What are the basic factors that is needed in business?

[Reedex]

It is important to understand your target market because that is one of the basic factors that you need in a business if really want to succeed. You should know your customer and you should also try to know what they need so that you can develop your product or services to meet their demands. You must also have a very good knowledge in effective marketing strategies because it is very crucial in business. Promoting your business services is very important and it will be more effective if you target the right audience.

 

[nomad]

To create a business you need idea and money, to run a business you need to create products and market products. These are the basic things that all businesses need to run successfully

 

[Ofonime]

one of the factor is communicating skills and you must have manner of approach with your customers never treat them like a stranger for next come back

 

[Springtime]

You need to have a good business idea and the investment capital. You need to create or source the right product for your target customers. Marketing is also necessary so that people are aware of your business.

 

[ekta]

Basic factors needed in business include a viable product or service, market demand, a solid business plan, sufficient capital effective employees, efficient operations, adaptability to change, and adherence to legal and ethical standards.

 

[eldavis]

I think one of the major basic factor needed in every business is capital. Cause even when you have the best ideas out there, if there is no capital to carry out these ideas, it would all be useless.