Too many businesses shut down daily because they either eventually ran out of money, couldn’t sell enough of their products, had internal partner issues, and/or much more. Whenever this happens, most observers quickly jump to conclusions as experts dissecting why the businesses failed and come up with different results.
While there’re many reasons a business failure could happen, successful entrepreneurs, having been through countless failures in their pasts and learnt from them, know what to look for and stay away from in their quest to start, run, and grow a successful business.
Of all the things they consider, the most important thing successful entrepreneurs look for before starting a company is a “paying customer”.
Finding at least one person that’s willing to pay for your products and/or services is key to success or failure in any business. When you search for a paying customer, you’re directly running a mini-market research to know if anyone would be interested in the product or service you’re offering before even seeing it. Out of those who show some interest, you then try to see if they’re willing to pay for it upon sight or after further review.
See Also: The One Thing Every Product Needs To Be Successful
If you try selling your product and no one wants to buy it, you can keep readjusting its benefits and features, till you get a marketable product or service. If no one eventually still wants your final result, going forward to launch a business that focuses on that would be a risky venture because you’re about to bring hope and pray marketing into play, and hope is not strategy.
While a few people have successfully gotten away with launching and growing a business based on a product or service they either never tested with the market before its launch or that no one directly wanted, many more have failed trying to do that.
So the one thing that guarantees a good degree of success for any new business is finding at least one paying customer before it takes off, and this, is what successful entrepreneurs have mastered to great extents.
What are your thoughts on what successful entrepreneurs look for before starting a business? Let me know by leaving a comment below.
Nice tips
Thank you for reading and leaving a comment, Wilson.
You are very correct sir
Thank you for the comment, Ruth.
Do have a great time.
hello mr stan, how can I contact you privately please. I need your help.
Hi Victor,
Please send an email to [email protected]
Thank you for asking.
One other thing entrepreneurs need to be on the look out for is the business climate – regulatory systems. This has been one thing that has frustrated businesses overtime because they may not have gauged issues like tax regimes, rates and such other factors. To overcome this, one has to be versed with strong negotiation skills, extant governing laws etc.
Thank you for the contribution, Timothy.