Running a successful business in most developing countries

[Iroh]

While your guide book to a successful business is generally true, you should know that there is no handbook or a definite way to run a business successfully.  We’re all unique individuals and as such would do things differently.
Each business owner would have a unique different method on how to run a successful business. Some people would use unconventional means and still have a thriving successful business

[Leviathan.007]

You made good points but I would like and I guess these days 'Advertise Your Business is the most important thing because we all see by developing social media amount people and using social media on many platforms everything is changed compared to the last years and advertising is the key for many businesses when whenever they start, especially if they are in a country where they have access to other advertising platforms this can be a key to have a successful business. On another hand even if you have all the other factors but don't do advertising none knows your business.

[palle11]

Some people would use unconventional means and still have a thriving successful business

What do you mean by unconventional means to run a business? Do you mean by having other people to run the business ? If this is what you mean , well this method has also been successfully because some people don't have one business, they open more than one business and hand over some to others for controlling them while they have a record of account or agreement on how to run it. There is franchise running with this pattern.

[el kaka22]

One thing missing is "work in your field" and that's very important. If you want to start a business then you have to work in a company in that field before, that way you would learn about how that business is run from first hand. If you go into a field and start a business without having absolutely no experience in it before, you are going to fail.

I really do not like starting a new business, I have nearly a dozen business ideas in crypto and I have been in crypto for a decade and can really make these work. However, I love my current job so much that adding more work to my daily life is very very difficult, one day I will do it, but you also need to have hype about it too, if you are not desiring it enough, you won't have the courage to do it neither.

[odunybiz]

With the word you mentioned Running a successful business in developing countries I want to talk about the reality, with the developing nations you can only be successful when the business is on a small scale even if you are doing everything at your best that is why people who wants to run business are moving out of their country to a place where there is better system for them.

As for the small scale I agree with those points but due to the corruption and monopoly the transition of small business into big happens rarely.

It may not be easy to transit from a small scale business to a bigger in a developing country due some factors like Government policies, insecurities, bad road, inadequate power supply and many more. This made me remember when a friend's farm is being destroy by herds men years ago and this lead to the end of his farm business. But if some of this factors can be managed to minimal and the one now follows most of this guide, it may help to build one business to a more better level.

[justdimin]

I'm a businessman and I also use some of this as a guide to run my business. I'm a vegetative farmer. Most of this tip are useful in running my business and that is why I always try to post them here to guide others who can't easily search for them online.

I'm not only copy- paste there but I use this as a guide for my business and it has been helpful.

Good to hear that this advice came straight to you and not just copied from some sites outside because you know, we have lots of those threads already and the sharer of those threads didn't even applied it out but I think their only motive on why they create such thread is to get a merit but still, most of them aren't being awarded by a merit.

I have never run a business but once opened a small restaurant and failed. Honestly, these tips don't stand out to me, I believe anyone can know about them once they decide to open a business.

A small restaurant is a business but can you share the things that you do on why your business has failed? I guess there are things on the op's list which you didn't followed. I believe not all business owners knows those tips automatically especially if it was their first time and then they also rush. They will mostly fail. It is better to plan first and get tips online to help you became more successful.

[freedomgo]

I'd like to address this idea that having a business is generally better than having a job because with a business you're the boss. It is true, of course, but it doesn't end there. I've known a lot of people who failed or burnt out or simply didn't survive in their business ventures even if they really don't want to work for somebody else.

Having your own business means a lot of commitment, determinations, passion, responsibilities, and so on. If you're really not into it, don't even start it. If you're not willing to make sacrifices, I don't think you'd last. If you didn't last even for a year with your dream job, you really need to seriously ponder on having a business of your own. You know, if you didn't survive with the kind of job that you thought would make you happy and you thought you could live with for the rest of your life, you need to really discover that ideal business.

Running a business of your own as long as it’s highly in demand will give you guaranteed profits more than what your previous job can offer to you. The profits is unlimited so you have to take every opportunity to win and gain profits with the help of the continued patronage from your clients. Otherwise, having a business that sees no growth and development, most likely sustaining it will be very hard and impossible to achieved success.

