Components of A Successful Small Business

The 4 components of a successful business are Product, Market, Money, and People. Each component is important to the success of any business. The product you use for the task; your solution for the problem your customers face; as well as how much money you want to raise through venture capital are all factors that need to be considered when building a successful business.

Success in business needs many efforts. Here we are discussing 4 components of a successful business with Gaurav Mohindra, a successful businessman in USA.

Product

Which product you are using? For which problem you are using this product? Describe it clearly. If you are providing any offer to the clients, show it clearly. To run a successful business, some tools can help you to achieve your goals. A well-designed product helps you gather more customers and increase their interest in your business.

Market

A market for the product means whether the people need the product in the market or not. Is there any record of demand for the product in the market? What are some factors that influence how customers use products? Discuss briefly. How do these factors affect marketing decisions? What are the advantages and disadvantages of a new product? Explain them briefly.

Money

Gaurav Mohindra: Money is the most important thing in a startup. Without money, you cannot start any business. So, it is very essential to have enough money to start your own business. How much money do I need? You must know how much money you need for starting your small business. Some people think that they can start their own business without having any investment or funds and it will be successful but this is not true because if you don’t have a sufficient amount of capital then your idea will not work out so well and at last you will lose all the efforts made by yourself and also the time spent on planning for a new venture.

People

Execution is the final step of any business. People are responsible for the success or failure of any business. If you have all the 3 components mentioned above but you do have not a good team of workers then your business can fail, Curiosity and being able to phase problems in different situations are required for a successful business. Hiring a person who is not able to execute is like throwing money in a hole. The person will be wasted and have no use for your business.

According to Gaurav Mohindra, a successful small business has a clear vision and purpose, with the ability to execute its plan. It is also one that has an effective management team in place, who can communicate this vision and purpose clearly and effectively. The final ingredient of a successful small business is having the right people on board — those who share your values, understand your mission, have the skills necessary to support it, and will work hard towards achieving it.

Originally Posted: https://medium.com/gaurav-mohindra/4-components-of-a-successful-small-business-1ff4b5a693e7