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Many of us have long been planning to open our own business and work only for ourselves. However, among many business ideas, people are lost, afraid to invest their hard-earned…

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What a business potential consists of – 10 basic elements

In business, potential consists of many different elements. This is not to say that all the prospects of a newly opened (and not only) business are tied to one thing. But, nevertheless, there are elements with a more strategic and more significant significance for the development of the business and the assessment of its prospects in the future. The potential of a business, although it may contain hundreds of different business moments, basically lies, in my subjective opinion, in 10 basic elements. Today I want to talk about them.

business potential
Key elements of business potential

The main components of business potential
The main components of a business’s potential are what business depends on the most. As I understand it, and so I am talking about it, at least. It is these 10 business elements that carry a significant part of the business potential. Let’s look at them.

1. Business idea
A business idea is the main source of small business, from there it all starts in every business. And, of course, that its potential largely determines the potential of the business as a whole.

2. Business plan
A business plan, as a component of business potential, must be considered from the perspective of the practical application of a business idea, that is, as an instruction for the practical use of abstractness in the form of a business idea.

3. Entrepreneur
A successful entrepreneur is in itself a very important source of potential for his business. And the potential lies in his ability to be steady and decisive – I spoke about this in this article. Of course, not only this, many other qualities are also required, but read about it in another article. Be that as it may, the entrepreneur himself is probably the most important moment in the business potential of his own business.

4. Product
The main thing here is not the quality of the product itself, as such, but what kind of problem or need for the audience it solves (and whether it solves at all). It is clear that the greater the need, he solves, the greater the business potential.

5. Stocks
I wrote an article on how stocks can adversely affect the performance of your business. But this does not mean that they should not be, of course. Inventories, in a sense, are the guarantee of stable sales. So find a balance. This will affect the potential of the business as a whole, believe me.

6. Cash
You don’t even have to write anything, right? 🙂 More money, more potential. All clear. I just want to say that this is by no means a guarantee of success. Yes, the potential is higher with money, but still does not mean that business success is guaranteed with money. Not at all, I’m sure no one has yet canceled the competent treatment of them.

7. Marketing
Marketing is the most important component of a business, I don’t get tired it says. And, if you can competently conduct it, then fresh energy in your business will flow constantly. Fresh energy is new customers, of course, sorry for the poetry :-).

8. Sales
In business, you need to sell, and not wait for someone to buy something from you. I think so :-). Therefore, your sales team (or seller) is a very important link in your business. Do not skimp on teaching him. Business potential will increase at times, that’s for sure.

9. Prices
The prices of your products should be determined in such a way as to recoup your business and make a profit. If this is not so, then there is no business potential. Therefore, it is worth considering not how to sell cheaper than a competitor, but how to sell more expensive.

10. Location
Of course, it is not so relevant for all businesses, but for some it is so important that it could not be omitted from the list. The point, I think, is understandable, no explanation is required. 🙂

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