You may have heard someone say: that person got lucky. He set up a company and out of nowhere it started selling a lot.
The truth is that there is no such thing as luck in the business world. Even more so nowadays, where efficiency is being increasingly demanded by the market.
There is no way to survive in a highly competitive environment if you do not meet all your clients’ expectations. So don’t believe in luck.
Vision above all
One of the points that many people attribute to luck is the vision of a niche market. After all, you can say that you managed a company well and it still didn’t go ahead.
I believe in that. Even because there are branches in which there is a lot of competition, or even are doomed to failure. No matter how well a video store was managed, its days were numbered.
So I believe that what many call luck, I call vision. The person who found a niche market studied the opportunities and threats. He dedicated himself to making a good business plan and took a risk.
The good product and excellent service
However, just having a good vision of the market does not guarantee anyone success nowadays. Because no matter how good your product is and how promising the area explored, someone will open competition.
If that someone offers a more improved product and a much more humanised service than yours, you will certainly be left behind.
Therefore, it is not enough just to find a good niche in the market, you must above all create a product that meets the wishes of consumers, and offer a service with profound excellence.
Remember that your customer is increasingly demanding. And if you are not able to meet their demands, you will certainly be left out of the market.
The right time to start and stop
Finally, I could not leave out a tip that I think is crucial. Finding the right time to start and stop. After all, there are sectors that are very good today, but that doesn’t mean they will be good a few years from now.
For example, companies that developed photographs made a lot of money in the past, but nowadays they’re already outdated.
The same goes for those who produced cameras. Even though there is demand for professional products, amateur ones have simply been replaced by smartphone cameras.
So you need to know how far the industry you are in can go, and find the right time to stop as well.
As you can see, much more than luck, the entrepreneur needs to be attuned to the strategic issues of the business, as this is what will move you forward. Did you like it? Then leave your comment and share it with your friends on your social networks.
