“How can I make sure my startup will become a top brand in a few years time? I want it to be just like Facebook, Zappos and Youtube.”
My reader asked me the question over the phone recently.
I could sense her unwavering determination to get the answer. I could simply tell her that these businesses worked hard and were lucky. But I know that smart entrepreneurs like my friend will not accept this answer seriously.
So, I told her to give me some time to do my research and get back to her on these 7 qualities of the top 3% brands in the world.
1) Dream Big Dreams
You need to dream big dreams. Set your benchmark, achieve it; set a higher benchmark, achieve it again and so on.
“As long as you’re going to be thinking anyway, think big.”
2) Do Not Fear Failure
You need to plan and then take constant action until you see success. Fear of failure is something that stop many entrepreneurs from taking action on their plans.
Hence, do not fear failure. If one of your business strategies did not work, try another one.
Jeff Bezos, CEO of Amazon said,
“If you want to be inventive – you have to be willing to fail.”
3) Work Harder than Your Competitors
Successful start-ups owners work harder than anyone else. If you want to win your competition, your business has to work harder than them.
Mark Zuckerberg, the youngest billionaire in the world or best known as a workaholic by the media, once said that,
“The real story of Facebook is just that we’ve worked so hard for all this time.”
4) Focus on Your Business
Many businesses lost their focus when they started to make some money. They begin to set up more business entities by using the money made from their first business.
When the leader begins to lose his or her focus and stop expanding the first business, the business will fall to competitors who are more focus than them.
Warren Buffett once said this,
“Remember the efforts that brought you success, don’t lose focus.”
5) Think of Your Customers’ Benefits
Think of ways to improve your customer benefits such as better management, better support, more branding activities or more training.
One reason why most businesses remain stagnant after a short stint of success, is because they stopped reinvesting their revenue to generate more benefits to the customers. In other words, the bosses keep most of the profits to themselves than the consumers.
Michael Dell said,
“Our business is about technology, yes. But it’s also about operations and customer relationships.”
6) Pay your Best Employees Well
How leaders can retain top talents will also determine the success or failure of their businesses.
Your top 1% talent is critical to your company’s overall success. I have seen companies, that were once powerful brands, begin to weaken when their best talents left the companies. You need to pay your best employees well more than what the market can offer.
Art Rooney Sr, the founder of Pittsburgh Steelers explained why it is important to pay your best employees well. He said,
“Let me teach you a lesson…you can never overpay a good player. You can only overpay a bad one.”
7) Prepare For Crisis
When your business is making profits consistently, do not always think that it will remain the same. Always prepare for crisis.
Remember, nothing stays the same. Take two steps forward and then one step backward each time. So that, you will be ready for any crisis while at the same time, advancing your business.
Bill Gates said,
“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”
So there you have the 7 qualities of the top 3% brands in the world today. All the best for your business venture!