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

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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?

Defining success as an entrepreneur is about satisfying goals someone set to achieve. Many believes that having a unique product will help someone to stay ahead of the race. However, for me personally, there is no such thing as one key to success in business. It means different things to every individuals, what works for someone may not work for anyone else.

To begin with, starting a company involved a clear defined business plan 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 grow the business. First, business plan denotes exactly the action needed to bring the venture to fruition. Second, it does not have to be unique or first in the market to be successful. For example, in 2007 half 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 business is to start small. Starting on a small scale before going to a big plunge will allow business owner 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 business owner 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 owner’s knowledge in handling the business especially during failures and setbacks.

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

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5 replies »

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