What kind of business can I get good results in a short time?
Business success mainly depends on having a foundational understanding of the industry and having this foundational understanding will give you the power and confidence to thrive in practically any industry
The renowned Indian Tata Group's "Nano Tata" dream project collapsed after three years, and several other instances may be provided.
As a result, you must amass fundamental commercial expertise and master them thoroughly ahead.
For instance:
- How can the product be produced at the lowest possible cost?
- How can you find talented individuals to construct the product?
- How do you generate business? Specifically or generally?
- How can I promote on a tight budget?
- How should you keep your company's accounting and spending in order?
- Who will assist in supplying the vast market's needs?
- How can you tell if your customers are receiving the best possible care?
- How do you address the fact that many individuals are aware of your product yet choose not to purchase it from you?
- How can you fix it if investing more in technology than human resources will triple your company's profits?
- How can diverse company contracts be created quickly and easily?
- How do you acquire the abilities required to penetrate new markets and products?
- How can you come up with the methods you require to raise your product margins?
- How do you manage working cash, which is what matters the most in company life?
- How can you tell whether your company will succeed or fail in the future?
- How can the previous or new competition that he will play your twelve be solved?
- What issues should you address if substitutes for your product begin to appear on the market?
- How should we handle political and economic situations?
- How can you plan and execute measures to transition your business from direct to indirect income?
- How do you make sure that your organization's human resources are functioning properly?
and so forth. To avoid stumbling repeatedly and eventually feeling unpleasant and having to leave the business, there are many additional things that you must learn by doing.
Nobody in the globe can give you a product or industry recommendation with 100 percent assurance that it will unquestionably aid in your achievement.
As many people as possible assume that any form of business involving financial transactions would always be successful, but if I use the name of one of the most well-known organizations in India today—Paytm—their situation is steadily becoming worse.
It wasn't long ago that this corporation was no longer able to generate favorable conditions as it once could within 10 to 12 years, and there is some uncertainty as to whether it will be able to do so in the future.
And one of the biggest issues nowadays is that no matter what kind of business you start, rivals will enter the market fast and bother you for a while.
And once more, I firmly advise that if you have a fundamental understanding of your industry, you will be able to discover a way to outperform your rivals in a way that they could only dream of.
You may follow me for frequent business tips on my blog, where I now write many pieces on business and will do so in the future.
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Many thanks
Akash Chandra Ghosh (Leadership Trainer and Business Consultant)
