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The 5 P's required to create a successful enterprise


 

Getting started 

 

Learning to navigate the journey to financial freedom requires courage, knowledge, skill and wisdom.

Let me share with you some of the critical business lessons that I have learnt that certainly will help you.

Although doing business in the digital age can be challenging, certain principles are timeless remain applicable.

So, whether your business is online or in a mall, here is what every enterprise creator should concentrate on. This applicable to both non-profit and profit driven enterprises.



The first 4 P's to success



Product: Every business requires a product or service.  The product must offer a solution to an existing problem.  An innovation, product or service that is not essential or desired, but it is a difficult sale.



Place: You must choose the best location to sell your product. The wrong location could have disastrous consequences.



Price: Even top-tier brands make mistakes from time to time.  So, before your big launch, make sure you have a good pricing strategy that is based on good research and has been thoroughly tested.


Promotion: Even big brands can make mistakes here.  Make sure you have the right team for the job.  Remember that customer retention is critical.

This means you must provide them with useful information so that they will willingly enter into the sale.

Manipulating a customer into a one-time sale will put you in the position of constantly replacing customers who have become dissatisfied or disgruntled.



Product, Place, Price, and Promotions

These are critical components that every organization must constantly monitor and adjust as needed.  If you get one thing wrong, you could be out of business.


Which one a new business starts with is determined by their unique set of circumstances.

There is no set format to adhere to.

Starting a new business is therefore risky.

 

The most important P

People

Without people your business is dead.  firstly you are a person and you require people to buy your goods or services.  Remember you going to need the support of people.  So you will have to learn how to initiate and nurture all kinds of relationships.  

Here is a valuable Tip!

It is not always people in high positions that create opportunities for you. Often it is people at the bottom that seem insignificant that will open the doors to the biggest deals. Therefore be careful how you treat people.

In this modern era that is highly dependent on electronics we should not forget the vital role that people play?


Last remarks


Begin your business today before someone else does the same thing tomorrow.



This author has had this experience while starting a businesses and assisting others in growing their ventures.  I had to learn a lot of lessons the hard way.  Please learn from my success and avoid the some mistakes that I have made over the past two decades.



You can read more on these P's  in an article by ALEXANDRA TWIN published on Investopia.

See the link below.


https://www.investopedia.com/contributors/54405/


Shalom! 


Image source: https://www.pexels.com/@august-de-richelieu/

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