One of the most asked questions in the business world is ‘ How to achieve success in a business ’. After all, more than half a million businesses pop up each month in the US, and even more go down in the same period! Well, if you are one of the few people who think you can know the secret to success, I hate to break it you, there is no secret.

Success can’t be achieved by reciting some clandestine spell or following a few pointers. If that was the case, every other business owner would be rolling in dough. This isn’t going to be another one of those articles that tell you to follow a specific set of guidelines and what not. But by the end of it, you’ll at least have a vague idea of what to do.

What Is Success To You?

First and foremost, you need to define what success actually means to you. For most prospective business owners, the measure of success is directly proportional to their revenue stream. While financial gain is a major factor that determines success, that isn’t the whole of it. For many corporations, a strong customer base is worth more than the profit they generate. Just take a look at Sony, who was selling PlayStation 3 consoles at a loss of more than 20% during the initial phases in order to attract customers!

While that may look counterproductive, look what happened next. Game developers saw the potential consumer base for the console and soon turned their attention towards it. What was once a scant library of a few games and minimal developer support had now turned into a vast range of multi-platform titles and ample developer support. By the end of 2012, Sony made a huge profit in game licenses and through their PSN network. So you see, this clumsy looking move proved to turn the tides for the Japanese giant.

I am not telling prospective entrepreneurs to follow the same business model; the whole point is to look at the bigger picture, not just their profit stream. This isn’t to say that cash flow isn’t important, as it is the life and blood of a business. But the only way you can ensure the longevity of your business is through a strong consumer base.

So How Can I Get a Strong Consumer Base?

Well, that’s a whole different story, as it hugely depends on the product or service you’re selling and the target market you are catering to. For example, a quieter countryside market would prefer a business that isn’t too flashy, provides good value for money, and promotes family friendly values. Yes, that is what most shops and services in such areas are like, and you will likely be diving into a saturated territory, but if you ask me, it’s better to have a tiny slice of a large consumer base than to cater to a non-existent target market. Once again, it all depends on how you handle the business and what kind of image you portray. But remember, revenue streams do not equate to success (at least not in the initial phases).

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