The most important factor when building a business

[9ja Amaka]

You are not wrong but this will depend on the type of business owner. Every business owner knows what they want, they will surely device a patter to make their business successful. There are business owners who dont chase after their potential customers by staying in a position where the targeted audience resides a lot. What they look into is how to promote the business. And once they succeed promoting the business, nothing will stop their targeted audience from locating them. 

Knowing what is needed at a place at a particular time is the first approach to becoming a successful entrepreneur. Some entrepreneurs go into business without proper investigation on what will be suitable at a particular place and time, after such mistake is done you find out that there won't be turnover which can indirectly lead to stagnancy or even lost of invested capital. After identifying the suitable products needed, before talking about the capital required to establish such business and your integrity is the next that plays a good role in maintaining customers

It's not that easy to become a business owner. Because carrying all the load on your shoulders might be too much. Modern business strategy has made it easy for business owners to device a means of making their business successful without breaking a sweat. As a business owner, you cant know everything. No one is perfect because we all have our own flaws and limitations. This means all entrepreneur should employ those that fills up their weak spot and trust when I say the business will thrive.

[justdimin]

Businesses aren't limited to a particular environment, there's a reason why some businesses find success in places others condemn. You can open a business in an environment that isn't ideal for a particular type of business but with your marketing skills and customer relationships, you can bring customers from all over the globe to your location.

People travel around the world to locate places they want to shop or just visit because of proper marketing done by the business owner. Business needs visibility and if you can master the act of making your business visible irrespective of where it's located, you won't be lacking customers.

Business needs publicity so those are things you should consider before running any business. A business won't just sell itself, you'll have to give it a push first.

Honestly, most business' are moving towards online, and that is why most are doing fine at the moment. It is clear that the brick and mortar world is getting lower, every type of business that can turn into online business is turning into online business and that is the obvious answer and we are going to end up with very different results in the future.

If you really want to start a business today, I would suggest look for online ways, because having a normal shop isn't really that smart anymore. If you had one for a while, that is different, you have built a customer base and you are there already, but starting a brand new one today? That doesn't really sound like a great one and we should avoid doing that if possible.

[Oluwa-btc]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

I feel you clearly but you can only think about the end users and consumers more when.you have zero worries with your capital.  Having no capital kills all the necessary moves you want to make and take.  If the capital is settled then we can focus more on the audience, consumers more than the competitors and how to beat them. This si why I'm a huge advocate of  solving both rich people and poor people's problems. You just have to look close enough and take due necessary actions which involves capital. 

[Nahl]

In my opinion target audience is not the most important to build the business because at your environment we will see other people has same products as you so if your business want to last long i think you should be compete with them and do some inovation such as promotion of marketing technique besides that one of important thing too that you have to ensure all off your product has good quality which i think this is necessary because good quality of product will make our costumers is very satisfied and automatically your business will run well because people will always buy the products and become loyal customers

[Agbamoni]

I feel you clearly but you can only think about the end users and consumers more when.you have zero worries with your capital.  Having no capital kills all the necessary moves you want to make and take.  If the capital is settled then we can focus more on the audience, consumers more than the competitors and how to beat them. This si why I'm a huge advocate of  solving both rich people and poor people's problems. You just have to look close enough and take due necessary actions which involves capital. 

I'm pretty sure, you are aware that in some countries, capital is the least of the problem. There are loan sharks or investors who have enough capital to give to anyone who have a brilliant idea they can capitalize on. If we keep looking out for capital before starting a business, we might end up not taking any move at all. At the same time, I'm not advising anyone to go take a loan to start their idea. I am only saying, you can simply use the little amount to make just one provide or create a prototype of what you want to do and pitch the idea.

[Orpichukwu]

Knowing what is needed at a place at a particular time is the first approach to becoming a successful entrepreneur. Some entrepreneurs go into business without proper investigation on what will be suitable at a particular place and time, after such mistake is done you find out that there won't be turnover which can indirectly lead to stagnancy or even lost of invested capital. After identifying the suitable products needed, before talking about the capital required to establish such business and your integrity is the next that plays a good role in maintaining customers

Before anyone starts a business, there is a need for what they call an "area survey". You send someone who is specialised in identifying a problem in an area if you can't do it yourself because if you can identify a problem in an area and become someone who will solve it, your business will flourish. Business with good demand and less competition is the right target if you want to make it big without too much loss when you are newly starting.

[kotajikikox]

Businesses aren't limited to a particular environment, there's a reason why some businesses find success in places others condemn. You can open a business in an environment that isn't ideal for a particular type of business but with your marketing skills and customer relationships, you can bring customers from all over the globe to your location.

People travel around the world to locate places they want to shop or just visit because of proper marketing done by the business owner. Business needs visibility and if you can master the act of making your business visible irrespective of where it's located, you won't be lacking customers.

Business needs publicity so those are things you should consider before running any business. A business won't just sell itself, you'll have to give it a push first.

