Seeing this question still unanswered for a long duration, I will like to add my experience and viewpoints to the above. Not knowing which Industry your business venture is pertaining to I would like to provide a macro level approach. The success of any new business venture would depend on the below key parameters:1) A sound and robust business plan which contains and covers aspects like your Vision/Mission/Goals/Objectives, Market Sizing, Market Trends, Market Share, Target market segment, Population, SWOT Analysis, Competition, Financial Plan, Resource Requirements (Personnel, technology, finances, distribution, promotion- Social Media presence along with other integrated communication mediums, products, services), Porter's5 forces, RoIs, Key Technology factors on which your business is based etc etc. which I am sure would've already been in place.2) Identify your NICHE: areas or factors that are being ignored by your competitors3) Country Political regulations & reforms and how it influences your business in that country (countries) or location.4) Creating a Value Proposition and not a Price Proposition.5) Adopting an actionable approach to Blue Ocean Strategy i.e. to create and move to an unknown and uncontested/untapped market space where you are not competing head to head instead making competition irrelevant. You are only competing with yourself. This strategy takes under consideration plotting factors that are not only your direct competition but also indirect/alternative competition in the INDUSTRY and also plotting parameters that create Value Innovation and focusing growth of these paramters. For e.g.: Kinley or Evian as bottled water do not only face a direct competition with each other but they also face competitions from beverages like Pepsi, Coke or juices.
For instance, Starbucks differentiated or started positioning itself by transitioning from a mere traditional 'Coffee Shop' to a 'Social Platform' where people relax, read, use internet, meet for business or chat with friends, etc. That is how they have achieved great success in the so called 'Coffee Industry'.6) Overcoming your own internal Key Organisational Hurdles: There is a method to map that as well.7) Sales Force Effectiveness Matrix
Ofcourse as time and business progresses well defined checkpoints can be laid down along with various several MATRICES.
Once you have well-oiled your market and organisational nuts and bolts effectively and efficiently, healthy bottom line and top lines will only be a by product !!
