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6 Things You Need to Build a Business

Building a successful business is about making sure that you fit the right components in the right place so that you build that engine that can move with velocity and momentum toward your goals. But which are those components? In this post, I am going to share six things that you need to make sure that you have in your business.

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6 Things You Need to Build a Business

#1 Right Product

The first thing you need to have in your business is the right product. The right product or service means your product or service can solve a significant problem or fulfill a significant need or desire for your target customer. If you don’t have the right product or service then you have no business.

#2 Right Partner  

The second aspect that you need to get right in your business is the right partner. Think about it having a leadership team at the top is extremely important if you want to build a successful business. Remember Steve Jobs would not become a Steve Jobs if it was not for Steve Wozniak. Everyone needs the right partners and the right partners are people who come with complementary skills and complementary capabilities and not the same skills and same capabilities as yours. If your partners have the same skills and same capabilities that’s a recipe for disaster because you will always be stuck in an ideological conflict that will soon turn into personal conflict.  

#3 Right People 

The third thing that you need to get right in your business is the right people. It is not just about the right partners you also need to get the right people on your team. The right people are people who commit to pursue goals do work with integrity and can produce results in the job role that they are playing in the business.   

#4 Right Processes

You need to set up the right processes in every department of your business. To set up the right processes you need to break down the activities to be done in a step-by-step sequential manner. You also need to make sure that the activities are simple because only when they are simple will be sustainable. Without the right processes, all the right products right partners and right people fail so you need to get the right processes in place.

#5 Right Pricing

The fifth thing is the right pricing. Whatever you offer the market the price point matters and the price point has to be competitive which makes it a compelling buy for your customer. You can’t offer your products or services in a manner where they are more than 10-15% in terms of variance from the current market alternatives. The price point has to be competitive and the price point has to be profitable for you.  

#6 Right Purpose

You need to have a purpose that is compelling enough for your team members to work and fulfill their roles in the organization. You need to have a purpose that is attractive enough for the customers to make you their preferred choice.

Final Words

In business, you need to have six things given above. You need to make sure that your customer is winning by getting a value-for-money product or service. Your team members are winning by them getting financial growth career growth and quality of life. You are winning by achieving financial growth brand growth and time freedom for yourself.

All these can be possible only when you align yourself with the right purpose and you launch the right product with the right partners supported by the right people through the right processes at the right price point that’s when you build a successful business.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.