Starting and growing a business is an exciting journey, but too often, entrepreneurs unknowingly set themselves up for struggle. Many don’t build a business—they create a job for themselves, locking themselves into endless work without the freedom they originally sought.
But what separates those who thrive from those who burn out? It comes down to five essential factors that every business needs to succeed:
- Gathering as many resources as possible
- Offering a high-quality, profitable product or service
- Ensuring the business model is repeatable
- Building automation for scalability
- Creating a sustainable long-term strategy
Each of these is critical, and missing even one dramatically reduces your chances of success. In this five-part series, we’ll break down each of these elements, starting with the foundation: Resources.
Resources for Business Growth: More Than Just Capital
When people think about resources in business, their minds often jump to capital—money in the bank, startup funding, or investor backing. And while capital is useful, it’s actually the least important resource in the big picture.
Why? Because if you don’t have the right infrastructure, knowledge, and connections, money will disappear quickly without producing real growth.
Instead, think of resources in a broader sense. What do you have beyond money that can help you succeed?
Types of Business Resources Every Entrepreneur Needs:
- Intellectual Property: Your ideas, processes, and unique knowledge.
- Skills & Experience: What you personally bring to the table.
- Physical Assets: Equipment, technology, and tools that give you a competitive advantage.
- Human Resources: Employees, freelancers, or contractors who can execute tasks.
- Capacity to Deliver: Your ability to manufacture products or provide services efficiently.
- Network & Relationships: The most overlooked but most valuable resource of all.
Your Network is Your Lifeline
One of the most critical resources in business isn’t a tangible asset—it’s your network. No matter how well you plan, obstacles will arise. When they do, it’s not cash that will save you—it’s the people you know.
Jim shares a personal example that proves this point:
The Story:
At one point in his career, Jim secured the biggest order of his life. But when he brought the news to his team, instead of excitement, they walked off the job. He was left with a massive opportunity—but no workforce to fulfill it.
What did he do?
He turned to his network. Within 48 hours, he had completely restaffed his shop, enabling him to deliver on the order and continue growing his business.
The Lesson: You will face challenges in business—unexpected ones. But if you’ve built strong relationships over time, people will step up when you need them most.
Building a Strong Business Network
Your network is different from your team. While your team handles the day-to-day operations, your network is made up of people you don’t talk to regularly but who are willing to help when needed.
How to Leverage Your Network for Business Growth:
- Give Before You Take: Always provide value before asking for favors.
- Be Authentic & Trustworthy: People help those they respect.
- Stay in Touch: Check in with old contacts—not just when you need something.
- Attend Events & Engage in Communities: The best connections happen in person.
- Maintain a Good Reputation: If you treat people poorly, they’ll remember.
The Cost of a Weak Business Network
Some entrepreneurs think they have a network—until they need help. If you’ve spent your career taking advantage of people, cutting corners, or failing to show appreciation, don’t be surprised when no one answers your call.
Your reputation follows you. If you build strong relationships before you need them, your network will be there when you do.
Recap: The First Essential for Business Success
To start, grow, and sustain a business, resources matter—but not just financial ones.
Your most powerful asset is your network. When challenges arise, the right connections can mean the difference between overcoming obstacles and losing opportunities.
- Key Takeaways:
- Gather as many resources as possible—skills, assets, relationships.
- Money is the least important resource if the other elements aren’t in place.
- Your network is your safety net—invest in it before you need it.
- Treat people well, and they’ll be there when it counts.
What’s Next?
This is just the first of five pillars of business success. In the next installment, we’ll explore the second essential element: Creating a high-quality, profitable product or service.
Want more insights? Stay connected for the next post in the series!