Every successful company has a strong vision and an effective ongoing mission. For entrepreneurs it is important to settle on both to ensure they can stick to their overall plan. Some are bound to amend parts through experience but at the start it can provide the control and resilience needed when it comes to time, money and emotion.
It’s great when people have an idea and take it all the way along a journey and eventually create a successful company. They can spend days, months or years trying to construct and develop their ideas and put them into practice. Some succeed and some unfortunately fail. Competitive advantage, above-average management and market leadership all have an impact. Innovation also plays an important role and EP is proud to promote the entrepreneurs who are trying to break into the industry.
When a young company first starts out they do not have much competitive advantage because they are so unknown. This in itself gives them a differentiation advantage, one which is often combined with a cost advantage. If they provide a better service or product than others in the same market, suddenly there are many positives shining through. Experienced managers are often essential and many entrepreneurs lack this quality due to their inexperience. However leadership can come in various forms – quality, innovation and also customer service. No company wants to be number two in the market, but barriers are at various heights for going further.
There are other factors which display the potential of a company. Hard work is a vital ingredient in a successful business and must be embraced with both hands by any new additions in the industry. Despite the hard work we have discovered that often when designing their business plan or marketing plan, entrepreneurs of all backgrounds miss some key features. They simply forget to include their vision and mission of their company. The vision is often seen as where does the company want to go and the mission is how they want to get there. Goals, strategies and tactics follow and this is often where many thrive and make an impact.
We want to continue to help those aspiring to realise this critical difference and we know as an industry we can help each other develop. People will change – but a strong vision and clear mission encourages everyone to focus on the important and creates a better understanding of the whole picture.
For more information please email Ben Butler at EP Magazine