Building a prosperous business

[lionheart78]

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

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.

[Hamphser]

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.

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.

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.

[Aanuoluwatofunmi]

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.

[taufik123]

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.

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.

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.

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.

[CarnagexD]

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.

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.

[Twentyonepaylots]

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

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.

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.

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.

[dothebeats]

Looking at the current situation it is certainly not easy to make a business, competition in online sales makes us have to be smart, and if we focus on business then long term planning is important, if we don't have many plans and only think one plan then chances are we will fail.

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.

I agree that SMART Move Acronym is a good way to outline goals. It also keeps you grounded as to what can be realistically achieved and what isn't. Having an outline allows us to know what to prioritize and what can be done optionally. Moreover, it also gives us a window to create backup plans as we can foreshadow what problems and issues may possibly occur in our business.

[coupable]

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.

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.

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 such cases when the waiting period is long before achieving profits, the length of that period can help competitors who joined at a later time benefit from experience that cost years and budgets. Just as SpaceX benefits from NASA's experiences in sending manned flights into space, startup companies also benefit from their experience, especially from their failures. Currently, China is considered one of the fiercest competitors in this sector, especially after it developed its capabilities in building and launching missiles and satellites, in parallel with the in-depth and intensive studies for the discovery of the moon. What I wanted to say is that SpaceX could find itself lagging behind in time if the period of studies and experiments was prolonged for a longer time.

[Mame89]

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.

Agree. The main mistake that business people have to make to survive is how to manage finances to remain stable. Because if your finances are not stable, the business you are running will not last long, initially increasing your capital by going into debt until you are unable to pay the debt, and in the end, the business goes bankrupt. Therefore it is important to manage finances in a business so that the business can be sustainable.
1) Always record finances.
2) Always separate personal expenses.
3) Always look at financial data.
4) Try not to record finances manually.

What happens the most when combining personal income with business income? Many people do business but do not develop because they think the result of their business is personal wealth. As a result, when the business is sluggish, you cannot get employee salaries. Other difficulties in this business are not far from the difficulties in handling even nonsensical customer complaints and finding consistent partner agents or distributors.

[lizarder]

1) Always record finances.

In business everyone is obliged to make a cash book so that they can evaluate at any time regarding the profits and costs of spending additional capital and it is an obligation that is needed by business people.

2) Always separate personal expenses.

The second point will be very complicated when someone only depends on the business to make ends meet, children's school fees and other unforeseen costs, and I want to know how you try to maximize this problem? Is there a special path that you apply?

3) Always look at financial data.

Financial data should be combined with recording in the books, so that an evaluation can be made every year regarding the deficiencies in the business we are in and I think this point can be combined with point number one.

4) Try not to record finances manually.

For the last point I agree if people are able to record finances in a measurable way and don't do it manually it would be much better. But back to a person, do they master patterns outside the manual or not? because there are many business people whose over 50 years old and still use the manual way to record their finances and can also be considered successful because they have their own way.

[Uruhara]

To build a good business, it must be based on quite in-depth research and cannot be careless. we see the problem and try to make a renewable innovation that can be a solution to the problem. After we have the innovation and test it several times and it works. Only then can we boldly turn it into a business that will certainly be of immediate interest to people because the business services we offer are meant to be an antidote to the problems that exist in most potential customers. But to get an innovative business idea is not easy. It takes a long process of thought and research. But when successful, we can feel success in the business.

[rachael9385]

Business is always full of competition, without competition the consumers and retailer can not express their thoughts toword the products in the market, no business without competition just like Bitcoin and altcoins investors invest in bitcoin with bigger capital than altcoins, although the price of Bitcoin is higher than altcoins.
Without competition the market will not have good quality products, so as a POS business director always record finance data and expenses because it will help you to know if the business is profiting you or you are lossing.

[Alpha Marine]

Agreed, rather than waiting for the business to be big starting at the earliest with the resources available is the best choice. This will help with development of business over time.

The best way to start a business is to start small. When you start small you'll get you'll gather a lot of experience and that will prepare you for when the business is big. If a person has never handled a business, it's going to be very difficult to handle a big business as your first business. Learning theories is not all there is to succeed in a business, experience is very necessary.

Nowadays the business is much about how we market our product and stand away from the rest of the business people is what makes you the best.

