Altcoins Talks - Cryptocurrency Forum
Further Discussions => Entrepreneurship , Business & Online Work Forum => Topic started by: Dr.Bitcoin_Strange on February 03, 2024, 11:46:39 PM
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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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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
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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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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.
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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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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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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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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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1: Having a correct mindset as an entrepreneur can drive success.
There are many factors to be considered that drives the success of a business. I agree with you, but your number one point covers the whole thing entirely.
Having a positive and correct mindset as an entrepreneur is the key factor that generally comes first in every business or organization.
If you have the correct mindset of an entrepreneur, then the other factors will be easy for you to scale through in your business.
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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.
Driving the factors of a business man are quite impressive in the sense that there are risk involves and he or she will try new things even if there is a fall. Another one is vision a successful business personnel needs a clear vision for their company growth and stay focused on that vision even when things aren't going the way they wanted it. We also need connections because keep it in a longrun we need the right people that will tell others about you and your business on how you welcome them in every aspect. Lastly money, we all need money to make our business flow to other place not only in our environs, but to diverse it in different ace around the world.
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"There are more, which I would love you guys to mention and also specify the ones that I think are the major drives.
They are several qualities that drive the success of a business. Because is not all about having money you can put a millions dollars in a business and if you don't have the qualities to drive the business the money will senk and the business will close down.
Based on my own opinion, qualities that drive the business to success are, physical preparation, financial preparation, mental toughness and persistence.
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2: Siting your business in a good location can drive success.
Correct, and above all know the kind of business that will strive in that good location you have found to do your business in.
I believe every good location has the kind of business that is supposed to strive in that location so that someone can't start a business that will not be favorable to start up in that given location or have many of that same business going on that location.
I will suggest one before they start up a business in a good location, let them do a market survey of what will be in demand most in the area they want to start up the business in. Someone can't find a good location and begin to sell what will not be much dependent on location.
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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.
All the factors mentioned here are crucial to drive the success of a business. The absence of the right mindset, good environment, good customer relations, and understanding of the business as you mentioned is inevitable. In addition, good adverts and bonus packages are important to attract potential customers because the success of a business is measured by its customers. This is why the sustainability of a business depends on the customers.
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Aside from all the things that our community said here, it's all true don;t get me wrong. Tho what drives the success of a business comes with a good leader. A good leader and not a boss. A boss will manage the employee, while a leader will inspire his team to do more so all of them will become successful
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Aside from all the things that our community said here, it's all true don't get me wrong. Tho what drives the success of a business comes with a good leader. A good leader and not a boss. A boss will manage the employee, while a leader will inspire his team to do more so all of them will become successful
This is vital when you look at the employer-employee relationship. The relationship can drive the success of a business. When a business manager inspires the employee, they will work assiduously to ensure that there is growth in the business. When workers are motivated their productivity increases because a happy worker is a tool for the organization.
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There are more, which I would love you guys to mention and also specify the ones that I think are the major drives.
Learn from the experiences and stories of successful people, to be successful in business you need the ability to execute plans, set targets to achieve results, tips for success in business are:
1. Start on a small scale so you can create a strong foundation, strategic steps that have a big impact on business progress.
2. Create and develop a business plan, so that creative ideas are accommodated and can be realized
3. Ready to face challenges and challenge yourself to take risks with measured calculations and confidence
4. Do it yourself or be directly involved in every level and aspect of the business, so that when a problem occurs we can determine the exit door.
5. Find and form a team that is solid, competent and has a wow effect, one man shows are very tiring.
6. Start building and expanding working networks for business sustainability and expansion.
7. Always invest in self-development
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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
I agree with everything that you said. Another thing I consider helpful in one's business is to have a discount amount on your own price to make it a little bit cheaper, as that will attract customers from far and near to always patronize you, since there is competition out there. Good customer relationship is important because you need to get feedback from them based on your service that you are rendering to them. This will enable you to improve in your business by tackling any complains in the right way and solving that problem.
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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.
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There are more, which I would love you guys to mention and also specify the ones that I think are the major drives.
Learn from the experiences and stories of successful people, to be successful in business you need the ability to execute plans, set targets to achieve results, tips for success in business are:
1. Start on a small scale so you can create a strong foundation, strategic steps that have a big impact on business progress.
2. Create and develop a business plan, so that creative ideas are accommodated and can be realized
3. Ready to face challenges and challenge yourself to take risks with measured calculations and confidence
4. Do it yourself or be directly involved in every level and aspect of the business, so that when a problem occurs we can determine the exit door.
5. Find and form a team that is solid, competent and has a wow effect, one man shows are very tiring.
6. Start building and expanding working networks for business sustainability and expansion.
7. Always invest in self-development
seems like you are a business owner mate? since you have this whole set of advise that I believe only experienced business owner knows how to deliver.
i will keep that in mind because this is one of the most valuable comment i've read as i wanted to expand my business also .
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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.
Yes this must be the case. There are smart business owners who can manage to do well with their business for a longer period of time. We all know that the trend in businesses can easily be exchange with a new trend or what most people call as seasonal.
However, it is indeed hard to overcome those kind of businesses that's why it is better not to think of it. Focusing solely on the progress and development of your own business is a must and never look on the progress of other business competitors. Because if you always look at the other people's business, there would be a limitation on the imagination that you can have for the better of your business.