Topic: Building a prosperous business - page 2. (Read 1023 times)

I would just like to add both long-term and short-term planning should be taken into consideration. These short-term goals will serve as the key player to achieving your long-term goals. For example, after 1 year, you would like to double your net income compared to the prior year. What are the activities that we can do to support this? Set monthly goals such as developing an advertising strategy to widen your market and study online platform promotions.

Also, I can still recall what I had learned in my business course when I was still studying, which also applies even to your personal goals. The SMART Move Acronym. (Specific, Measurable, Attainable, Relevant, and Time-based) Listing down these factors will also help you in outlining your business goals.

Absolutely, having the capital and eagerness to start a business is not sufficient without proper business planning. You need to consider even the tiniest detail of your business. You need to have a plan B whenever plan A does not seem to work. Business requires your time, effort, skills, and a lot of patience. Exerting such, will help the probability of your business to move forward.

That's why proper fund allocation is essential along with that is extra funds, and emergency funds for operation. Because for every business, that is not always every day will be a profit day. Not every time will have sales. So when every time you have a down day, or no sales at all those funds will help you continue your business. As long business is running, profits will continue to come in.

Too many businesses focus on their image, on their marketing and appearance. Too little does on fund distributions.

I agree with you, about having an offline store or at least a place for a customer to buy offline.
A small shop or a place where goods are sold. Because it will also give good feedback about the location.
People are also starting to search through the store address and give ratings on Google Maps. That's pretty good marketing too.

Offline stores are also needed as a requirement that you have an MSMEs ( Micro, Small and Medium Enterprises) so that you will get some special services from government programs because you are a Small Medium Business actor.

Yes, this depends on the item to be purchased. If you are selling a cake or a bicycle, you will certainly need hands-on experience so that you will know which is the best choice.
Buying online is not always satisfactory, I have experienced it several times.
But it depends on where you buy it.

In building a prosperous business, one of the most important considerations is the financial capacitation for making an establishement which will require steady funding more than you ever expect because that's what is going to sustain the business together with the adopted model of operations designed for the business to follow, if we fo by the required standard and procedures for business development we will then arrived at an average performance for the first time and that could help the business sustainable through the process as it continues.

Competition would be always there and  on every business then it would really be that just not surprising that there would be ones who would be coming up with the same idea and things in mind on which it would really be given or been

offered out too on the market on which it would be simply having that kind of competition on which it would be giving out that chances that making getting that huge marketshare in against with your own offerings or business idea too.
In every business, then it wont really be giving out that kind of assurance that you would succeed because spending or budget on making things that you do offer doesnt guaranteed out on having that success no matter how long you've been dealing with it but still there's no way on knowing that you would be able to get such recognition but in speaking on the example about Elon then he might be spending up billions on the project that he had been making but
doesnt mean that they would fail out automatically.It is really just that they are might not still able on completely integrating it or still on the process that they are really that still working before the actual utility comes.

I agree, the problem with most people who are new to the business world is that they ignore many factors that affect the result of their business endeavors.  Many think that if they have the capital and some knowledge is enough to maintain their business and that is where they are wrong.  In a business, one must (as you stated) consider the number of competitors competing in the marketplace.  He should also research the source of supplies, the cheapest the better, and how to handle these supplies so that it won't get damaged.  Obviously, he also needs to make a warehouse for his supply so that he can easily distribute items that are bought online or replenish them when bought in his stall.  There should be a computation of expenses for the long term and the initial fund should cover it so that one can make sure that his business will have enough time to get popularity and become successful.

You made a crucial point about waiting, looking ahead, and the market. Like tightrope walking? One error will bring you down. We must walk that way to cross. SpaceX is intriguing because it spends money quicker than a rocket consumes fuel, yet the potential return is "astronomical." Risks, competition, and rewards exist. But not everyone is willing to take this risk. That's OK. Many other chances are faster and safer. Follow your finest path.

Patience will not work without a clear forward-looking vision of the state of the market and the economy in the medium and long term, which can help us know how long we should be patient. In general, this depends on the nature of the project's activity and the current situation in the market.
For example, take the Spacex project that Elon Musk launched years ago. This project is supposed to achieve revenue through the success of launching commercial flights into space. Implementing this vision is never an easy matter, and the project has consumed huge budgets to this day and is still consuming more in the hope that one day soon (no one knows when) the idea will succeed and the revenues will cover all costs. The shock may be great for everyone if the project proves to be unprofitable, especially with the rise of competing companies in the same field.

Therein lies the weakness of traditional traders who do not master technology and it will be quite troublesome for them to keep up with the times. For example, buying a set of men's clothing at a traditional trader requires as much as 500 thousand (as an example) and if we buy at an online service no more than 300 thousand, people will automatically choose to shop at online services to get the desired price.

That's a phenomenon I see a lot especially in my area and there are a lot of traditional traders who are struggling to keep up. Lucky if they are assisted by their children, but there are many children today who are not interested in helping develop their father's business and maybe there are many considerations that never make sense as their reasons.

