What are the Essentials Requirement for Building a Profitable Business

[Mika]

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Even though a lot of people want to build a business not many will succeed. That’s because there are a lot of requirements for a business to become profitable. For a profitable business, you need three things: a great idea, resources to execute the idea (money, team, skills), and a great marketing strategy. If you lack any of these requirement, you are deemed to fail. A successful business combines a great product with effective marketing, and managed by experts. From generating business idea, executing the idea and making the idea profitable takes a long time. With business, you cannot become successful overnight. Before you start a business, you need to make sure you have a great idea, resources of a business, and a great marketing plan.

 

[Highs]

That's the problem you can't start a business and decide to skip a particular strategy or step. Yes people have various strategies but still we have some in common. You have great ideas but no capital or you have capital but no good ideas, that's even worse, you will fail. You have money and capital but no proper team or management, that's a great loss. Business takes time to grow, this is it, it takes time to put these things in place and when you are not able to do that, it will tell on your business.

 

[Mika]

You cannot become successful just because you have an idea, you also need to know how to execute your idea, you also need resources to execute your idea, you also need a team to help you become successful. There are so many things involved. However, sometimes that are certain things that can be considered exception. For instance, you create a product, you sell the product for money and secure capital for some other business, or sell your idea for a certain percentage of equity.

 

[Spencer]

Another requirements for a profitable business is to test the market before you invest in it, many people get into businesses without testing demand, hence making you spend on marketing unnecessarily, you can use platforms like Facebook ads and test run an idea, you can judge from the feedback you get if it's worth pursuing or not.

Capital is one of the major reasons most businesses don't succeed also, but if a business owner is ambitious there are different ways to raise capital eg from Venture Capitals, Angel Investors and Family and Friends.