The Choices That Can Make Or Break Your Business
Posted by Abdul Vasi on 23 Nov 2009 at 11:00 am | Tagged as:
As an entrepreneur you are faced with tough decisions every single day. There is always a lot at stake for every decision you make whether it’s regarding production,marketing,sales,HR etc.However, right at the beginning, an entrepreneur is faced with just four choices that can make or break the business. Depending on how you choose, you could either have a successful, flourishing business or a perpetually struggling one. Here are those crucial choices.
1)Product or service: You have to be very careful when you decide what product or service to offer. Study the industry and market carefully and invest in the business only once you are fully convinced about the feasibility of the product. Having a great product but the wrong market can make your business go downhill.
2)Location: Choose your location wisely. You have to satisfy the criteria of accessibility and publicity, for the largest possible area by choosing one spot for your store or office. Try not to compromise on the area due to expensive rents etc.It is a good long term investment.
3)Advertising: You have to employ loud, unabashed marketing and advertising strategies, at least right in the beginning. You need to first make people that you exist and then convince them to buy from you.
4)Quality and Pricing: Every customer’s dream is to pay less for excellent quality. While this is not really feasible in entirety you can make an attempt to come as close to it as possible. When you are starting out and you offer the best possible quality at the lowest possible price you tend to gain favor with the crowd very easily. As you establish yourself you can always revise some aspects of your pricing etc.
These are the four choices that make or break your business. It is clear that to make the right choice, in each case; you need to carry out a thorough research of the field. Research is the most important criteria for the success of anything. If your research and understanding of the task or assignment is complete, you will tend to achieve much higher rates of success.
