IELTS Essay Topic: Business

Some people think that the only way to have success in business is to have a unique product

What factors, do you think influence, the success of a company?

Answer:

Successful business is about attaining goals that an entrepreneur has set to achieve. Many individuals believe that having a distinctive product will help businesses to stay ahead of the race. However, for me personally, I think that there is no such thing as one key to success in business. It means different things to every person, what works for someone may not work for anyone else.

To begin with, starting a business involved a clear defined venture’s plan and goals that is shared among members on board. The purpose and core values established by someone or group, will serve as the blueprint on how to run and grow the company. Firstly, business plan represent exactly the direction to where the venture is heading. Secondly, it does not have to be unique or first in the market to be successful. Nokia for instance, in 2007 most of all smartphone sold in the world were Nokia with its Symbian operating system. But in the later years, the company lost in the Smartphone Battle when Apple launched the iPhone brand. Thus, having a unique product or first to market does not always translate to a successful business.

Another factor to a success in any enterprise is to start small. Starting on a small scale before going to a big plunge will allow owners to test the water first. Freelancing for instance, this popular side hustle options in making money in addition to a regular job will give someone a clear picture of how the business look-like from the ground.  On this stage, the flexibility of the capitalist is vitally important to pull back if things unexpectedly twists and turns or to take it all the way to the next level if things doing well. Company’s success depends on trader’s knowledge in handling the trade especially during failures and setbacks.

Over all, too many people think that business success lies within the uniqueness of company’s inventory, but it does not. In my opinion, success of a business is about flexibility and the ability of firm’s owners to overcome challenges and to stay focus on goals.

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