A Quote by Richard Branson
A successful business must have a sound knowledge of its market and work on how its product or service will be different, stand out and improve people's lives. If you can ensure it responds to a real need in the market place, your business can punch well above its weight.
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There had to be a market in order for you to be successful in a business. The market had to need your business, or the product of it.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
The business plan should address: "How will I get customers? How will I market the product or service? Who will I target?" The principles of a business plan are pretty much the same. But after page one to two, everything is unpredictable, because costs or competition will change and you don't know how things will be received by the market. You have to be able to continually adapt. Companies that fail to adapt will die. Others are brilliant at adapting.
To have a successful career, you have to approach it as an entrepreneur, even if you are working for someone else. Your career is your own private business. You have to market yourself and your abilities and knowledge just as you would a product or service.
Your business should be defined, not in terms of the product or service you offer, but in terms of what customer need your product or service fulfills. While products come and go, basic needs and customer groups stay around, i.e., the need for communication, the need for transportation, etc. What market need do you supply?
Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
Doing business is all about providing a good product or service to your customers. A good businessman is he who knows that what is successful today may not be so tomorrow. Technology changes so fast, and so do people's needs and wants. That's why it would do well for a businessman to know how to adapt to change. He must constantly reinvent the business, or it won't last.
In business, the market gives you feedback in real time. Your sales figures tell you what's working, what isn't, and how you need to change. If you don't listen to the feedback, you go belly up. In philanthropy, there is no market.
Business is not a science; it is not susceptible to experiments that can be controlled and replicated. Everything in business is too unpredictable for that - every business, employee, product, market is different and keeps changing.
If you are ready to put a product or service on the market, look at that product or service and see how you can test it inexpensively. Keep in mind, you'll only need one; you don't need 1,000 to get the answer.
The key to growing a business is that you need to be meeting some segment of the consumer's needs. If you've got a small business and a product or service that is not popular, you simply have to change your product or service to be more popular.
If you run your business fairly; if you treat people well; if you try to move your business into areas that are making a real positive difference to other peoples lives; I think you'll A. have much pleasant life, but B. I think you'll have a much more successful business.
80% of all products and services that will be on the market in five years do not exist today. So therefore, always be innovative, always be creative, always think, 'What new products or services could I create, could I represent, could I joint venture?" Sometimes you can find someone else that has a fabulous product or service that you can use your existing business or resources to sell and you can double your income or sales in your business by selling somebody else's product to the same customers that are buying yours.
The essence of a successful business is really quite simple. It is your ability to offer a product or service that people will pay for at a price sufficiently above your costs, ideally three or four or five times your cost, thereby giving you a profit that enables you to buy and to offer more products and services.
Any business owner can tell you that if their company isn't performing profitably and up to standards, one of two things will happen: either you make changes to improve its efficiency, or a competitor will drive you out of business. Market forces have a way of cutting to the chase rather quickly.
Consumers fare best when the barriers to business entry are low, which helps ensure that the market - any market - becomes competitive and stays that way.
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