This is a simple but good question, but does depend on what your definition of “successful” is, too. A lifestyle business is successful if it provides a decent living for the owner. Most freelancers, consultants and coaches are this kind of business. So are most local retail stores. They sell commodity products and services like millions of others.
To me, a successful business is one that can reach multi-millions in revenue, create jobs and has good margins for profit that can be reinvested to grow the business. This kind of business can grow exponentially and reach hundreds of millions in sales over time. These create true wealth and even generational wealth to leave to your children. And can have a big impact on the world too. What these businesses have in common, almost always, is:
Learn more about our Growth and Scaling (GSP)
For a free video consultation call on what your
I have a free video course that goes into more detail on the skills a founding team needs to develop and attract to be successful and build a substantial company. The 85% failure rate is mainly because founders do not do the upfront work required, or lack the skills themselves and on the team.
Click here to visit Entrepreneur's Journey
Also check out my blog and follow me here on Quora as I have loads of posts on entrepreneurship, scaling and raising capital.
Click here to visit my Blog
We also offer The CEO Boot Camp that has graduated thousands of entrepreneurs and CEO from 40+ countries since 2004 for the most serious Entrepreneurs as an alternative to getting an MBA. Better in four ways. These courses contain highly practical roadmaps, models, and checklists, all curated over my two decades as a Serial Entrepreneur to create a holistic and comprehensive framework for entrepreneurial success. Taking my engineering experience and structured thinking and applying it to entrepreneurship.
May all your ventures be successful” by my definition above ‘0) It is just as easy to design and grow a large business as a small one with our 24 hours per day. This just takes more thought and critical thinking with good strategy.
Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.
Call (619) SCALE06 or email [email protected] for a complementary strategic consultation