Efficiency, Knowledge or Business Capital: What Makes a Business Owner Successful

October 15, 2011 by  Filed under: Loans 

They say those who can’t do teach. A great example of this is the vast number of college professors who have failed at business, but succeed at knowing more about a business subject than virtually anyone else. The reality of business is, knowing everything about something does not guarantee you will make money from it, or even have a fighting chance. It certainly helps but there are numerous other assets that make business owners successful. For example, having business capital or to put it simply, a lot of money, is a massive leg-up in the business world. Plenty of successful business owners who had the benefit of starting with a lot of money are really not that intelligent, and they would probably be the first to admit it. Another under-rated virtue in business is efficiency. It doen’t really matter if you are good at something, if you are not good at executing it in a viable way.

A great example of how business efficiency and business capital are a great benefit to an enterprise is Burger King. Burger King did not become a billion dollar business by offering a classy ambiance or for knowing more about making a good burger than most diners. They did it by using the capital of thousands of people who bought into their franchised opportunity, and also by engineering a way to churn out burgers and fries that dwarfs any method your mother used. Efficiency and business capital arguably have more to do with the success of Burger King and most other successful enterprises businesses than knowledge of the product.

This isn’t to degrade the merits of having a great product or service, but it is necessary to understand the pragmatic nature of a consumers psychology. The average German consumer will spend far more on a car than an American, it isn’t that they have a lot more money it is simply their prerogative to pay more for higher quality. This is the reason Toyota and Ford sell more cars in America than BMW. If your customer base doesn’t believe in paying for the best then supplying the best is a poor business choice.

If you can be in the top 1% in your industry when it comes to knowledge of your product or service, the top 1% in access to business capital, and also the top 1% in efficiency, it’s very likely you will succeed as one of the best in your industry. Knowing more, having more cash and being better at executing your ideas is a simple formula for succeeding at almost anything in this world. The way to be successful in your endeavors is to be objective enough to realize your own weaknesses and be willing to always improve yourself. Being the best isn’t necessary, but having the will to always become better is.

Eric Smith

Clopton Capital is a provider of gas station financing and bridge loans. Contact Clopton Capital today at 866.647.1650, or at our website CloptonCapital.com

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