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Entrepreneurship , Business & Online Work Forum / Re: what drives the success of a business.
« on: Today at 07:07:44 AM »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.I think it is not about luck, but it is how to optimize the chance of success.
When you becomes the pioneer of a certain business in your city, you have analyze the potential of the success and the failure. You must be brave to run the business according to your own research. It is impossible if you only run the business carelessly without any considerations. No one wants to gamble with their business, it is too bad if there is someone who gambles with a certain business.
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.The owners of the businesses must know how to maintain their market. They must always improve their services and the quality of their products. If there is no innovation in the businesses, it must be overtaken by new competitors. The pioneer of certain businesses may have its own advantages. However, if they can't have a proper way to maintain the businesses, it must fail to survive a long time.