what are the basic factors needed for a startup business to succeed?

Answer 1

Any small venture can be successful as long as:

- There is demand for the product. People must want and buy the products. Otherwise, no amount of marketing can help the business. If there are no sales, the business will just be a cash drain for the owner

- Adequate startup capital and proper management of resources. Lack of capital is the main cause of the failure of small businesses. If capital is insuffient, the business owner can either step up efforts to look for capital, scale back the plans or suspend the project altogether

- Healthy profit margins. If your profit margin is only 2% -- and prices and inventory cost increase -- then your margin will be squeezed out. A small business can succeed if it is operating good profit margins that can help it withstand market shocks and price increases.

- Good revenue per sale: if the profit per sale is only $1, then to make $100,000 the small business need to sell 100,000. A small business may find it harder to do tremendous amounts of volume.

- Good niche area. A small business may find it hard to compete head on with Amazon.com or Walmart, for example, trying to be everything for everyone. But if the small business can focus on one area -- and be very good at it -- then it has better chance of growth.

- Good cash flow management. A small business may have sales, but if it cannot collect payments and run out of cash, the business will have a hard time.

- Growth prospects of the business and how growth is handled. A small cleaning business can only handle certain number of accounts effectively and efficiently, and profits will plateau. To grow, the business either needs to expand its staff to be able to handle more accounts or expand the area of coverage. Either way, how the business owner handles growth, and all its accompanying problems, can spell the difference between success and failure.

- Suitability of the business with the entrepreneur. The entrepreneur is the heart of the business. Sometimes, the entrepreneur is the business (if it is a 1-person operation). The business owner must have the passion and drive to push the business to success.The person must be able to spot new opportunities and learn how to handle the challenges. Otherwise, if the entrepreneur loses interest, then the business may die.

Answer 2

the first rule in inventory making an investment is merely too save your losses small. Set a p.c. decline out of your purchase value that you're going to allow a inventory fall. it will be 5, 7, 10 in step with cent. yet, maximum significantly, you want to maintain on with YOUR regulations. Set a similar scale for partaking of your capital features in a competent purchase. i imagine, maximum modestly, that all investors ought to have a algorithm and keep on with them. because you're human you'll damage your regulations from time to time. frequently, you will pay for letting your ego or emotion play a position on your approach. you may undergo in thoughts that usually you understand very a lot about a product. yet, if the marketplace is promoting the inventory off, then there is a few thing incorrect that you dont understand. frequently the insiders and Wall St. experts have better ideas to at least some thing else individuals. The insitutions flow a inventory value. you may't beat Mr. marketplace. merely attempt to appreciate Mr. marketplace. reliable success.

Answer 3

very simple!
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Answer 4

1 planning and reasearch
2 planning and research
3 criticize your planning and research and revise as needed
4 experience or access to experience in field
5 be aware of sacrifiices you will be making to make it succeed...and be willing to make them 80 hrs per week will be the norm
6 can you accept worst case outcome
7 be able to adjust when you find out what was wrong with your planning and research
8 planning should have best and worst cases, if you can get by on the worst, the rest is the gravy
9 how big is the market and what part do you need
10 planning and research

Answer 5

A product, a business plan, the financial wherewith all to carry it out, and the willingness to work.

Answer 6

A market, a product, money, conviction and a long breath.