Reasons for business success and failure
The success of an entrepreneur depends not only on the success of the entrepreneur’s own development but also on the development of the country and the country. The success or failure of an entrepreneur depends on a number of factors. Research has shown that only those who run a business by following certain principles are successful.
Reasons for business success or failure:
(1) Determining the right product for the business: Determining the right product is one of the prerequisites for the success of the business. The entrepreneur has to determine whether there is a demand for the product in the market before selecting the product. The results of the study show that success comes more when choosing potential products than widely used products.
(2) Making the right plan: Thinking in advance about what, when and how to do a job in the future
The name of the plan. Lack of proper planning is one of the reasons for business failure. So business A sound plan is essential for successful management. The initial capital of the industry should be sufficient in both initial capital and long-term and short-term. Failure to determine or raise the required capital does not allow the business to operate properly. Production is below the target due to the lack of working capital in industrial enterprises in Bangladesh.
(3) Determining the amount of demand in the market: Determining the amount of demand in the market accurately and how much the concerned organization can supply is one of the conditions for success in business. This demand should be determined through an analysis of the information collected through appropriate techniques.
(4) Product Marketing: Determining product demand alone is not enough for success. The product produced is appropriate We want to have quality and we have to decide in advance how it will be marketed. The well-planned marketing process is the key to business success.
(5) Education and experience: Past experience in business is helpful enough for success. This fact has been proved through research. But education is also inextricably linked with experience. Research shows that entrepreneurs with pre-experience in business are the most successful.
(6) Joint ventures: Mutual cooperation and joint ventures are an important element in achieving the success of the industry.
(7) Choosing the right location for the business: The business organization should be in a place where there are various infrastructural facilities.
(8) Proper supervision and accounting: In order to be successful in business, on the one hand, proper supervision system There is a need to ensure, on the other hand, proper accounting. If not properly accounted for Many businesses shut down after a while.
(9) Efficient loan management: Efficient loan management is one of the ways to succeed in business, both in giving and taking loans.