There are many aspects that can help our business grow, good service, offering bonuses and promotions are important parts that cannot be separated. Maintaining good quality and service will be much more difficult because we are required to be consistent in maintaining it, a good image is not achieved when the business does not do something that is more on target. Competing will be much more difficult when business people do not have skills and innovation as supporting factors and this is where a balance is needed to keep up with the times.

Building a business is certainly everyone's dream, when a problem occurs, for example, many people think to close the business so that the dream must stop, the current economic conditions certainly make us must be creative to build a long -term business because business competition is very tight.

Well, That! requires massive amount of money for sure. The risk involve is massive as well. Finding a solution to struggles in life may be the best kind of business that would most likely going to take off, but other big business did not actually solved problem or provided a solution to the problem. Instead, they just copied that solution and tried to rival the other business with the same model. How clever is that idea?
If things does not work for you, maybe other things that already existed may work for you, you will just need to tweak a little something with that business model to make it work.

Again, if things won't work out to you when you try to solve problems and create a business with that solutions, try rivaling the other business models.
Another thing is, business is always about money, no matter how passionate you are about something that you turn into profit, at the end of the day you will always want to count on the gains from all of your sacrifices and sweat.

Even if you have an online business, you still need to have a store or warehouse because not all customers buy online. I agree, I don't see any signs that traditional businesses are declining but simply that they are upgrading and combining. The stores are both offline businesses and online businesses combined will be more effective.

Personally, I prefer to go shopping in person if it is an important product and needs a hands-on experience. Buying online does not always satisfy us.

They never in decline or in decrease in numbers because not everything do really ran online aspects on which those traditional physical places or business would really be still on existence and something that do progress or flourishing out even more. There's different market on every space whether physical or online and it is really just that normal that there would be business owners whom  would really be focusing on where they do see those
opportunities for them to make some income or revenue whether online or offline. The risks on taking up such business then there's no assurance that you would succeed out because everything would really vary or basing up on the demand on such product or services that you are offering and one of the main risks is having those tough competition in between on which you would really be trying out to get those marketshare as much as you could and its normal for a business to have that competition on which it is really just that important that you do really know on how to handle up yourself and do know on what are the things that you should do
on situations like this.

I still see lots of people in traditional business.  I do not think that it is in decline even though online business is growing.  There are still lots of door-to-door sellers, people who set up restaurants, stores, and many other things with physical locations.  Aside from that, many online sellers have their own physical stores somewhere.  And I think the best reason why I think that traditional businesses are not in decline is that not all entrepreneurs have the ability to set up an online shop.

Traditional trade is indeed in decline and people are more interested in online stores because more goods are available and prices are cheaper.
Inevitably now it must keep up with the times.

Some older people over the age of 50 even have their own online stores because they started learning and were directed by their children or even learned it themselves. However, the development to the modern era must be followed, otherwise, it will be one step behind others.

Service is number one, it will indeed generate positive feedback from customers and will spread to others.
If our image is good as a service provider or a good seller, then many customers will come.

The point is, building a successful and prosperous business must be viewed from all aspects.
The business will survive if we are able to develop it well and provide the best service and competitive prices and there are several guarantees provided.

Innovation and creativity are also part of the adjustments that make our business much more attractive. For traditional business people, keeping up with the times may be a little inconvenient because they do not understand technology so that it will be difficult for them to adjust to the times.

This is one strategy that I often see when our parents used to serve customers and when the service we provide is satisfactory they will return to our place of business. The old adage says that the customer is king and maybe this is the key.

For conditions like this, it will be very difficult for traditional traders to keep up and there are many shops in the area where I live that have to close because they cannot compete with online services. Most people aged over 50 years and over will find it difficult to keep up with the times and if they don't try to change the pattern, what happens is that they have to close their shops because there are no buyers.

That is one form of service that is expected and when customers feel there is a problem and we solve it quickly, people will be satisfied with the service we provide. I also have a friend who is a computer repair service technician and he is willing to be on the phone, come directly to the crowd to repair damaged laptops, until now his work has never been quiet and every day he has a job.

Building a business that can become a giant company in the future certainly requires patience, many successful people tell stories that when starting a business they have experienced hundreds or even thousands of failures, but with strong determination and positive motivation that the business will become big they can be patient.

Above all we should start business in which we have knowledge and we should be able to take it forward even when the trusted employees or the top management wasn't good enough to handle. A person who have got good knowledge in automotive industry starting a cloth business doesn't look fair. We do business to make money, however this shouldn't be completely money focused we should start business on what we know and get going even when there is no big movement. It takes time to popularise and get established. Until then it is hard time in business.

You’re in business not to compete but yo offer your unique services and products. If you focus too much on the competition, you might lose sight of what is really of the essence and that is, the much goods you can offer and of great quality too.
One thing is for sure, there is always going to be that one person, one investor, one innovative individual that might seem better than yourself, have all the resources and human power to push his profits or services ahead of everyone else but, that shouldn’t be a discouragement but rather, a motivation to do even better and look out for means to get to the heart of your customer. Increase your customers support lines and be sure to draw your customers close by listening to there complaints, conducting surveys and get better result out of what your offering.