+2 votes
100 views
What is actually required to do business and make it successful. Why some business succeeds and others don't, what is the difference in them?
asked Sep 13, 2016 in Other by Parag (2,750 points) | 100 views

1 Answer

+1 vote
Best answer

Hii there,

This is Tracy, thanks for asking a brilliant question like this! As per your question description I have figured out few points that are making the big difference in Successful businesses and unsuccessful businesses. 

1. Lack of Planning.

Lack of Planning

Lots and Lots of businesses (unsuccessful ones) start their business without planning or sometimes with No planning. Planning is very simple if you know your business goals. Normally you should include measurable Goals and results in your business plan. You should use specific to-do lists with deadlines and dates.

2. No differentiation.

No differentiation

Copying someone else's idea is really easy but executing it is not that simple as many people think. You may be yet another coffee shop without your unique point. If you offer something unique you will definetly become marketable. Without differentiation you will get lost among your competition. You must have a USP.
Well, that doen't mean that businesses which are exact carbin copy of each other wil not become successful but they have to comete with each other on same thing.  You should have your own differntiation so that yuour customers have to come back to you for that particular thing!

3. Poor Management.

Poor Management

As a business owner you must take Business management seriously. Inability to listen, lack of systems, poor communication,lack of feedback,no positivity, etc. are the examples of Poor management. If your business have something like this then it should be your priority to overcome from this problem.

4. Inability to Learn.

Inability to Learn

Everyone fails at something. Even biggest entrepreneurs have failed in their past but the thing they have and others don't is they were ready to learn from their failures. It is rare that businesses earn from the failure. 

There are many points which are the reason for  being a successful business or unsuccessful business. It is the Execution and the dedication of entrepreneurs. 

answered Sep 18, 2016 by Tracy (490 points)
selected Sep 25, 2016 by Mayuresh
Thanks tracy again great answer by you

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