It’s not all about getting your dream business idea realised, it goes beyond sustainability. Any business idea/entity should go beyond the startup stage to growth and eventually success.
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.
Young sociologist who heads health docket in Turkana
Moses Natome, who has been re-nominated by Governor Josphat Nanok, says he a team player and has in the past...
Kenya faces Sh103b annual shortfall for universal health coverage
Health PS Julius Korir says so far the government is only able to afford Ksh 12.4 billion annually to cater...
Supreme Court explains why it threw out petitions
The court ruled that NASA candidate Raila Odinga did not formally withdraw from the election but only declared his intention to withdraw
Time Raila stopped being a political enigma
Election seasons must be predictable so that the people and their chosen government can move on with the business of nation...
Nairobi-based US diplomat quits, blasts Trump
In a scathing resignation letter, Elizabeth Shackelford tore into the Trump administration and Secretary of State Rex Tillerson for undermining the work...
Half of Govt workers are drug addicts
NACADA survey shows alcohol abuse among employees in the public sector stands at 57.9 percent, higher than the national average...
Kenya’s economy to ‘bounce back’
Kenya’s economy is set to grow from the current 4.9% to 5.5% and 5.9% in 2018 and 2019 respectively, a...
Libya slavery scam: Africa has killed its own sun
African states have created the environment in their home countries that have made their citizenry so desperate and hopeless to...
Unique name that inspired KCPE star
As a biology teacher, Harrison Tanga was not fazed when he went to hospital to see his newborn child, unlike...
Youth turn to sex to soothe election pain
The struggle to make ends meet has left them disillusioned, apathetic and angry, according to the annual survey of nearly...