What you have said is very good and can help, bits it's easier said than done. If you're in a line of business that is very popular and has so many competitors, it's going to be very hard to stand out. It's going to need a lot of work and maybe, funding.
Being the best requires a lot from you because you're not the only one trying to be the best in that business. People going into a business have to know this.

[superman184]

Business is always full of competition, without competition the consumers and retailer can not express their thoughts toword the products in the market, no business without competition just like Bitcoin and altcoins investors invest in bitcoin with bigger capital than altcoins, although the price of Bitcoin is higher than altcoins.
Without competition the market will not have good quality products, so as a POS business director always record finance data and expenses because it will help you to know if the business is profiting you or you are lossing.

What you say is very appropriate for all business people in this world because they must always realize that every business has competition. So those who already have their own products through their business must be able to evaluate their products every month through sales and also the results of usage from their own consumers.

Likewise in the crypto space where competition between altcoins is always there and there are even altcoins that really want to compete with Bitcoin even though altcoins will never win in that regard, and the advice you gave I think is appropriate enough to see the level of loss or profit that can be obtained by every businessman.

[Uruhara]

Business is always full of competition, without competition the consumers and retailer can not express their thoughts toword the products in the market, no business without competition just like Bitcoin and altcoins investors invest in bitcoin with bigger capital than altcoins, although the price of Bitcoin is higher than altcoins.
Without competition the market will not have good quality products, so as a POS business director always record finance data and expenses because it will help you to know if the business is profiting you or you are lossing.

Competition is something that we cannot avoid in the business world. Because competition will always exist in any field. There are several benefits that occur when a business field has a high level of competition. That is, every company will try its best to improve quality and be better than its competitors. In fact, an innovation is often created as a result of encouragement from intense competition. In fact, competition is also good at holding back the pace or even stopping price manipulation that can harm consumers. But when a business in an area has no competitors. So a business company that is the only one in that area could play with prices and take more profits without worrying about consumers leaving. Because there really is no other place that can be used as a destination by consumers in the area. Competition does make business difficult. but did create some positives in it.

[bayu7adi]

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 believe every business has contemplated this aspect from the very inception, even before they have established their ventures. Financial planning forms the fundamental bedrock for business growth, as all enterprises commence with the inflow of capital. Naturally, business practitioners will allocate their funds towards various business interests. Though not flawless, this process is an integral part of the developmental journey.

For small-scale startups, the owner assumes the role of manager as well, wielding complete control over all financial flows. On the other hand, larger enterprises engage more competent individuals as managers, responsible for orchestrating the financial flow, while the owner focuses on strategic aspects.

[19Nov16]

Building a business and can develop to children or grandchildren is everyone's dream, of course it is not an easy thing to make business can develop and profit, it takes patience, I've tried several times for business but until now I have not been successful and hope that the business that I manage can manage become giant later on.

[Xampeuu]

building a business is not as easy as we imagine, especially for businesses that are already growing, of course to build just one business you have to go through various obstacles to be successful, and of course smart people will develop their business in other fields, but not everyone can do it, apart from strategy the good thing is of course the luck factor is a way to achieve success, but are we able to think about having a good strategy, on the other hand building a business from scratch will have a better foundation

[martinex]

building a business is not as easy as we imagine, especially for businesses that are already growing, of course to build just one business you have to go through various obstacles to be successful, and of course smart people will develop their business in other fields, but not everyone can do it, apart from strategy the good thing is of course the luck factor is a way to achieve success, but are we able to think about having a good strategy, on the other hand building a business from scratch will have a better foundation

I think this is a challenging point. There is one example that I see why this is important, if you are a trader to start a business maybe everyone has done it even though big or small like you say, but, what is difficult here is how we survive the journey of building it from zero to big. as my friend said "to sell everything you can, to be consistent and able to run it is difficult"..

[Bebe22]

Starting a business may seem easy but this comes with a lot of challenges which include the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be a community, country, or world problem. These various companies have been in existence to solve various issues among people.

👉👉Telecommunication company came to solve communication problems.

👉👉 Generators came to solve electricity issues, especially among most developing countries where electricity is an issue.

👉👉POS was introduced to help the banking sector reduce bank queues arising from people who want to make deposits and withdraw.

👉👉Solar system was introduced as well to reduce the cost of fuelling your generator to get power supply.

These are some keys that may guide you after a business idea has been gotten

🗝️🗝️Be passionate about your business idea🗝️🗝️
Take action immediately after an idea is been gotten. Another person may have the same idea you have just gotten in mind. Getting into the market before him/her may be an advantage.

