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Author Topic: what drives the success of a business.  (Read 1851 times)

Offline Dr.Bitcoin_Strange

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what drives the success of a business.
« on: February 03, 2024, 11:46:39 PM »
We know, that there are so many facts that can contribute to a successful business. So, for those that are entrepreneurs and those that have entrepreneural spirit, what is the major fact that contributes to the success of a business?

In a simple sentence from experiences and knowledge I have acquired, I can mention the following characteristics. 

1: Having a correct mindset as an entrepreneur can drive success. 

2: Siting your business in a good location can drive success. 

3: Understanding the kind of business you do and finding the right market for it. For example, if you sell „x“ Items, find a market where „x“ Items are mostly needed. Don't go to market that "y" Items are needed most. 

4: Maintain a good customer-relationship, and you will definitely be able to win the hearts of so many customers, and with a good customer-relationship, it can bring about customers loyalty. 

There are more, which I would love you guys to mention and also specify the ones that I think are the major drives. 

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what drives the success of a business.
« on: February 03, 2024, 11:46:39 PM »

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Offline Gormicsta

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Re: what drives the success of a business.
« Reply #1 on: February 09, 2024, 07:37:01 AM »
There are many things that drives the success of a business such as a good location for the business, knowing how to treat your customers, having the mindset of becoming a good successful business owner etc

Offline joniboini

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Re: what drives the success of a business.
« Reply #2 on: February 10, 2024, 08:15:55 AM »
There are many things that drives the success of a business such as a good location for the business, knowing how to treat your customers, having the mindset of becoming a good successful business owner etc
Most of these are on OP's list, aren't they? I failed to see what new factors you mentioned there.

Another factor is probably luck. I'm referring to timing and opportunity, plus capital available to a business owner at any given time. For example, opening the first marketplace near your city where nobody can be your competitor while having the means plus time to do so will likely drive you to success compared to opening the 10th or 11th marketplace in your city. CMIIW. Some of the businesses that are popular in my country are the first ones in their respective market, which is hard to dethrone given that they always improve by looking at what features can they take from their competitors.

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Re: what drives the success of a business.
« Reply #3 on: February 11, 2024, 05:33:32 PM »
Many factors contribute to a business's success, including location—if you have or maintain a good location, people will be drawn to visit; additionally, if you want your business to grow and succeed, you must be a friendly person who always smiles because this makes people happy and, in doing so, you have won the hearts of the people (your customers); finally, as customers can at times be annoying, knowing how to avoid them is also important to the development of your business; self control and patience also pay off.

Offline Mrbluntzy

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Re: what drives the success of a business.
« Reply #4 on: February 12, 2024, 01:54:03 AM »
All the characteristics of a successful business which you have mentioned is correct but I think the most important one that yield a massive result is the location of a business. If a business is set in a bad location where there is no consumers for goods being sold in that location, the seller would not make any sales and when they don't sell off their products, there is no way their business can be successful.
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Re: what drives the success of a business.
« Reply #5 on: February 14, 2024, 09:17:11 AM »
Yes, I agree with you on those points you mentioned. Good location, customers relationship etc. You can also bring in new innovations, advertising your business on social media or media houses. Given discounts and bonus attract more customers, that will help to improve the success of your business.

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Re: what drives the success of a business.
« Reply #6 on: February 15, 2024, 04:06:30 PM »


3: Understanding the kind of business you do and finding the right market for it. For example, if you sell „x“ Items, find a market where „x“ Items are mostly needed. Don't go to market that "y" Items are needed most.


This is very important you need to understand the business because entrepreneur who understands the market and how to run their business are the ones likely to succeed, they know how to address issues, and they know what the customers want and needs never go to the business because it's the trending business, because you will be exposed as someone who is naive and does not understand what the client needs, there should passions n the business, the passion starts with understanding the market.
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Re: what drives the success of a business.
« Reply #6 on: February 15, 2024, 04:06:30 PM »


Offline KingsDen

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Re: what drives the success of a business.
« Reply #7 on: February 20, 2024, 08:03:33 PM »


3: Understanding the kind of business you do and finding the right market for it. For example, if you sell „x“ Items, find a market where „x“ Items are mostly needed. Don't go to market that "y" Items are needed most.


Every entrepreneur or business person should aim at solving a particular problem in the society. Before you set up a honey store, you might have already seen that honey is very scarce in that area, hence the need to supply to the people while you get rewards for your product. You know what you want and who your target market is.

Most businesses fail because the business owners have no clue at all the problem they intend to solve in a particular area. They introduce products or services in areas where the market already has enough of it or they don't need them at all. Most businesses are only Interested in making sales and get profits, while paying little attention to market feedbacks.

If you know the problem you intend to solve, deciding on the type of business will be easy and it will also enable you go straight to your target market and not just any market at all. Those who often enter a business line because they feel its profitable often get discouraged when they are faced with challenges 
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