Factors to consider before starting a business.

btaliat

Valued Contributor
There is nobody that wants to start a business without having something that will serve as motivational factors. These are the driving factors. As intending business owners or traders, the following should be our driving factors in order to make a huge success of the business.

Hunger for success. The first thing to be driving an intending business owner is hunger for success. When a business owner is hungry for success, he will be embarking on every act that will make his business a huge success. Desire to be different. A business owner must learn how to be different. Our uniqueness in handling what others handle always show us to be good administrators. There is always competition in business but the ability to play the game differently will determine the success of a business.

Innovative. The last point I will mention here is innovative. An intending business man should be innovative. He should learn how to think beyond the box. He should try as much as possible to be proactive rather than active.

With all these factors, I think an intending business man will surely be a successful ones.
 
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Sotherefore

Well-known member
Thanks for the nice write-up there, if I am a business personality I will always try as much as possible to provide the best quality products to people that comes to do business with me, if you do this you will gain the trust of people and a lot of other people might also be interested to do business with you base on how you treat your client
 
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btaliat

Valued Contributor
Thanks for the nice write-up there, if I am a business personality I will always try as much as possible to provide the best quality products to people that comes to do business with me, if you do this you will gain the trust of people and a lot of other people might also be interested to do business with you base on how you treat your client
That's another factor I omitted. Quality products always market and advertise business more than the real advertisement. When you are known for selling quality goods and products at affordable prices, people will come far and wide to patronize you. This is also another factor to be considered.
 
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Chibson

Well-known member
Very good write-up up there and well outlined. Business is not something someone will just rush into without having business strategies and knowledge. Certain factors must be considered before going into business.
 
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Sotherefore

Well-known member
That's another factor I omitted. Quality products always market and advertise business more than the real advertisement. When you are known for selling quality goods and products at affordable prices, people will come far and wide to patronize you. This is also another factor to be considered.
yes this is a good factors to be considered as you have just said but sometimes you need to put your profit into consideration and not to make sure that you satisfied customers and be at lost, you should not also look for so much profit because these are the things that bring down business especially for a start.
 
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btaliat

Valued Contributor
yes this is a good factors to be considered as you have just said but sometimes you need to put your profit into consideration and not to make sure that you satisfied customers and be at lost, you should not also look for so much profit because these are the things that bring down business especially for a start.
That's nice but sometimes, as a new business owners, you can satisfy your customers at your own expenses. This is how to build trust. That's why you see young business owners running promos in the first month of their business. They don't mind running at loss in the first year of their business.
 
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Sotherefore

Well-known member
That's nice but sometimes, as a new business owners, you can satisfy your customers at your own expenses. This is how to build trust. That's why you see young business owners running promos in the first month of their business. They don't mind running at loss in the first year of their business.
Ok i understand
Ok I understand, promos can actually help create alot of awareness for your business,ok if am going into business newly I will obviously need promo for creating awareness about the existence of my business,then after the awareness, how do I get more people to petronize my business ?
 
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Alexandoy

Valued Contributor
I know that there are many factors to consider like the market, the location, the type of product or service, etc. But for me the most salient element before starting a business is capital. I have experienced making a start up with not enough capital that even on the first month of operation there was already pressure brought about by the tight cash flow.
 
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Sotherefore

Well-known member
having a good marketing strategy in a good location is one of the best thing you need to consider before you think of going into any type of business because a good marketing strategy in an highly populated location will determine how your business will go and also capital is very important
 
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Samuel72

Well-known member
A person that is looking at starting a business must consider factors like capital, must have a good business plan many people go into business without having a good business plan which will affect the business as time goes on, one must be determined and also creative too.
 
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Joy101

New member
Being innovative will enable one to crave better ways to attract customers. Innovative mindset is what an entrepreneur needs to keep the pace with future business demands. An entrepreneur needs to find ways to improve his or her business by adding more on demand products, how to reach to customers needs on time, makes his or her products more eye catching, and attractive to people, and have diverse strategies to manage his or her business long time.
 
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