For one to realise such, planning and strategising should be prioritised. However, as much as the two determine to a larger extend the success of a business entity, the following three factors play the biggest role in the success of any business:
- The people
They are the consumers, and without them the business is dead on arrival. These are the number one target of any product. Regardless of the place of manufacture, the product should be brought where the people are, and if not so the people should feel the need/urge to go for it wherever it is.
However, getting the product to where the people/consumers are does not guarantee success. They should be made to know about it and most importantly the reason they should buy it. If you successfully convince them, then you are good to go, as long as you can win their loyalty in cases where competition is eminent.
- The product
It is the centre of any business entity. Some entrepreneurs struggle to make their business entities known. It is a big mistake. Instead, the consumer should know your product better more than the entity. It (entity) is not as important as the product. If they like the product, then they’ll find ways to know who the producer is.
This way, your product will sell anywhere, even without your influence. This is how products like the Cocacola, Fanta, Sprite and Krest have been able to dominate the world beverage market. Very few people know the owners of the company or even the CEO. To them Cocacola is a brand, not a company.
- The potential
Every business entity has a potential for growth, but not all business entities have the potential for success. Potential for success has to be created through the product. Potential is identified/created through existing gaps in the market.
However, life will always seem perfect, that there is no gap, the reason you have to create it for your product in order to gain a bigger potential. The most successful products in the market create the want, and then bring on board the remedy. It is not easy, and it doesn’t mean that you have to be malicious.
For instance, a toothpaste brand will show you how you might lose your teeth if you don’t use the right toothpaste. This alone creates the need for the right toothpaste, despite there being existing products. The entrepreneur should bring on board his/her toothpaste which fits the description of the right toothpaste.
In this context, even if a new/existing brand poses competition for your product, they’ll always be number two. This is because your product is the measure of the right product.