[DrBeer]

Developing countries have 2 good features for private business development.
1. A large number of consumers. But inexpensive and not very high-quality products, with a very low cost. Let me explain - in the same countries it is difficult to sell, for example, a microscope, but it is very easy to sell a huge amount of nails of not the highest quality, and get a big profit in percentage and in kind.
2. In such countries, there always appears a layer of "nouveau riche", who have a lot of "bad money", and on whom you can make very good money, on their vanity and desire to elevate themselves above everyone else.

[Davian144]

Developing countries really need investment, especially from developed countries, but unfortunately the investment of developed countries is currently mostly in industries such as automotive, garment, and other production, even though the investment that is very good and will develop at this time is the agricultural sector or food production.

Developed countries deliberately make investments to developing countries through automotive, garment and other production lines. Because they of course have done research first before deciding on the steps for investment and other production, it can also be in the form of the agricultural sector such as fertilizers, seeds and also agricultural tools that run out when used. So it is actually very appropriate because in developing countries there are usually not too many factories or large companies engaged in these fields, such as in the example of automotive and the like.

[samcrypto]

Developing countries really need investment, especially from developed countries, but unfortunately the investment of developed countries is currently mostly in industries such as automotive, garment, and other production, even though the investment that is very good and will develop at this time is the agricultural sector or food production.

Agriculture are the least option for the investors, they are indeed focused in other sector especially with Automotive and Technology which we cannot blame them since there's a strong demand for that sector and that is still a good investment for a developing countries. Doing business might not be easy as well especially if the market are dominated by the big companies, if you want to succeed you must offer a good service and a quality project, developing countries are still a good place for foreign investors.

[ethereumhunter]

Developing countries really need investment, especially from developed countries, but unfortunately the investment of developed countries is currently mostly in industries such as automotive, garment, and other production, even though the investment that is very good and will develop at this time is the agricultural sector or food production.

Maybe they have invested in agriculture but there is not much news to tell because this year, technological developments seem more felt than the food sector. So there will be more news about investment in automotive, garment and other production. Once there is news about food shortages in many places, it will provide an opportunity to invest in the food sector.

And what @OP conveyed are ways or methods a businessman can apply to develop his business, especially if it involves agriculture. And it's also good for @OP if he could pay more attention to his business because we may have a food shortage in the next few years so he can prepare it from now.

[Smartvirus]

Customer service and a good Advertisement

I believe these to be the main elements to a successful business.
It's important for businesses to maintain a high level of customer relationships as these tells a lot as to how you value them and not just being out there to make money off them. No one likes to be milked like you do cattles and having your customer at heart ensures there safety and your patronage.

Advertisement helps to elaborate to your customers on what they already know as well as what they don't. It not only pushes the product to distant corners but it does help in business growth.

[nurilham]

👉Let your Product Be Pocket Friendly
I understand the end goal for every business is profit, but you should avoid prices that tend to chase your customers away. As a start-up, your first assignment is to drive traffic to your business and store. And to achieve this, you might have to sideline making so much profit at the start of the business. After gaining your customers’ trust and loyalty, you might consider adding up to the price that won’t look outrageous to your clients or customers.

This is exactly what happens in developing countries. Like in this country, people will prefer to choose cheaper prices although the quality may be decreased. However, people still like to bid on our merchandise or ask for a discount even though the net price is listed there. because it has become a habit. So, only upper-level people like to use branded or expensive goods. Meanwhile, specifically the lower middle class, they are more concerned with low prices. And most of the people in developing countries are middle-to-lower class. This is real enough and I am also experiencing it.

👉Give Discount Prices

This is like a must. People will like to choose a price with a discount label although we know that the initial price has been raised, with the discount label, this will be more attracting people to come and buy. Let's say that the initial price is $10, some people may not buy it because the price is too expensive for them. But, it will be different if we write the price as $20 and get a discount of up to 50% for today's sale. The final price will be the same $10 right? But, people will come to it because of the discount label. 

