From Good to Extraordinary

What distinguishes a good business from a great business from an extraordinary business

The task of creating a business is no easy feat. The great thing about starting a business is anyone can start one in any industry, the possibilities are limitless. But, what separates a successful business from an extraordinary business?

A Successful Business

A successful business to me is one that has opened its doors to the public and gets customers to keep their doors open. A successful business provides a means of living usually for an individual or a family.

A Good Business

A good business is one that provides not only the owners with an economic advantage but the employees as well. The business is able to grow with the help of a workforce.

A Great Business

A great business provides value outside of its organization to its customers. The customers are happy with the product and loyal. The customer will share their experiences with their friends which will in return bring more business, ultimately growing the business and extending their reach.

An Extraordinary Business

An extraordinary business makes an impact on society and changes the way a community lives their lives.

So what takes a company from a successful business to an extraordinary one? It comes down to three controllable characteristics: vision, values, and people.

Vision

A company is started by a founder with a core idea or beleif. This is something the individual finds true and will stop at nothing to achieve. Founders typically out their goal above everything else and do not see working on this project as work but as a hobby. It is near impossible to find someone with as much drive that is trying to solve the same goal so founders have to sell thier idea to others with similar beliefs. This is core to hiring a great team, a team who believes in the company’s north star and understands the company’s values.

Values

Starting a company is no easy feat but with a proper set of values the company will be able push through any obstacle and succeed. Values are the core principals in which a company is built. Amazon is famously known for their values of listening to the customer and giving the customer the best possible experience. This is a mindset that you and the whole company adhere to.

People

A company is the sum of all of its components and that is its people. Hire slow, hire great, and build teams that create magic when working together. The combination of of the company’s vision, values and people make up the company’s culture. Not to be confused with the fancy furniture and free lunches.

The Trickle Down Effect

If done properly the founders initial core value and vision will trickle down to the employees which will then quickly be adopted on a company level, and ultimately to customer on a world wide level.