A business can be described as an economic body that provides goods and services for the exchange of money. A business can be of a large scale or small scale. It all depends on the role an entrepreneur plays in the supply chain.
For any country, it is important to flourish, since it directly affects the growth of the economy. This can be through creation of broad employment opportunities, the improvement of infrastructure, and food security. However, without businesses, a country cannot function properly. If businesses fail or close, it can even result into a financial crisis.
However, a government plays a crucial role to ensure that there is a conducive environment where businesses can flourish. Take the example of Silicon Valley. Investors have initiated so many startups because the environment is believed to be a hub of technological innovation and creativity. For that reason, over the past years, the area has attracted the best investors and bright minds being paid huge salaries.
Factors to Be Considered Before Start
For one to establish a business with the potential of growing, there are several factors to be considered. One of the factors is the target market, who do you want to buy your product. With this in mind, it is easier to identify the ideal environment of starting a business. Therefore, thorough research has to be done to figure out what people lack and are in dire need of it. After which, embark on producing quality products that can attract your targeted customers.
#1. Understand Customers’ Needs
Therefore, one thing stands out. A business should not assume to understand the needs of customers, even after an extended period in the market. Different people have different tastes in life. As time goes by, these requirements might change. Our perceptions and the personal outlook is a weak indicator to be used to determine what works for everyone else.
#2. Be Interested in Your Own Product
Customers are always interested to know if you care about the problems they experience. Therefore, while establishing a business, it is important to identify yourself with your target customers. It would be a bad idea for Bill Gates to walk around with Apple products but still advise his clients to stick to Microsoft products. It will seem weird, and people might choose as well to go for Apple products. A business should identify itself with customers so as to raise the confidence of clients on a particular product.
When a company trusts its product and stands by it, then the consumers can be convinced the product is genuine. However, product confidence is not enough alone. Price is a significant determinant in the market. Customers, always compare the prices of similar goods to choose the cheaper one. Most people are not extravagant due to the high cost of living. Therefore, a product should have a fair price in the market that can attract customers. When the customers are convinced your product is of high quality and cheap, they will buy it. Human beings are hard-wired to listen what you do than say when the decided to put their money where their mouth is.
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#3. Avoid Mediocrity
Despite the similarity that exists in the market, a business has to be unique, creative, and avoid mediocrity. If a company tries to use short cut methods to succeeds, failure will be the answer. In a competitive business world, one cannot afford to produce average products of low quality to get quick sales. A good business should build a marketing strategy into the product, not creating the product first and then search for new markets.
In short, your business strategy should raise an eyebrow and make people excited about it. One should make necessary investments to areas like marketing to ensure that customers are aware of new or improved products.
#4. Good Example with Apple
Let us take a glimpse of the Apple Company. In 2015, the company spent 1.8 billion US dollars on advertising iPhone 7 before it was released in the market. Their advertisements were on television stations and social media in particular. Even before it was delivered, there were pre-orders. That is the reason why in the first week of its release, so many iPhone 7 were sold out to consumers. Their enormous investments in advertising paid off. Today, it is one of the greatest trademarks in the world. IPhone has risen above Samsung and Blackberry phones.
Apple has not been complacent to think that they know the needs of their clients. They have over the past years carried out a strategic assessment of the market with clear objectives to their consumers. However, this does not mean that brands like Samsung are not doing their best. In fact, some might argue that it is a matter of preference. Some people love Android phones and the others Apple products. However, these two brands are competing for the same market, but they are both unique. That is the same reason that Samsung S7 brought back huge returns to the company. All in all, it is about satisfying customer needs by a business being unique.