I want to make a discussion here regarding how to make a business successful. From your perspective what would you recommend to take a business towards success.
Looking for your advice.
Depends where about in the business journey you are talking about. eg a start up, or for a more established business? My 5 pence worth, For a startup, I'd say, passion, research, marketing, a budget and luck! For established, I'd say passion, analysing what has and hasn't worked in the past, and marketing to current and new customers, budget/profit and a bit more luck
Hi Aron,
Adding to what Steve has said already, I have found that most small businesses are driven by the passion or drive of the owner or the person who started the business. If you take them out of the business, a lot of these businesses fold or stop operating. That doesn't mean that they are not successful or don't make money. On the contrary, I can tell you from personal experience that they can be very profitable and can me very good money. It's all relative. However, if you are in a fortunate place to turn your passion into a business then you are the fortunate few in life. However, say as an example, you like designing, it could be graphic design, and you turn that into a moderately successful business which is great. However, say that you also had an acumen for business anyway, and instead of focusing on your passion, you focused on say a more profitable market, say as an example electronic parts, it could also be true that you could turn the electronic parts into a very successful business, and make far more money then you ever could have done by graphic design. So although sometimes following your passion is the right thing to do with regards to your heart is concerned, it may not always be financially the best decision. There is always a bit of a trade off. I hope that made some sense. Ryan
“Depends where about in the business journey you are talking about. eg a start up, or for a more established business?
My 5 pence worth, For a startup, I'd say, passion, research, marketing, a budget and luck! For established, I'd say passion, analysing what has and hasn't worked in the past, and marketing to current and new customers, budget/profit and a bit more luck Hi Steve,
Yes your points are good from the perspective of new business and establish business. Leadership and management could also be good points to add.
Thanks for the same
Thanks, aroncurran
“However, if you are in a fortunate place to turn your passion into a business then you are the fortunate few in life. However, say as an example, you like designing, it could be graphic design, and you turn that into a moderately successful business which is great. However, say that you also had an acumen for business anyway, and instead of focusing on your passion, you focused on say a more profitable market, say as an example electronic parts, it could also be true that you could turn the electronic parts into a very successful business, and make far more money then you ever could have done by graphic design. So although sometimes following your passion is the right thing to do with regards to your heart is concerned, it may not always be financially the best decision. There is always a bit of a trade off.
I hope that made some sense.”
Yes, defiantly it make scene luck favors the brave. Thank you very much for your advice. Thanks, aroncurran |
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