The recipe to the success of a new-found business is often vague and unpredictable. Creating a sustainable and profit-making business is even more challenging and elusive. There are those who would contribute their career achievements to their luck of entering a market at the right time with the correct type of support system. And there are those who believe the honing of specific skills and knowledge within their field of expertise is the secret ingredient to their success.
In Chinese philosophical teachings, the essentials for success in any sort of life matters are:
1. Timing is the opportune moment of when you decide to enter the prospective market. It is important to note how saturated the market is currently before you determine your niche and how you could brand your products, services or simply yourself.
2. Geography is where you will be conducting your business. Although most small businesses usually begin with the launch of a website, the online platform may not be the most beneficial for some businesses which is best experienced first-hand and face-to-face to garner credibility.
3. Connections is essentially the people you know that could help your business directly by purchasing your product or service, or by being your advocate and providing the approval you need for a greater and more profitable reach.
Now that you have all these essentials in place, how do you distinguish yourself from your competition and create a sustainable and lucrative business and/or partnerships?
Set goals and objectives for your business. This should be both short-term and long-term. 3 months. 1 year. 3 years. 5 years. Make plans to build your company’s core values to avoid getting sidetracked by alluring opportunities that might be detrimental to your company’s development. Don’t forget that building withstanding values for the business and brand could sometimes take precedence over monetary gains that are not a good fit for the long-term goals of your business. Be sure to keep these principles clear, concise, and simple, and frequently reference these principles when you make difficult decisions or looking to grow your business in uncharted grounds.
There is one constant in the world of business: change is inevitable. While you should set goals, be mindful of your principles, and execute your plans with caution, there is always the possibility that moving components of your plan could change unexpectedly. You may need to be prepared to maneuver on paths that you have not explored before and adapt freely to making decisions that could feel risky and uncomfortable. Be vigilant, be flexible.
While these two notions may seem a bit contrary, we must understand that the basis of the art of business is finding the balance between these two notions, the sweet spot. Through the difficult decisions we make as a business owner, we weigh the pros and cons of each option we are presented with, thoroughly analyzing the risks and outcomings, and finally reaching a decision that could potentially propel your business forward in a meaningful way.
Contributing Author, Betsy Kwong
Betsy is the managing director of Boon Tea, a California lifestyle brand dedicated to inspiring life through the celebration and appreciation of the arts and culture. She is also the Lead Instructor for Boon Yoga, a yoga method that advocates for the concept of slow living and self-expression with an emphasis on the teachings of Hatha Yoga. Her goal is to help others find the means to lead a purposeful and conscious life. In her free time, Betsy likes to go on hikes with her goldendoodle Bailey, read, and do pottery.