🗝️🗝️Determine if there is a viable market for your idea🗝️🗝️
Don’t launch without testing your idea. The idea may look great to friends and families but this doesn’t guarantee that actual customers will love it. You need to determine if anyone is clamoring for your solution.

🗝️🗝️Don’t quit your day job🗝️🗝️
It isn't a good idea to quit one's job when establishing a business. Instead, start your business off as a side hustle. Do the groundwork of researching and testing while you still have the income to support yourself. If it takes off, look at what financial milestones you need to hit to go full-time. If you find that you have the financial runway to go full-time immediately and are willing to take on more of a risk, go for it. Just be sure that you have a backup plan if your business idea fails to gain traction.

🗝️🗝️Prepare a business plan🗝️🗝️
 Creating a business plan early will make starting, managing, and growing your business easier. This is your roadmap for success that you can actively review, revise, and share. Without a plan, you’ll just be making guesses and hoping that you’ll find success.

🗝️🗝️Find the right partners🗝️🗝️
Find the right individuals to work with. This shouThesee individual with the same objectives and goals. Working with the right individuals who complement your skillset will elevate the potential of your business.

🗝️🗝️Track finances early🗝️🗝️
Even if you’re not a numbers person, you need to track your finances. Whether it’s with spreadsheets, accounting software, or an accountant. Your financial statements need to be up-to-date and organized. This prepares you to file taxes, pitch to investors, apply for small business loans, manage credit card spending, and easily track the health of your business.

🗝️🗝️knowing your competitors🗝️🗝️
To improve your chances of successfully entering a market, you need to understand the competition. You should be able to answer questions like:
🧠Who are the key players?
🧠Who is your immediate competition?
🧠What do they offer?
🧠How do they position their product/service?
🧠Who do they target?
🧠How large is the available market?
🧠What are their weaknesses?
🧠Are there opportunities for disruption?
Competitive analysis should be embedded in your initial market research.

🗝️🗝️Pay attention to your legal needs🗝️🗝️
Part of starting a business is completing the required legal steps to turn your idea into a legitimate business. This includes defining your business structure, registering for a tax id and business name, obtaining permits and licenses, and finding out how much you’ll be paying in taxes.

🗝️🗝️Have enough cash on hand🗝️🗝️
Cash is crucial for every business. Without it, you can’t cover your expenses, handle a financial crisis, or grow sustainably. Avoid starting your business with a loan. It doesn't look healthy for a new business. A business can look good on paper without actually being healthy. If cash is on loan, then how do you pay back when the business isn't bringing good profit at the start?

🗝️🗝️Prepare yourself mentally🗝️🗝️
Running a business isn’t easy. You’re responsible for how it performs, the people you hire, the products/services you sell, the culture you develop—the list goes on and on. While you can steer the ship, there are plenty of things beyond your control. Production errors, rising costs, supply chain disruption, competitor changes, souring consumer sentiment, etc. If you aren’t prepared for the challenges that come with the excitement of running a business, you’ll sink. It can lead to excessive stress, long working hours, and financial struggles, among other things which may lead you to be discouraged about the business and may lead to the end of the business. Don't be discouraged, instead, look for opportunities to optimize, make adjustments, and grow yourself as an entrepreneur and leader.

🗝️🗝️Be creative and consistent🗝️🗝️
You need to be consistent in the time you invest, establish milestones and metrics for success, and solidify a process for reviewing performance. This doesn’t have to be perfect, but you need to set standards for yourself and your business.


CONCLUSION
Let your purpose of establishing a business be on solving a problem not just to make money. If your reason to create a business is to make money, you may get discouraged within months if good profits weren't made. Establishing a prosperous business isn't easy, there’s a lot that goes into it. As you begin your business journey, keep these tips in mind, focus on planning, and take the time to test as much as possible. The more you prepare upfront, the more likely that your business will succeed.


Reference: https://articles.bplans.com/14-tips-for-starting-a-successful-business/

Wow, I love your article, and I love the fact you pointed out how a lot of people go into business solely to make a profit. That's true. Even statistics show over 90% of businesses don't last 5 years. A lot of business personnel are so focused on making a profit, they forget that people won't spend on things that won't add value to them. Everyone is constantly looking for solutions to their problems. You bring a solution, you get a pay. Thank you for the knowledge you've shared.