FACTORS
THAT MAKE A BUSINESS SUCCESSFUL
It is the heart-beat of every
business owner: be it individual, group of persons or a corporate firm in the
business world and economy to have a good success. In fact people are in
business to succeed, nobody sign-up for failure in business. Yet it was
discover that more than 80% business experience failure and fold up before
5years of operation, due to improper planning and failure to take cognizant of
some of the measures that can make their business to succeed as well as factors
that can lead to failure in business and how to avoid them. Please follow us by
signing up with us so as to be receiving mail whenever we post any article on
our website. Ensure you also visit our web as often, because information is
power. The different between success and failure is not money, power or
influence but information. Not just information but the right one. ‘I wish
above all that thou may prosper…’ today we want to discuss some factors that
can make your business to succeed even in an unfavorable and harsh economy.
Successful people have applied them. We have had countless testifiers and very
soon you will be one of them. Below are the factors:
1.
The right mindset: a successful business is created before there is a business-rich-Dad.
Getting rich begins with the right mindset. One’s mindset determines the
business mission, vision and culture. Various people have respective reasons
for establishing a business: to make money, be your own boss. We must
understand that the primacy for business is to satisfy the customer. The
purpose of business is to create customer-Peter Drucker.
2.
The right business Idea: the right business idea is one that adds value to people. You must
understand the need of the customer before you can create a product/service
that can create maximum satisfaction. Your product must not be new innovation;
can be an improvement to an existing product, but you must ensure that it such
that attract large demand.
3.
Passion: As oil is lubricating a
car-engine, so is Passion to idea-vision. A business owner must envelope
passion for his business idea to be able to scale through amidst the business
challenges that he may come across in the course of the business operation.
4.
Adaptability: willingness to change is strength,
even though it means plunging part of the company into total confusion for a
while- Jack Welch. It is not always static; hence there are always
unpredictable changes in the business world. Adaptability allows you to respond
to circumstances and stay competitive.
5.
Customer loyalty. The reason for being in business is to satisfy the customers. To stay
in business you must make profit through customers’ satisfaction. Customers’
constant patronage is one hall-mark for success in business.
Above
integrity is the watch-word of success in business. When we honestly ap
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