Keys to Success

According to the Small Business Association, more than 500,000 new businesses are started each month in the U.S. Perhaps inspired by an initial burst of enthusiasm, most survive, at least for a while. More than two-thirds last at least two years. But, after five years, half have closed their doors. Why do some succeed, while others fail? Even innovative ideas can experience difficulties.

A recent study identified one major problem as they “don’t effectively articulate to consumers how they deliver on a broad consumer need.” People just aren’t clear about the benefits of a product or service. If they want to succeed, owners and manager must provide products and services that meet the needs of customers, and then be able to communicate those benefits.

Many new ventures are plagued with unrealistic expectation: they need to be practical. “Brands often overestimate the loyalty of repeat buyers.” Buying once or twice is a start but, for success, “it takes approximately eight purchases for a consumer to become a truly loyal buyer.”

The fact is that half of buyers don’t return after a first experience. And many who do make a return visit don’t engage again. With so many options, many ventures just don’t provide enough reasons to return.

The Bible gives us important advice on how to be successful in any kind of venture. It is important to be good listeners and seek good advice. To be practical and not overestimate success. Also important is having a realistic plan, being patient, and not expecting instant success. No venture can expect to survive unless it provides a product or service that genuinely meets needs.

Perhaps the most important step is to “commit your actions to the Lord, and your plans will succeed” (Proverbs 16:3). To seek and trust Him. As we continually commit our ways to Him, the Bible promises that He will direct our path (Proverbs 3:5-6).