Synonyms for toil are labour, hard work, sweat, slog, plug away, strive, hustle. While all these words are true for any successful venture, whether for-profit or non-profit, the word "TOIL" spells an essential acronym for success.
T = Team: It is the team that makes the dream. As someone said: "In the world today, there's plenty of technology, plenty of entrepreneurs, plenty of money, plenty of venture capital. What's in short supply is great teams. Your biggest challenge will be building a great team."
O = Opportunity: At the heart of the entrepreneurial process is the opportunity. Countless time, money and effort is wasted on chasing ideas that are going nowhere. An important skill, therefore, is the ability to size up quickly whether serious potential exists, and how much time and effort to invest.
I = Innovation: Innovative talent has become the hallmark of the entrepreneur. According to Peter Drucker, the most important distinguishing characteristic of the entrepreneur is his or her ability to innovate. Because of entrepreneurial innovation – by management and employees – an organisation will be able to exploit new, different and more relevant resources, techniques, processes and product or service configurations.
L = Leadership: Everything rises and falls on leadership (John Maxwell). Leadership is about influencing others to voluntarily pursue organisational goals. It is about vision, cheerleading, enthusiasm, trust, verve, passion, obsession, consistency, and creating an environment that brings out the best in people.
In an ever-changing business landscape, an organisation's ability to "TOIL" will, to a large extent, determine its growth and survival. Even the absence of only one component of the acronym could have an adverse effect on longevity. Therefore, be prepared to "TOIL" if you want to grow and survive. And yes, it implies labour, hard work, sweat, slog, plug away, strive and hustle!
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