Yes it's called passion - if you are not passionate about what you do then you should not be running a small business because it just become a job to you,
No magic pill. A well researched idea. A well put together business plan, marketing strategy and tactics included. Willingness to put in countless hours with blood, sweat and tears before "instantly making it a huge success." :-)
There is no magic pill for anything, but if there were going to be one for any startup, it would be the "luck" factor.
However, ingredients other than Passion, Perseverance, Planning, Implementation, etc. is to make sure that the combination of all-of-the-above is *profitable*...otherwise it will end up being a hobby not a business.
Dimitris, While it's not a "magic pill" there is a formula to building a business. The problem I have found is not many people are aware of the process. What happens is startups get advice from people that also are aware of the formula and end up down the same path.
You can find an introduction to what I am talking about here in the Resources here on mosaicHUB
Absolutely not. Every startup is different so strategies, business models, etc. all have to be tailored. You can adapt some things from similar startups or basic business principles. But a magic pill? I think not.
"A Truly Great Business Idea First Needs to Pass This Test...
No Magic Pill, but instead, a cocktail of three different "pills".
1) Start with passion. If there is no passion, there is no hope!
2) Build a strong business plan. This is absolutely a necessity and must be done thoroughly.
3) Implement. Be accountable. Have others on board to hold everyone accountable.
Of course, this is oversimplified, but the basics are there!
Yes, there are several magic pills. Do what you love, trust the process, partner with people who are smarter than you, with the expertise to help you make your dreams come true!!
Conviction in the idea, a long term outlook in terms of hanging on irrespective of the odds, and the ability to do all jobs, including odd jobs...
A large part of the conviction and outlook stems from the amount of research, planning, clarity of thought, etc...
No - but a solid plan, good management (to stay on course) and sufficient cash for both startup and operations helps pay the rent, the staff and the bills.
I dont think there is magic pill for anything in this world....Idea well implemented is the key
I guess that depends on the owner. Magic, like success or beauty is surely "in the eye of the beholder.". Your question gives rise to another. Is there anything that can be of help to Startups that would simply require a "change of perspective or mindset?" To that I would say most definitively. Many times what troubles Startups is as much what an owner believes he knows as to what he must be made aware of. In these instances a "pill" that entices an owner towards getting out of the way or movement towards a change of mindset can be of great value. Thought is the most powerful force in the universe. Our thoughts are the controlling factor in what we manifest and create in our lives. Use your thoughts to create a specific vision for your business and then apply the right strategies and tactics to grow and develop that business. Can changing your mindset really improve your business bottom line? Most definitely.
Perhaps what counts more is whether a start up can remain in business longer than 5 years...even the best enthusiasm can fade so what makes the difference for a start up - is it really a magic pill? Maybe the principle of working on what is important and not just the urgent (which can sometimes be unimportant...)
According to a recent academic study what is important for year on year success is:
1. Greater Customer Satisfaction
2. Growth in business profits
3. Greater customer retention
4. Growth in business turnover
5. A growing sense of fulfillment
6. Greater personal satisfaction
7. Enhanced quality of life
8. Greater personal reputation
9. Greater personal autonomy
10. Growth in number of employees
(Source: University of Surrey UK October 2012)
I hope this is helpful...