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Author Topic: Major factor to consider when doing business  (Read 837 times)

Offline Mr. Allcrypto

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Major factor to consider when doing business
« on: March 10, 2024, 10:23:48 AM »
For the growth of your business, what are the factors that you will consider when you're doing a business? I asked my self this question and with time, I realized that there are different types of business and they require different strategies for their effectiveness. But there is one thing that every business man must do to ensure that his/her business grows, which is very important for the business. Being committed to what you do, no matter how small or large the business is, will give you more details about the business and also devote your time and resources so that the business will grow.

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Major factor to consider when doing business
« on: March 10, 2024, 10:23:48 AM »

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Offline DragonF

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Re: Major factor to consider when doing business
« Reply #1 on: March 14, 2024, 12:54:25 AM »
The environment where the business is located is very important. Understand the people`s needs before situating a business. When your business has nothing to do with the populace in that area, then patronage will be very minimal but when your business centres around the needs of the populace then patronage will be high.

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Re: Major factor to consider when doing business
« Reply #2 on: March 14, 2024, 12:28:44 PM »
I believe it also depends on the stage of your business, whether you're just starting out, trying to expand, trying to cut loss, and so on. There are too many factors to consider, but capital, local regulations, competition, and more are also important. I also agree that understanding the market or location where your business is located is very important too. I know a marketplace that specifically targets one religious group. Because they are so big already, no one can enter that market unless they prepare to suffer loss for a while and find unique products or features that the bigger ones don't offer. On top of that, the market doesn't change that much so it is quite difficult for newcomers to compete directly with them. Most of them end up renting their place to start a franchise.

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Re: Major factor to consider when doing business
« Reply #3 on: March 15, 2024, 11:44:08 AM »
For the growth of your business, what are the factors that you will consider when you're doing a business? I asked my self this question and with time, I realized that there are different types of business and they require different strategies for their effectiveness. But there is one thing that every business man must do to ensure that his/her business grows, which is very important for the business. Being committed to what you do, no matter how small or large the business is, will give you more details about the business and also devote your time and resources so that the business will grow.
Starting a business you have to consider several factors before you begin a particular business,  and the factors to consider are; what to do, how to do it and where to do it.

*What to do; is talking about what kind of business can I do. Because not all kind of business can succeed anywhere, so you have to know what kind of business you do at a given place.

*How to do it; it is talking about things that you need to put in place to begin the business, or what is
 required to start up the business

*Where to do it; it is talking about the place or the location where you site your business, because there are business that cannot prosper  in a particular location.

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Re: Major factor to consider when doing business
« Reply #4 on: March 17, 2024, 12:17:26 AM »
Setting specific, quantifiable business goals can also help you stay dedicated and inspired. Goals can provide guidance and help you monitor your progress. They can also provide a sense of achievement and fulfillment as you complete them. Make sure your objectives are SMART (that is, specific, meSPAM BANble, achievable, relevant, and time-bound). This will help you maintain your focus and prevent getting overwhelmed or discouraged.  However, keeping your "why" at the forefront of your mind will help you stay concentrated even when times are rough.

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Re: Major factor to consider when doing business
« Reply #5 on: March 17, 2024, 10:56:45 PM »
Number one rule for anyone intending to go into any form of business is "never venture into any kind of business you have no idea about". knowledge of the business is one major factor to put into consideration before any other thing because this is one major cause of business failure. Many people have different reasons for wanting to set up a business.  Some might be to fill up a gap in their environment, to make more money or to utilise an opportunity as the case may be. Whatever your reason may be, first gather information about the business so you will not be taken unawares when challenges come. And if you are in business already, normalise gathering information from time to time. Information about your customers,  your competitors, your product and service delivery etc. Remember information is power, one little information can be what you need to take your business to the next level.
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Offline Mr. Allcrypto

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Re: Major factor to consider when doing business
« Reply #6 on: March 27, 2024, 04:57:40 PM »
Number one rule for anyone intending to go into any form of business is "never venture into any kind of business you have no idea about". knowledge of the business is one major factor to put into consideration before any other thing because this is one major cause of business failure. Many people have different reasons for wanting to set up a business.  Some might be to fill up a gap in their environment, to make more money or to utilise an opportunity as the case may be. Whatever your reason may be, first gather information about the business so you will not be taken unawares when challenges come. And if you are in business already, normalise gathering information from time to time. Information about your customers,  your competitors, your product and service delivery etc. Remember information is power, one little information can be what you need to take your business to the next level.

Before doing a business, at least you must have some ideas about it and also fo more research about it. You can't just go and start a business you know nothing about...

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Re: Major factor to consider when doing business
« Reply #6 on: March 27, 2024, 04:57:40 PM »


Offline DragonF

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Re: Major factor to consider when doing business
« Reply #7 on: March 30, 2024, 09:14:17 AM »
Number one rule for anyone intending to go into any form of business is "never venture into any kind of business you have no idea about". knowledge of the business is one major factor to put into consideration before any other thing because this is one major cause of business failure. Many people have different reasons for wanting to set up a business.  Some might be to fill up a gap in their environment, to make more money or to utilise an opportunity as the case may be. Whatever your reason may be, first gather information about the business so you will not be taken unawares when challenges come. And if you are in business already, normalise gathering information from time to time. Information about your customers,  your competitors, your product and service delivery etc. Remember information is power, one little information can be what you need to take your business to the next level.

Having in-depth knowledge of the business is key to the success of the business. Setting up a business without knowledge of the business is a business that is already bound to fail on arrival. This is so because you will run the business in a way that cannot bring growth. You will not know your targeted audience and business strategies to adopt. You will just keep copying others without knowing that every business has its peculiarities and so require different strategies.

Offline abhiseshakana

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Re: Major factor to consider when doing business
« Reply #8 on: April 02, 2024, 07:40:59 AM »

Having in-depth knowledge of the business is key to the success of the business. Setting up a business without knowledge of the business is a business that is already bound to fail on arrival. This is so because you will run the business in a way that cannot bring growth. You will not know your targeted audience and business strategies to adopt. You will just keep copying others without knowing that every business has its peculiarities and so require different strategies.

Agree
Entrepreneurship is a dynamic world so adaptation, innovation and of course an entrepreneurial attitude are needed to improve and develop the business. A businessman must have knowledge of business activities, we need a character who is proactive, full of enthusiasm, and can start something on our own (self starter) and is committed to maintaining the business. This is where our business knowledge capacity is very important, don't let us do business just because we follow trends, business choices must be adjusted to our skills and talents. Once the business starts to develop, creativity is really needed so that we have high competitiveness and a good bargaining position.

 

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