Linda was a successful pharmaceutical and medical device sales representative with her MBA when I met her at a business conference I was the keynote speaker at, talking about scaling companies.
Tired of working for other companies, Linda wanted to build her own business helping small pharmaceutical companies and medical manufacturers tap into an outsourced sales force of highly skilled and professionally managed sales reps to sell their pharmaceuticals or medical devices. On their own, these companies would never be able to afford this caliber of sales force due to their smaller size and limited budget.
Linda’s choice for her business wasn’t an accident. She applied a simple yet powerful formula that proved to exponentially increase the chances of her new business succeeding. Looking closely at this formula, see if you can spot how Linda applied it. If you’ve already started a business, see if you intuitively followed this formula or if you strayed from it.
After observing thousands of startups and watching which ones thrived and which ones struggled, here is the bottom-line formula that I’ve distilled as to which business you should start. Essentially what it says is that you’ll find your highest likelihood of business success when your new venture falls within the overlap of three factors: