When it comes to answering the question; “what does it take to make a business successful,” There are a huge range of different opinions and pieces of advice that might be entirely relevant to your particular situation, or largely irrelevant.
Generally speaking, new entrepreneurs often find themselves becoming bewildered and sidetracked by the sheer number of different strategies and techniques that are on offer.
More often than not, the best approach – and one of the best ways of simplifying things upfront – is to focus on certain broad principles that tend to yield favourable results across a range of different circumstances.
Interestingly, one of the most consistent characteristics of successful entrepreneurs and businesses is that they are willing to be daring – both with regards to taking rapid action on things like signing up for a CBD Merchant Account and starting trading, and with regards to exploring novel markets in general.
Here are some reasons why being daring in business is often the best policy.
Because there is less crowding “on the extremes”
Many people try to stick to the “mainstream” in business, precisely because they are worried that going to the “extremes” and trying new things represents stepping into the unknown, and essentially acting as guinea pigs for an untested range of strategies.
While there’s certainly truth to that concern, the other side of the coin is that the “mainstream” is always going to be incredibly crowded with competition who are already doing the same things as you, but with the advantage of a head start, and usually significantly more resources, as well.
By being daring and trying something new, you are naturally operating in a place that is less crowded, and where a combination of good business acumen and luck might really catapult you into the stratosphere.
Because the businesses that have the greatest impact are often those who are able to identify, create, or capitalise on a new trend early
As a general rule, the businesses that really take off, disrupt well established industries, and make a name for themselves, are those who are able to identify, create, or capitalise on a new trend early enough that the less mobile “established players” are left behind.
In fact, it might be fair to say that the defining feature of a successful entrepreneur is the degree to which they can act in the capacity of a “disruptor,” and jump onto something new that no one else has yet managed to capitalise on.
Of course, this requires you to be both daring and proactive.
Because it’s often impossible to know how an approach will play out, until you try it
Though there are certainly such things as poor professional decisions that can squander resources and tarnish your reputation, there isn’t really any such thing as “playing it safe” in business.
The future will inevitably bring all sorts of different challenges and obstacles, and it’s often impossible to know how a new approach you have in mind may play out, until you try it.
By being daring and proactive, you will accumulate many more “learning experiences” than you would by staying at the “drawing board” indefinitely.