Framed in the simplest terms, a business is an enterprise that provides a service or a product to customers in exchange for money. Without customers, businesses would fail. And as an entrepreneur and owner of an on-line business, aside from a viable pool of customers, you also need to have a considerable repertoire of hard and soft skills to see your business through good times and bad.
What else do you need?
You need to know the core mission of your business. You can earn money doing a lot of things: sell digital art, buy and fix thrift-store furniture and resell it, run a food-truck, etc. but you need to know: what is your business here for?
Times change, and the factors that sparked the seed of life for your business can change with them. Think of Kodak — once the world leader in photographic film, it went bankrupt when it wasn’t able to adapt quickly enough to take full advantage of the rise of digital imaging technology. The company re-imagined itself and now it offers “packaging, functional printing, graphic communications and professional services for businesses around the world,” upon coming up from the ashes of its former success.
You need a long-term vision: where do you want to go with the business, and where do you want it to take you?
What you also need for your business are good relationships. Good businesses work to maintain long-term relationships with old customers, while inviting new people to join the group, and taking care of the ones who keep coming back. Solid relationships with your peers, partners and associates in your business community are also vital.
No-one ever really gets anywhere worth going to all by themselves. Help people up, build friendships, and your reward would be a supportive community, a deep sense of belonging, and the privilege of being able to give back. Continue reading How To Keep A Business Healthy For The Long Run