong. Your workplace needs to inspire creativity and your company needs to take risks if it’s to grow beyond what’s possible.

What holds people back is usually the fear of failure, but they fail to understand that everyone has failed at some point in their lives. Just take a look at famous entrepreneurs such as Jeff Bezos and Richard Branson. They have both failed in the past and they’ve both tried things in their current businesses that just never took off. They took risks that didn’t work out, but these are rarely ever spoken about. It’s important to take risks to understand what works and what doesn’t work. Even if something you try didn’t work out initially, that doesn’t mean it’s not possible in the future.

Whether it’s waiting for technology to catch up or waiting for consumer mentalities to change, being at the forefront of your industry and making industry-changing risks is an important part of every business. Yes, it’s possible to run a company on foundations and solid fundamentals, but it’s also important to take risks in order to reap the rewards that could put your business in a trendsetting position.

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