Honestly, most business' are moving towards online, and that is why most are doing fine at the moment. It is clear that the brick and mortar world is getting lower, every type of business that can turn into online business is turning into online business and that is the obvious answer and we are going to end up with very different results in the future.

If you really want to start a business today, I would suggest look for online ways, because having a normal shop isn't really that smart anymore. If you had one for a while, that is different, you have built a customer base and you are there already, but starting a brand new one today? That doesn't really sound like a great one and we should avoid doing that if possible.

Many are now starting online because physical stores are so expensive and there’s no guarantee it will click with the masses but going only first can help you test out the demand and can see if whether a physical store is worth it or not. If not then just focus on the interior.

[MarjorieZimmermanGinger]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

Many factors can determine whether a business will grow or not, and perhaps we need to consider several steps as the main goal. When someone decides to start a business, the primary concern is capital, followed by a strategy to attract customers to shop at our location. Utilizing promotions is also necessary so that the business we develop can reach the entire audience we desire, and methods can be used for promotion through social media. Location is also crucial, so you sell something based on need rather than forcing yourself to sell something your audience doesn't need.

[Yablee0]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

The most important thing to start up your business is to study the area, is not must to be where student stay just make sure you sell what the community you are interested in getting the business need what you are willing to sell, just make sure what you are trying to sell is  something they need in that area I believe that is even enough to say that your business will move well. Choosing if location is very important.

You are right bro, in addition to what you said you can also build up your business by setting up a higher standard service system , a top notch service that will attract more customers to your business, because I believe their will be some other similar businesses like yours around and their will definitely be a competition between this pair's so rendering a higher standard service can be of a greater help to the growth of any business.

Secondly, packaging: how you package or present your business also matters a lot because it showcase your identity, it show how competence and how good you are in your craft, however  standing you out above your fellows and making you exceptional.

Therefore, This two points highlighted can help build any businesses to any height.

[Marvell1]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

The most important thing to start up your business is to study the area, is not must to be where student stay just make sure you sell what the community you are interested in getting the business need what you are willing to sell, just make sure what you are trying to sell is  something they need in that area I believe that is even enough to say that your business will move well. Choosing if location is very important.

It's called sell what people need, not what you have. But that is easier said than done and that alone is not enough, because in business there are many big challenges that we have to face. Among them, competition is considered the biggest challenge. Because even if you have an idea and sell products that are in high demand, but if you cannot balance the quality and price of the product. Attracting customers is very difficult.

You sell products that are in high demand but if you don't have a solution to the fierce competition in the market, you will hardly survive. Business is very complicated, only experience and practice can help us, mere theory cannot help us.

[dezoel]

The target audience is important because it gives you direction on who to serve and how to design your product or service around their needs but that alone is not enough to make a business succeed there are many other factors like location pricing competition and timing that can decide if a business will last or not.

Having an audience is one thing but being able to offer something unique and competitive is another because if your product or service is not different or valuable people will just go to someone else marketing and financial planning also play a huge role since even with a good product you need to reach customers and manage resources properly.

Yeah I agree, target audience is more important, but basically listening to your target audience is even more important. There could be a product, and there could be a million people use it everyday, but if there is something they dislike about it, you can do something similar, with the problem fixed, and then you can get so many of their customers. This is the most important difference, and as long as you can do that, then you are going to get a lot better result.

Most people miss that change, and because of that they either make the same product as the competition, or they "fix" something they do not like, but people do not care, so there isn't a problem. So they end up failing, because they didn't listen to the target audience.

[lovesmayfamilis]

What if I want to open my business via the Internet? What age group or target audience should I think about in this case? Firstly, someone who is going to start something needs to think about those competitors who also run a similar business. Today, it is difficult to come up with something that has not been offered before. Therefore, your capital and your competitiveness will be the first factors in the competition and in the survival of your business. Naturally, we should focus on the offer for whom it is directed, but again, there is nothing that has not already existed before. Originality and unusualness in marketing will also be attractive for gaining a good reputation. For a business, it is necessary to have several hands (figuratively speaking) that have time to manage everywhere.

[junder]

It's called sell what people need, not what you have. But that is easier said than done and that alone is not enough, because in business there are many big challenges that we have to face. Among them, competition is considered the biggest challenge. Because even if you have an idea and sell products that are in high demand, but if you cannot balance the quality and price of the product. Attracting customers is very difficult.

You sell products that are in high demand but if you don't have a solution to the fierce competition in the market, you will hardly survive. Business is very complicated, only experience and practice can help us, mere theory cannot help us.

We must be smart in our marketing techniques, what needs to be known is that people usually like discounts, perhaps this can be done to attract the rest of the public, depending on whether they will become customers or just casual buyers, the important thing is that we have tried our best. In addition, this price comparison must be considered, lowering prices is fine, but what must also be considered is the quality of the product, we must not be able to lower prices but also lower quality, this must not happen.

[passwordnow]

I agree to OP. There are many case studies about the important factors on when to build a business. Like this website provides a lot of insights of the important factors of when to start a business. It has graphs that people can look up to and study if it's suitable for their locations and situations.

