How to build a successful company: 3 tried-and-true methods

Embarking on an entrepreneurial journey is often described as a complex endeavor, demanding a blend of resourcefulness, determination, skill, and chance in proportions that are hard to forecast. Many perceive entrepreneurship as more of an art than a science, where failure can be minimized but not entirely averted. However, some entrepreneurs have discovered the secret to consistently navigating their way to success: treating the process of company-building as a craft to be honed.

One such approach involves transforming purpose and frustration into success. For some individuals, entrepreneurship becomes a path chosen after exhausting other options, while for others, it represents the culmination of years of groundwork and self-reflection. Having a clear sense of purpose emerges as a superpower for CEOs, propelling them forward during challenging times. As Aubre Winters-Casiano, the founder of Aubre Winters Consulting, puts it, "Purpose-driven leaders exhibit remarkable resilience and determination, fueling their journey towards success."

Another compelling approach involves founders who are relentless problem-solvers. These entrepreneurs possess an insatiable curiosity and refuse to abandon a challenge until a solution is found. By building a business around solving a pressing issue, leaders like Ben Lewis of Trellis and Elise Burns of Elise Burns Coaching demonstrate a deep-seated commitment to driving change. As Ben Lewis explains, "Being a relentless problem-solver means never giving up, even when the challenges seem insurmountable."

Moreover, there are entrepreneurs and investors who treat company formation as a systematic process. By assembling the right teams, providing essential tools, and optimizing operations, entities like Pioneer Square Labs and Material Impact streamline the path to success. They recognize the significance of treating company-building as a distinct business, reducing uncertainties and enhancing the chances of success with each iteration. As Elise Burns puts it, "Systematically building companies is about reducing risk and increasing the likelihood of success."

While passion and purpose are crucial drivers in entrepreneurship, a systematic and committed approach can also pave the way for success. By refining the art of building companies, entrepreneurs can transform each venture into a calculated endeavor rather than a mere gamble. By adopting one of these three approaches - transforming purpose into success, being relentless problem-solvers, or treating company formation as a systematic process - entrepreneurs can increase their chances of building thriving businesses that stand the test of time.