Business means carrying out the activities likes production selling marketing etc. To earn profits, but in modern means of business is not only to earn profits it is much wider then this term. In modern sense of business top most priority is the customer’s satisfaction which is the relevant for the business. But doing business is not an easy task as it requires too much skills, knowledge, hard work, enthusiasm, dedications etc. So the entrepreneur should keep in mind a lot of important factors while doing the business like to become the successful entrepreneur is not only earning a huge amount of profits by hook or by crook it is to know about the customer need and want and what the customers actually want from the company and this is the duty of every company is to satisfy their need and want accordingly and earn the customer loyalty which is the most important point for doing the business accordingly ….
To become the startup successful the entrepreneur should keep a lot factors in mind which are:
- Generate a good business idea: every entrepreneur should keep in mind the best or innovative business idea which must help the business in long run and which helps the society as well. To generate the good business idea it need a skill and knowledge also known as a business sense which every entrepreneur has should use the business sense and generate the good and innovative idea for starting up the business. Try to make their business little bit different as per the need of the customer in the market which always helps the business to survive for the long term perspective and achieve their goals easily. The generation of the idea must be generate with the help or advice from the professionals team and try to make the plans and policies which ethics to follow in the business and what is the code of conduct so these are the point which every entrepreneur should take care about to run a long term business.
- Clear business vision: every business require a clear vision as why we want to do the business? What we want to achieve? What is our responsibility towards customers’ needs and wants? So these are the top most important questions the every entrepreneur must think before he starts up the business. The business vision is not only about the current business goals it refer the long term goals of the business that where entrepreneur want to see his business after the 10 years. So every business need a clear vision so that the staff which is working or the members related to the business must understand the targets / goals of the business as a short term or long term. Clear vision is must in the business as every worker employee employer etc. Should know his or her responsibility towards the company and try their best to achieve that. To create a long term plans and policies so that the worker should be well aware about the rules, plans and policies of the business.
- Contribute in the economic growth: this point defines that business should not set up for the entrepreneur personal goals it must contribute to the economy growth as well as the production of goods , export and import of goods and services also a relevant factors which helps in the economy growth as well so entrepreneur should keep in mind about the whole economy as the growth of the country is also the important factor as every business contribute certain amount of share to the economy so economic growth or increase in standard of living of the customers is important factor for business .
- Know about the customers’ needs and wants and try to fulfill it: according to the modern term business always need to know the customers need and want like what the business need and what the company want to purchase and what the company is actually providing. Like many business startup with their own ideas and try to sell their product accordingly which is not the actually need and want. But according to the modern sense the term business sense business should start up with the motive to satisfy the customers need and want and earn profits with that. Entrepreneur should keep in mind that business does not mean to earn profits it may also require the satisfaction level of the customers. Business should try to adopt the latest technology as to make the improved product which serves their customers well and customers try to build a faith on the goods and services. Customer never feel like neglected by the company the company make an efforts and try to deliver the best quality, quantity product for the satisfaction of their customers.
- Entrepreneur should keep the professional team to run the company: business requires a lot of skills and knowledge and which is not possible to have all the quality in one person itself. So the entrepreneur should hire a team of professionals to run the business on profit and to achieve the long term goals as well so the business need to grow according to the latest up gradation technology with the latest skills and which is only get possible when the company hire the high team of professionals or experts so that they will help in the growth of the business and try to achieve the long term objectives with the team of the professionals. Without the opinion of professionals business may not growth it may be survive but the development is not possible as to adopt the latest use of technology as in the terms of latest machines latest software’s et which helps to cut the cost and make the product bit cheaper and satisfy the customer want easily. The adaption of the technology is must for the business as the business always want their customers who accept what the company is ready to sell and what the buyer are ready to buy at the particular price and quality.
- Involvement of the employees : the entrepreneur should keep in mind that business is not only run by the single hand it may require the joining of many hands and a team of professionals which help the business and the growth of the company is depending upon the involvement of the company’s staff the business all need is the growth and turnover which is only possible when the company staff involve in the relevant decisions which try to motivate the employee and make them enthusiastic towards their work. Which is important factor to satisfy the employee in the company because the company totally depends upon the employee’s involvement or their share accordingly? Employees are the important part of the business which do a lot of efforts to make their business successful as the employee’s or workers are doing their hard work for the company as to satisfy the customers need and want and try to build up the good image or goodwill in the market.
- Adopt the healthy competition policy: for every business there is the need of the competition it is the relevant factor which help the business in many ways like it helps to keep updated themselves accordingly so that to be in the market and try to capture the market with the motive to earn the long term goals and healthy completions also helps the business to stay connected with the competition and try to improve or innovate their product and earn profits accordingly. Every business need a competition for the betterment of the business and make the profits according to the best quality product with the cheap price and the most important reason behind the business success and growth is that the intension or the positive attitude towards the competition as much as growth in the business is always proves to be an plus point for the company as to earn profit.
- Always make the product which help the business growth and survival : make a relevant plan so that the business always grow and try to survive in the market with the help of the product and services which the company promise to deliver to their customers on time or the delivery date with the promise of their fullest satisfaction which every business should keep in mind while doing business that the main aim of their business is the full level of satisfaction by the customers as the customer is the king so the top most priority of every entrepreneur is to serve them to the best of their ability so that the customer build a good image of the company and try to have a blind faith on the company product which help the business to run for the years because as the customer with the highest level of satisfaction becomes the permanent customer to the company and they always help to enhance the company’s reputation or the goodwill in the market which helps the business to have the highest market share and be the top most entrepreneur.
- Never cheat the customers for the business sake : this point defines that as the business rule is customer is the king which means without the customers the company cannot run and the survival of the company is totally depended upon the customers as the customer satisfaction is the top most priority of the business as to make the normal customer to a permanent customers so if the business misuse their customers trust for some profits that business never grow and it may be in the position of shut down soon . So the entrepreneur should keep in mind that never cheat their customers always try to serve them to the best of the ability so that customer never feel like cheated by the company and also try to have a utmost trust on the company’s goods and service without any second thought.
- Never repeat the mistake again: no one is perfect in this world but the sign of the good entrepreneur is he cannot make his mistake to be repeated in future as one time it is taken as a mistake but for second or more than second times it is called a intentionally action so the make the business goodwill so the entrepreneur should keep in mind that he never do the mistakes which is done in the past. Business is run with the good ethics and with the according to the code of conduct business never fails and it may grow for the long run.
- Make a long term investment goals as to keep the profit amount as retained earnings: never misuse the profit which is earned by the business it is the big responsibility of the entrepreneur that he should utilize his or her profit and finance appropriately. If the finance is utilize well to the best that the finance should use in the bad time and help the business to cope up with the uncertainty situation in future. The business should invest their profit as a retained earning which is used in the future and it may help the business to grow and achieve the goals.
So doing business is not an easy nut to crack it may require a lot more skill, knowledge or a good temperament and ability to run the business well. The duty of the entrepreneur is to serve the customers accordingly and try to achieve the goals or targets which are set up for the growth and development of the business. So the customers are the top most priority for the business and every entrepreneur are trying to make their best efforts to serve their customers well. Business is not selling what is already produced to their customer, the business is to make the product according to the need and want of the customers and sell the product and serve their customers to the best of their level.