[Coyster]

Opportunities to do business and success in developing countries are certainly greater because business competition is not too tight, especially cheap labor wages so that production costs can be cheaper, this is what makes many rulers from developed countries who choose to business in developing countries.

Well it actually depends on the business and how the owners run it, quite a lot of citizens of developing and underdeveloped countries are closing their businesses and packing up because of complete failure to maintain a steady profit in relation to their capital that was put into it (that wouldn't be happening if they are finding success easy to come by).

What influences production cost imo is mainly inflation and it is currently a serious menace today, especially in developing countries, with some of them already in hyperinflation/recession, thus it is kinda difficult to keep up with production cost and still make profit which is undoubtedly the goal of every business. Having said that, i for one haven't noticed the influx of 'rulers' from developed countries into developing ones to run their businesses, except i myself is missing something.

[Oceat]

With all the saids been acceptable as an advise, it must not be forgotten that every business that is just starting need time to grow up and during this period you're not expected to be eager for more profits it at all and not until it got established, you're expected to have a continuous flow of money into it so as to help maintain the business for long until it starts generating it's own consistent profits, these are part of the requirements needed as well but most business entrepreneurs don't have a financial backup for incase of emergencies and expect the business to boom at the start, and this is why many ended up into closedown because they went either bankrupt or can't maintain handling the business because of low income or profits realize from the start.

This should be applied to every businesses you have/owned and having just a single business doesn't mean it will give you a decent profit. Just do everything what the OP said as a reference to your startup business then add another one if you think the other one is stable either way you have the choice to make the same business in another place as a branch or have another type of business because let's just be honest, not every businesses you have will work the way you think it is.

[Swordsoffreedom]

Customer service and a good Advertisement

I believe these to be the main elements to a successful business.
It's important for businesses to maintain a high level of customer relationships as these tells a lot as to how you value them and not just being out there to make money off them. No one likes to be milked like you do cattles and having your customer at heart ensures there safety and your patronage.

Advertisement helps to elaborate to your customers on what they already know as well as what they don't. It not only pushes the product to distant corners but it does help in business growth.

These are not the 2 main factors, in my opinion all the factors OP listed are equally important and even more so. Your customer service is good and you advertise well, your business is well known, but what do you do if your product is not good or does not fit the consumer's pocket?
Today, any field is facing extremely fierce competition, so in order for a business to survive and develop, it is necessary to have all the relevant factors. There is no such thing as the most important that ignores other factors, depending on the circumstances of the business, we can adjust everything accordingly.

[sukmo]

I use several references from various sources to guide me in running a business or the like, so it is very likely to be able to provide guidance in exploring business science in various situations and conditions, but there are many challenges that may arise to carry out the process. The policies of some elements such as local government and several other factors may want to kill the business, but with passion, hard work, and keeping things that should and should not be done, maybe that way we can maintain the new business that we just built consistently.

[panganib999]

I would agree to most of your tips except for the one that says your products should be "pocket-friendly". I mean for the most part cheap products do sell fast compared to the more expensive variants and could cater to a wider array of customer but then again, price shouldn't be the biggest of your concern in such a way that delivery, creation, marketing and all other matters should. Price could easily be computed and taken into account for. Furthermore, hampering your product's quality for the sake of customer affordability is also gonna cost you your business.

[Sanitough]

Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.

No matter how small the business I have, then I am the boss, but no matter how big the position I get in other people's companies, then I am their subordinate.

I know that it is not easy to be the boss of our own business without being equipped with the skills, knowledge and capital. It is difficult to get success in a small business without maximum effort and other things that support its progress. Partners are another way to make this business grow, I think it should be in the development plan.

Regardless if you own it solely or plan to have a business partner in the future, maybe the best thing to do is to give your best efforts to your business and as much as possible, never stop learning and keep on applying constant improvements in your business for its future growth. Although lot of struggles may arise in the process, but if you have passion and determination to grow your business, you will always do things that won’t make it fail.

[Ani1985]

A good opportunity to develop businesses in developing countries because developing countries really need investment to improve welfare and economy, and in my opinion that many developing countries are needed are investment in the field of technology.