Success Relies on Some Key Factors
with Jason Krenske
IT is interesting and inspiring to watch people that have a passion for what they do.
You just need to watch an episode of Masterchef Australia to see people who are inspired by food and really want to change their current career and become a chef.
But is being passionate about what you do enough?
Sean Ashby, the founder of aussieBum, attributes much of his success to the fact that he was passionate and driven about what he wanted to do.
He also says he didn't get deterred by financiers in the early stages of his company telling him that the numbers did not stack up.
I found this comment interesting because it was suggesting that Sean would not have the multimillion dollar business he enjoys today if he had solely focused on the numbers.
What I found when researching Sean's success further was that it wasn't just his passion that resulted in his success. It was the fact he managed the key success factors for the industry in which his business operates well.
For aussieBum, which operates in the underwear manufacturing industry, the key success factors are:
Establishment of export markets:A Manufacturers of sleepwear, underwear and infant clothing that are able to develop export markets, particularly for niche products, are able to earn additional revenues.
Having marketing expertise:A Domestic sleepwear and underwear firms that are able to effectively market their products can capture additional market share.
Establishment of brand names:A Local firms that are able to develop strong and well-known brand names are able to create loyal customers.
Production of premium goods/services:A Local products that are manufactured to a high standard with quality inputs are able to attract premium prices in the market.
It is worth noting that key success factors are constantly evolving and vary for different industries.
For example, our budding Masterchefs should take their passion and ensure they focus on:
Access to multiskilled and flexible workforce:A Access to a high number of casual staff and quality cooks/chefs is required to control overall labour input and cost. …