Thursday, June 10, 2021


 Every business when established rightly and with the fundamental economic principles can succeed and grow into a big enterprise with time. The reason why so many businesses fail is that they were not started rightly on the fundamentals of economics. Before you start that business you must first of all sincerely answer some very important questions which center on the satisfaction of human wants.

These questions are to be asked because starting a business is not just primarily about maximizing profit but solving the basic economic problems of society. Need I tell you that nobody patronizes a business that cannot satisfy his wants.

It is therefore important that one answers these questions that seek to find an answer to basic economic problems of the society if one's business must grow to become a big business in the future.

Questions to ask yourself before starting your business

  • What do I produce?

This is the foremost question one must ask oneself before starting a business. You must ask yourself what do I produce? Every person that intends to grow a successful business must first answer this very important bedrock question correctly. A mistake in answering this question may to a large extent limit the success of a business. To answer this question successfully, one must consider some very important factors which include but are not limited to consumer need, market demand, location,  availability of raw materials, and so on. It is very important that before producing, you plan on centering your production on basic human needs of food, shelter, and clothing. Research has shown that businesses that focus on basic human needs grow and flourish in a short while.

  • How do i produce

This is the second most important question a person that wants to grow a very successful business must answer correctly. This question is to be able to ascertain the right method for producing what you have decided to produce from the first question. Here you have to decide whether to employ capital-intensive methods or employ more manual laborers and this has a lot to do with the size of the business you wish to operate. A small capital business may not necessarily involve more capital-intensive techniques but just employ a few laborers to do the production. However, there is always room for improvement as the business grows daily.

  • For whom do i produce

This is the third most important question an intending producer of any product must ask himself or herself. Who are your target consumers? children, teens, adults,s or senior citizens? You must decide who you wish to serve your products. This is important as it helps you narrow carefully the tactics and methods to use in the production and distribution of your produced goods. 

Until you answer these questions correctly,I am sorry you have no business trying to run a business, as it may likely not be a successful business.

Remember success is an intentional act.