The key to success is people

In the movie "City Slickers," Curly (Jack Palance) and Mitch (Billy Crystal) are riding their horses, talking about life. Curly asks: "What is the secret to life?" Then he explains that it is "one thing — just one thing. You stick to that and everything else don't mean (anything)."

Entrepreneurs often ask themselves a similar question: What is the one thing that will ensure my success? Lots of money to support the business? A great invention? A market insight unknown to competitors? Maybe it's none of the above.

After 10 years of research, Amar Bhide of The Harvard Business School provides some insight. In his book, "The Origin and Evolution of New Businesses," he summarizes that most successful entrepreneurs start without a proprietary idea, money, significantly better training or qualifications and in uncertain or undefined market niches.

I am currently working with two entrepreneurs who are starting up a new e-commerce business. They lack the necessary capital and do not have a revolutionary idea. What they do have are a number of characteristics typical of successful entrepreneurs:

• They know the business opportunity. They have worked for someone within the required area of expertise.

• They have identified a profitable niche. Their strategy is to do it better and at a lower cost than the competition. Bhide suggests that success often follows those who make a small modification in something that somebody else is already doing.

• They are willing to work hard. They work long hours with intensity and focus.

• They are adaptable and willing to move quickly. During the month prior to startup we changed our entry strategy as we have refined our thinking.

• They are good listeners. Successful entrepreneurs know when to listen and seek advice.

Then what is the "one thing" for entrepreneurs? As far as I'm concerned it's the people. First, it's the leader. As Thomas Aquinas said: "If the primary mission of a captain were to preserve his ship, he would never leave port." The leader is not only willing to leave port, but he also has a bias for action.

Second, it's the team. They are complementary to each other, share a vision and are well suited to the task. And third, it's the advisers. Centuries ago it was said, "Where there is no vision, the people perish." In business, we label vision as strategy. Successful entrepreneurs surround themselves with outstanding counselors.