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Updated by addyme on Mar 14, 2018
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addyme addyme
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4 Factors that determine new business success or failure

What does it take to have a successful business? A very common question that every entrepreneur should ask themselves before venturing into business. Here are 4 critical factors that determine whether your business will flourish or fail.

1

Feasible business Idea

Feasible business Idea

You must have a very clear idea of what product or service you are bringing into the market. A good business idea is the one that solves peoples problems. Where you are able to meet a need, then you can be able to make business out of it.

2

Capital

Capital

Having a clear financial plan can save your business from uncertainties in the market. For you to get started, Initial capital is a must have. Therefore, there is a very important to put in mind the required capital that any business will require for it to get off the ground.

3

Customer Loyalty

Customer Loyalty

Loyal customers are the life-blood of your business. If you don't treat them with high dignity, you are likely to loose them to your competitors. Always ensure that you sell high quality goods coupled with good after sales services in order to retain your customers.

4

Leadership

Leadership

Whether you have started business as a sole proprietor or as a group, a sober mind is required so as to set the business mission and vision. A business that have competent leadership is able to success much faster compared to the one that is poorly led. As a leader, you should be able to guide all your employees so as to have a common mindset.