What Makes a Successful Business?
In a recent conversation with Gene Murphy (Entrepreneur in Residence in the Bank of Ireland) a discussion arose over lunch about what I believe are the three requirements for a successful business.
Here is what I believe distinguishes successful businesses from the crowd –
Market – Competency – Passion
If your business is to be successful it requires the three elements listed above. (Alan Weiss – Million Dollar Consulting – 2003)
Two of the three is not good enough, and if you only have one, get yourself a nine to five job.
Let’s say, for example, you have Competency and Passion, but no Market – you will fail!
When you have a Market and Passion, but no Competency – you will fail!
When you have a Market and Competency, without Passion – you will also fail!
When preparing clients who are pitching for sales or funding, these three elements must be addressed in the pitch:
Market – Competency – Passion
Market:
The market need and size are often best explained by telling a story about how you solve a problem(s) for organisations in that marketplace.
Competency:
Tell your listeners how you and your team developed a competency that is valuable to the market you are proposing to supply. Tell them how you experienced this problem for yourself and how you have now devised a solution to the problem.
Passion:
During the presentation (and also before and after the presentation) you need to demonstrate your passion for your business idea.
There are lots and lots of good business ideas and I hear them every day, but I meet very few business teams that exhibit a passion that demonstrates to me and potential funders that they should be the chosen one.
Here is my observation as to why we do not see more passionate pitches:
This can be due to an actual lack of passion, but more often than not, it’s due to a lack of confidence when speaking to people who the presenter feels are more successful, wealthier, or more important than they are.
If the problem you solve is big enough, you demonstrate a skill they require and you demonstrate your passion for your business, then customers and/or funders will beat a path to your door.
DO you want customers and/or funders to beat a path to your door?
Action:
Do you recognise yourself in any of the above and want to take the first step to a fix? Come along to my Masterclass on the 10th April: Overcome Your Reluctance to Speak in Public – and Watch Your Career Grow!
