The common assumption about business is that it is setup primarily for profit making. This perhaps is one of the reasons businesses don’t outlive their founders. Once you make profit making your sole aim in business, a lot of things will suffer which eventually will erode your ability to make profit.
Great businesses are founded on the philosophy of solving a need or filling a gap in the market. How best you meet the perceived and existing need relatively to other businesses meeting same need, is what determines your success in business. Profits travel along with problem solvers. Whether individuals or businesses, when you always seek to meet a need, you will make profit in the process.
It is therefore important to review your underlying business philosophy, if you are already in business, if you are just about starting, then you must define it right.
Beyond identifying and meeting a need, you must be able to provide answers to the following questions :
I. What unique strengths do I/we have to meet this need? It could be your human resource capacity, or technological skill, or location advantage. You must maximise your strengths to the disadvantage of existing competitors and new entrants.
II. What are my weaknesses that competitors can take advantage of in the chosen market? It could be your business size, poor distribution network, and so on. You must find a way of mitigating the identified weaknesses.
III. What are the peculiar opportunities and threats in your chosen market, political, environmental, social and technological? How do you leverage on the opportunities and deal with the threats?
When you are motivated by the need to meet a need and then build a business model around that motivation bearing in mind the questions above, your chances of success is very high. Also, you must regularly review your answers to the questions to ascertain your relevance.
Get your business philosophy right and you are bound to be successful.
God bless us all.
Onadol International Ltd