Plenty of people start their own businesses, but what does it take for them to succeed?
Canadian businessman, investor and host of the US version of Shark Tank Robert Herjavec spoke to Forbes about advice he would like to impart of small businesses owners and entrepreneurs. He noted that while people often start businesses out of necessity and a drive to do more with their lives, there are key elements that make for a successful company:
"Well, it really comes back to the basics: hard work, knowing your industry, knowing your numbers, quality customer service, finding ways to differentiate yourself in the marketplace. Those things may sound obvious, but excelling at all of them is challenging and helps set some small businesses apart from the competition."
One of the things business owners can do is identify their strengths early and try to partner with other people who can help them in areas they are weak in.
Herjavec also has some wise words for would-be entrepreneurs: Sacrifices will have to be made and its up to you to decide whether going into business is worth giving up personal luxuries:
"Take the time to be very real with yourself. To consider the lengths you’re willing to go in order to make your business a success. Or, put another way, the things that you’re willing to sacrifice in order to make it happen. The hard truth is that, especially when getting a business off the ground or during challenging times, there’s no such thing as ‘balance.’ You have to go all in. So it’s definitely best to ask yourself that question and come to that realisation before you start your business.”