What are the key points to run any business without failure?

rolandbakerrolandbaker Posts: 1subscriber Member
edited March 2017 in Business Planning
Hello everyone,

here i am new, so want to ask the key points to success any business

how the business run without failure? and how I Analyze the market?

I didn't find the right solution from the internet.
References:
- http://www.businessadviceforum.com/threads/what-are-the-key-points-to-run-any-business-without-failure.36478/
- Financial services video Examples
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Comments

  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 990administrator Site Admin
    Welcome to the community, @rolandbaker

    What you are asking is kind of a loaded question, and there really is not a one size fits all approach when it comes to success in the startup world. There are, of course, best practices to follow that can be applied to most situations, but again, situations vary. 

    Also, failure is not the worst possible thing. Know that most startups do fail. A lot of entrepreneurs have to start multiple businesses before finding a successful one. The reason they're eventually successful is because they learn from mistakes and continue to better themselves. Of course, there are also some businesses that take off right away, but those are much more rare. 

    I think this article from StartupNation's content side will get you going in the right direction, though. Here are five steps for starting a successful business: https://goo.gl/eaGKq3 

    And if you have experienced failure, or will in the future, here is a great book excerpt from author Ash Maurya on how to embrace it: https://goo.gl/nMh5wM
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Levi Leyba, MBALevi Leyba, MBA Posts: 26subscriber Bronze Level Member
    edited March 2017
    I agree with @"Ryan O'Bleness" that failure is not the worst possible thing to happen. In fact, I personally feel that failure is the key to being successful. Most people give up after they fail. This is how you can separate yourself from the herd and learn what didn't work, and try it another way.

    If you want to minimize your failure rate, copy what someone else is doing. If it's working for them, see what is working and make it work for your particular situation. The great thing about this route, is you are unique and will add your own ingredients and flavor to the business, so you will not be a copycat, but rather someone that borrowed a working business idea and tailored it to your audience.
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 990administrator Site Admin
    edited March 2017
    Great insights, @Levi Leyba, MBA. You don't have to have an original idea to be successful. If you go that route, however, you just have to find a different way to present, market and position your particular company, products or services. The competition will be more stiff, but you'll know there is a market for your products. And make sure to not violate anybody's intellectual property rights, of course.  ;)
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Levi Leyba, MBALevi Leyba, MBA Posts: 26subscriber Bronze Level Member
  • sinGNsinGN Posts: 116subscriber Silver Level Member
    Key points are
    1.Offer what people want to buy, not just what you want to sell
    2.Get cash flowing ASAP
    3.Always find new ways to keep costs low
    4.When planning, always overestimate expenses and underestimate revenues
    5.Focus on sales and marketing manically
    6.Find ways to exponentially increase profits
    7.Test and measure everything
    8.Accept that learning more equals earning more
    9.Don't discount, add value
    10.Get a coach

  • Natalie MNatalie M Posts: 14subscriber Bronze Level Member
    Great pieces of advice here! need to take some notes
  • RoshniRoshni Posts: 30subscriber Bronze Level Member
    Very nice advice. This will really help us in future. As per me public relation is very much important to grow the business
  • YourRetailCoachYourRetailCoach Pune, IndiaPosts: 30subscriber Bronze Level Member
    The key points for a success of any business are:
    • Know what others are doing
    • Know the market
    • Advertise your brand
    • Always find new ways to keep costs low
    • Add value always
    • Measure everything
    YRC is a Management Consulting Company, especially for the B-C Sector. Our expertise lies into designing of Standard Operating Procedures, Franchise Development, Strategy & Operations services, Process Audits & Training. 
  • helenbloghelenblog Posts: 12subscriber Bronze Level Member
    never stop learning
    stay on trends
    be self-motivated
    network with leaders
    take responsibility for your actions
  • dodolatozdodolatoz Posts: 8subscriber Member
    u need to know about your own business, what your business about, what can u offer and so on, u need to see every aspect of your business, and then u start to developing your own business strategy, try this article http://8thinktank.com/business/key-to-success-the-importance-of-developing-a-business-strategy/
  • Gregory101Gregory101 JacksonvillePosts: 51subscriber Bronze Level Member

    The successful businesses I have been involved in have been made so purely by relentless opportunism, (charm, good looks and the ability to understand the customer).

    However, looking at things from my present plane of existence, I would focus on two things.

    1. Know your numbers. Know what you earn, know what you spend, know your tax liability, and know your profit centres.
    2. Build capital. Starting under capitalised is fine, but live like a pauper, and save a bigger bumpstop of capital than you think you will need. Why? Because you will need it sooner than you think. Also makes borrowing easier.
  • CurtisMLeeCurtisMLee Posts: 34subscriber Bronze Level Member
    Find your niche
    “I’d say the best advice would be just to get started and once you find something, focus and execute. Don’t try to be everything to everyone right away. If you pick one vertical and do it well, other folks will find you. From a narrow niche of IT professionals who were our early target market, we now have a wide variety of customers.”
    Plan while you can, launch as soon as possible, and make changes as you go
    “And, just do it! Planning and modeling out your business is always a good idea, but don’t get stuck planning too long, build something and push it out to your users as fast as you possibly can. If your product is getting good reviews and people are willing to pay for it, you’ve got something.”
  • rachelescorachelesco Posts: 7subscriber Member
    It all starts with user research. To start, you can try surveys people + doing interviews (even if you don't have customers). This will help you with getting an idea of whether there's some interest in your idea as well as potentially helping you to refine your idea.
    Here's a good article that you can read -

    https://growandconvert.com/user-research/conduct-customer-interviews-even-dont-customers/

    This can help with figuring out product market fit as well as the minimum viable product you need to put out to help with validation. You will want to run validation tests to see if people actually want to buy your products. Validation tests require a person to deal in reality and not hypothetical situations.

    Here are a few good articles discussing PMF + MVP:

    https://leanstartup.co/a-playbook-for-achieving-product-market-fit/
    https://www.fieldboom.com/blog/minimum-viable-product/
    https://by.dialexa.com/beyond-the-minimum-viable-product-why-you-should-build-a-minimum-loveable-product
  • McCandlessMcCandless Boca RatonPosts: 52subscriber Bronze Level Member

    The key to running a successful business is to be aware of what level you’re on in business.

    Just like when you were 7 years old you went to the first grade and not the 5th grade, because you understood there is no shortcut - same in business. At the same time, if you’re 17 years old, you don’t want to go back to the 5th grade, you’re supposed to be in the 11th already.

    Same in business.

    In the beginning pick a business that is neither too simple or too easy for you, but not so complex you can’t understand it.

  • Tom AdamsTom Adams Posts: 70subscriber Bronze Level Member
    @McCandless great example. I know just I think, that if you're a beginner in whatever, you will 100% make some mistakes and if you're not a fool, you will learn them and become smarter and smarter 
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