Owning an enterprise is pleasing to individuals for numerous reasons. People get to become their bosses, working with wonderful persons, create their individual schedules, and turn their passions into careers. However, becoming a businessperson is not an easy task. Usually, first-time entrepreneurs might jump in headlong and later become blindsided by the certainty of operating an enterprise. In this sense, it is crucial to realize that launching a successful business is a daunting task (Villamarín & Diaz Pinzon, 2017). Thus, it is crucial to identify the key success factors common and unique for accounts, including “Elevator Pitch for Project Alabama,” “An Unusual Startup: Elevator Pitch for Coffee Pouches,” “Nailah Ellis-Brown,” and “Richard Branson” and what would stop another company from copying the processes and take away the initial advantage of an existing firm.
From the different accounts, comprising “Elevator Pitch for Project Alabama,” “An Unusual Startup: Elevator Pitch for Coffee Pouches,” “Nailah Ellis-Brown,” and “Richard Branson,” the common key success factor is one of an innovative business idea. In a competitive industry, a business becomes successful by determining what sets it apart from other existing options. Existing technology or clever marketing alone cannot guarantee that the products or services a company is offering would wow customers. It is essential to provide a new experience or real value while paying attention to the current trends. Many claims that it is essential to introduce an entirely new idea, although it is probable to take the present popular trends and build from the available options, developing enhanced products or services. The market would determine whether the business would excel while one means of realizing success is to have an innovative service or product that the market would accept (Villamarín & Diaz Pinzon, 2017). It is not just essential to reinvent something completely while making it better would also depict the innovativeness of an enterprise.
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Regarding “Elevator Pitch for Project Alabama,” for instance, it utilizes recycled materials to make T-shirts, which have created a new opportunity in costume design and fashion, while it is also possible to access high-quality labor to perform the hand-stitching role. The employed women give great pride in their work, ensuring that every piece is unique and of high quality. Concerning the “An Unusual Startup: Elevator Pitch for Coffee Pouches” account, innovativeness becomes apparent where the innovation Pat Pezet and Matt Canepa invent Grinds, innovative chewable flavored coffee pouches coming in many flavors, including mint chocolate, mocha caramel, cinnamon roll, vanilla, and peppermint. These target minor and major league baseball players with Grinds as a substitute for chewing tobacco. Here, word of mouth led to their immediate success such that various players have become testimonials for the product, leading the company to feature on ESPN, NESE, and Fox business, allowing the company to realize increased sales and revenue. On the “Nailah Ellis-Brown” account, Nailah needed to ensure her product contained only natural ingredients and be absent of high fructose corn syrup, leading her to invent natural products in making her tea. For the “Richard Branson” account, innovativeness emerged when Branson introduced Virgin Records, which aimed at selling music records via mail order at slightly discounted prices. Virgin Records served as the unique initial business to focus directly on the 18-25 years old sector (Dominguez & Mayrhofer, 2018). The company emerged successful, making a decision to expand into record publishing resulting in its breakout revenue.
On unique key success factors, they are evident in “Nailah Ellis-Brown” and “Richard Branson” accounts. “Nailah Ellis-Brown” the unique success factor Naila employs, revolves around building her network. Establishing a personal network of like-minded businesspersons offers the benefits of a sounding board when seeking advice or questions, which is significantly essential during a business’s early stages. A business’s resources grow as the network grows. For Nailah, she sought the assistance of her mentors to reduce inventory and marketing costs and gain experience to allow her to reach positive profit milestones. These aided her in realizing a positive growth pattern for her business, which gave her a distinct advantage over her rivals. Regarding the “Richard Branson” account, the uniqueness of key success factors exists where Branson emphasizes working hard and smart to grow his business. Such an approach requires entrepreneurs to be willing to get their hands dirty to allow them to reach their goals. Here, Branson focused on adopting a people-centric approach to business, including making people happy, be they employees, customers, or beneficiaries (Dominguez & Mayrhofer, 2018). He adopted a new strategy described as a “branded venture capital organization,” investing alongside distinct institutional and trade partners in various businesses that either share or have the prospect of sharing common brand values.
If a single organization can facilitate an entrepreneurial atmosphere within a current company, certain things might hinder another firm from duplicating its processes to take away its initial advantage. One such issue is where the other company is stuck in a certain belief system. Here, it is crucial to realize that preconceived ideas can be catastrophic. Such believes deadly to an organization because it is not possible to convince other people working in an organization on how they can progress to make the firm more progressive. The organization might also be the problem. The lack of respect or trust for the senior management results in rapid resistance to new ideas that might hinder an organization from realizing a competitive advantage (Villamarín & Diaz Pinzon, 2017). Also, the state of inertia might also exist in a company, where a firm believes to be doing “well enough” unsure of whether it has sufficient energy to take on additional work to realize increased initial advantage in the marketplace.
References
Dominguez, N., & Mayrhofer, U. (2018). Key success factors of SME internationalisation: A cross-country perspective. Emerald Publishing Limited.
Villamarín, J. M., & Diaz Pinzon, B. (2017). Key success factors to business intelligence solution implementation. Journal of Intelligence Studies in Business, 7 (1), 48-69.
