5 Things Your Business Must Have to Succeed
In Main Street Entrepreneur, lifelong entrepreneur, business consultant and university professor Michael Glauser reveals how to achieve your dreams by implementing the nine keys of entrepreneurial success. In this edited excerpt, Glauser describes the five factors that must be in place in order to create a successful business.
Over the years, I’ve seen a lot of entrepreneurs succeed and a lot of them fail. The ones who succeed generally have five components in place before launching their venture. First, the need for the product has to clearly be there (NEED). Second, you must have the expertise and credibility to launch your venture (EXPERIENCE). Third, you must have all the resources you need to get started -- people, production, distribution, and funds (RESOURCES). Fourth, you have to have customers who are committed to buying your product (CUSTOMERS). And fifth, your business model must be sound—from pricing and cost of goods to...
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