[YOSHIE]

The most important factor to consider when starting to build a business is the target audience.

Of course every business has a target audience that is prioritized, including business in terms of restaurants you must have a target to develop a business, for that before doing business for me a place to open a business is very important, especially from the reach of consumers.

In terms of business actually many things that need to be learned and made the most important factor, many people open a business do not have a real target so that their business is very fast bankrupt, there is no ball pick -up system that exists.

[₿itcoin]

In my opinion target audience is not the most important to build the business because at your environment we will see other people has same products as you so if your business want to last long i think you should be compete with them and do some inovation such as promotion of marketing technique besides that one of important thing too that you have to ensure all off your product has good quality which i think this is necessary because good quality of product will make our costumers is very satisfied and automatically your business will run well because people will always buy the products and become loyal customers

You are right to an extent that quality & innovation are aces however ditching the target audience misses the playbook.

When you know who your audience is & understand them well, what they need & how to communicate with them, then you could drive ROI, nail messaging & create long term loyalty. Lack of that clarity spells the failure of an otherwise good product since it does not reach the right ears. Do not forget that innovation does not mean just bells & whistles but it is the answer to real needs of real people in your niche. Hook into your audience then innovate  & just slay 

[Unknown Op]

In my opinion target audience is not the most important to build the business because at your environment we will see other people has same products as you so if your business want to last long i think you should be compete with them and do some inovation such as promotion of marketing technique besides that one of important thing too that you have to ensure all off your product has good quality which i think this is necessary because good quality of product will make our costumers is very satisfied and automatically your business will run well because people will always buy the products and become loyal customers

You are right to an extent that quality & innovation are aces however ditching the target audience misses the playbook.

When you know who your audience is & understand them well, what they need & how to communicate with them, then you could drive ROI, nail messaging & create long term loyalty. Lack of that clarity spells the failure of an otherwise good product since it does not reach the right ears. Do not forget that innovation does not mean just bells & whistles but it is the answer to real needs of real people in your niche. Hook into your audience then innovate  & just slay 

There are many businesses for which target audience is required and we want to sell our products or items . Now that is modern time and we can sell the things online and we can earn a great profit. Nobody hate money and everyone want to earn money by different ways but few people know that the true success is due to your traffic and you have to build traffic to be successful in life . People are taking different steps but they don't know about true business and they are selling less items .People have to sell more and more in a year and they should go up as they invested their time and Money on that but your product should be of quality then you will be able to sell more products .

[yamin_galib]

There are many businesses for which target audience is required and we want to sell our products or items . Now that is modern time and we can sell the things online and we can earn a great profit. Nobody hate money and everyone want to earn money by different ways but few people know that the true success is due to your traffic and you have to build traffic to be successful in life . People are taking different steps but they don't know about true business and they are selling less items .People have to sell more and more in a year and they should go up as they invested their time and Money on that but your product should be of quality then you will be able to sell more products .

I think that quality and access to the knowledge of your audience are interlinked. You may have a superior product, but unless you understand who to sell to and how to reach them the product will end up on the shelf. Meanwhile not giving them authentic quality will not leave the audience coming back. In my opinion the smart move is to factor in both, and then as you are getting to know your audience, deliver them quality that they will look forward to.

[gunhell16]

The most important factor to consider when starting to build a business is the target audience. You have to think of who would you want to cater to. Who are the communities that you may profit off of. Like for example if there is a school near you, you should know that students would be your target audience. You should start a business where students can buy materials from or a place they can study or even hang out around. I believe that if you studied your target audience, the first step of your business is already successful enough.

Of course, when building a business, you must have capital, whether small or large. And the business you start should be your passion, not something you just copied
or did because someone told you to, because if that's your only reason, your business will surely not succeed in the end.

And lastly, you should first scout the area to see if the community will be interested in the products you'll be selling in the area where you'll build the business.
As for characteristics, we must be patient, have self-control, and be truly dedicated.

[sana54210]

It's called sell what people need, not what you have. But that is easier said than done and that alone is not enough, because in business there are many big challenges that we have to face. Among them, competition is considered the biggest challenge. Because even if you have an idea and sell products that are in high demand, but if you cannot balance the quality and price of the product. Attracting customers is very difficult.

You sell products that are in high demand but if you don't have a solution to the fierce competition in the market, you will hardly survive. Business is very complicated, only experience and practice can help us, mere theory cannot help us.

This is true, even if you somehow magically come up with a product or a service that people desperately needed, and build something perfect, which makes millions. There is nothing stopping places like amazon,  or Walmart, or Chinese factories, to come up with a cheaper solution.

Because you can build an MVP, and even spend a lot of money, get loans and what not to build your own factory to build the same product, whereas Chinese ones, or bigger American ones, could make it cheaper than you, because they have a larger starting capital and already built infrastructure. Plus, amazon did this already, they saw some products selling off the shelves, so they made it cheaper, and in return they banned the competition who started it all.