Everyone starts up a business hoping that it will become something huge someday. Every day there are hundreds of new businesses being opened across the globe including Bangladesh but only a few make it to the top. An ideal business has a number of characteristics that makes it successful in the long run. Here are nine such characteristics:
1. It does not require a big start up investment on machineries and equipment to make business work. Nevertheless, it tightens up the capital. Yes it is true that every business needs some initial investment. But in this modern era, the startup capital should not be very large.
2. An ideal business does not require 16 or 18 hours of work per day. Dedication and attention is important for any business to stand up properly. An ideal business gives plenty of time to the professionals attach to it to take rest and plan for the next day.
3. An ideal business requires no large number of employees. Having employees means hiring them, firing them and paying them. Having less but efficient employees saves up the time of managing them and dealing with them.
4. Ideal businesses are geographically flexible. It can be operated from anywhere in the world and can deal with from sitting any corner of the world. Having flexibility is one of the most vital features of an ideal business.
5. An ideal business can be operated along with a stable source of income. It takes a little while for any business to stand up properly. It will become a major risk to quit a stable job for it.
6. An ideal business has a very low utility cost. It does not need to have a lot of electricity, fuel, publicity, lawyers or anything else. Smooth operation is the key.
7. The business must manufacture or sell a product that has public demand. A little bit of research before starting the business can be very handy.
8. Manufacturing or selling something that always has demand regardless of its price is one of the key features of an ideal business. For example, people will always buy salt, soaps, shampoos or health products whether the price increases or not.
9. Ideal businesses are like wind-up toys. If it is wind up and left behind, it will still go on. This means that the business will still keep paying off even when it is not getting 100% attention.
The ideal business in Bangladesh is not rare. Many top companies in Bangladesh did not start big. They started small and grew afterwards. Companies like Pran Group, Akiz Group, Beximco Group are examples of ideal businesses those started small but eventually became big.
1. It does not require a big start up investment on machineries and equipment to make business work. Nevertheless, it tightens up the capital. Yes it is true that every business needs some initial investment. But in this modern era, the startup capital should not be very large.
2. An ideal business does not require 16 or 18 hours of work per day. Dedication and attention is important for any business to stand up properly. An ideal business gives plenty of time to the professionals attach to it to take rest and plan for the next day.
3. An ideal business requires no large number of employees. Having employees means hiring them, firing them and paying them. Having less but efficient employees saves up the time of managing them and dealing with them.
4. Ideal businesses are geographically flexible. It can be operated from anywhere in the world and can deal with from sitting any corner of the world. Having flexibility is one of the most vital features of an ideal business.
5. An ideal business can be operated along with a stable source of income. It takes a little while for any business to stand up properly. It will become a major risk to quit a stable job for it.
6. An ideal business has a very low utility cost. It does not need to have a lot of electricity, fuel, publicity, lawyers or anything else. Smooth operation is the key.
7. The business must manufacture or sell a product that has public demand. A little bit of research before starting the business can be very handy.
8. Manufacturing or selling something that always has demand regardless of its price is one of the key features of an ideal business. For example, people will always buy salt, soaps, shampoos or health products whether the price increases or not.
9. Ideal businesses are like wind-up toys. If it is wind up and left behind, it will still go on. This means that the business will still keep paying off even when it is not getting 100% attention.
The ideal business in Bangladesh is not rare. Many top companies in Bangladesh did not start big. They started small and grew afterwards. Companies like Pran Group, Akiz Group, Beximco Group are examples of ideal businesses those started small but eventually became big.
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