Quote from: letteredhub on Today at 02:21:47 PM

Quote from: odunybiz on July 17, 2023, 12:41:50 AM

Starting a business may seems easy but this come with alot of challenges which includes the ability to survive after being established.

Some people just start a business because they want to have a business.

This isn't enough point to start a business because a business based on this may collapse with time. When starting a business, you must put in mind that you want to solve a problem. It may be community, country or world problem. This various company have been in existence to solve various issues among people..

When you claim to start a business without been curious about real service delivery about the area of business you want to venture in then it's natural with time you will fade away as you face the competitive business environment having no uniqueness about your service.

A real life example is about a store across the street opposite the very building I live in. Several peoples have rented this very shop for different business purposes but either pack out within 6 months or a year after just renting. Oh business isn't moving as I expected were some of the complains that follow.

The real problem behind all these complaints could be that they just decided to jump into a particular business cause they found out someone somewhere is making so much profit from, it's not a business they had passion for, but just for the profit chase and a little challenge with profit they disappear. Same is happening to so many businesses out there.

Picture a bot that doesn't know anything about the cryptocurrency market trying to make trades. Trading on price fluctuations is all it knows how to do. It's like shooting in the dark if you don't know anything about the market, the news, or the technology behind the coins you're investing in. The same logic applies to business, right? Now picture the same bot improving over time as it takes in feedback and adjusts to new circumstances. That is to say, changing with time. Retailers here in the UK: Capable of the Same? adjusted what they're selling, took feedback into account, and shifted their approach? Putting enthusiasm to one side, wouldn't you agree that business success is largely a matter of tenacity and flexibility? The owners of the store across the street may still be in business today if they had been more flexible and less focused on making a quick buck.