A successful business is the result of a combination of strategies that are carefully put into action and continually re-evaluated. Strategies include the Business Model, the Business Purpose, the Value Proposition and the Business Goals. A successful strategy is built on a clear understanding of value creation. This involves the gap between a customer’s willingness to pay for products and services and the cost. By reducing this gap, businesses create value for customers, the firm employees, suppliers, and customers which ensures continued growth and success.

The key to success in a new venture is to concentrate on the needs of customers. While it may seem obvious, many businesses lose sight of this simple fact and get caught in administrative tasks and daily goals that detract them from delivering work that is focused on the customer.

A successful business must also identify its competitive advantage. This is about identifying what differentiates it from other companies and taking advantage of this uniqueness. Apple is a prime example. It has built its brand on providing new experiences and products that have a profound impact on the lives of consumers. This is accomplished by a continuous commitment to innovation and a common vision of the company’s employees as well as investors, partners, and employees.

A final key to success in business is creating an environment that encourages creativity and rewards innovative ideas even if they don’t immediately bring profits. This can be a challenge however, it’s crucial to recognize that long-term business success is an incremental process that isn’t able to be helpful hints driven by speed or success.