Get Smart!: How to Think and Act Like the Most Successful and Highest-Paid People in Every Field
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| Reasons for Business Success In business, according to Forbes magazine, the number one reason for failure is that there is no demand for the product or service. Whatever it is, the customers don’t want it or don’t want it at the price that the company has to charge to stay in business. In 2013, more than $8 billion was spent on market research in the United States alone. This money was aimed at finding out what customers really wanted before the product was produced and brought to market. But even with exhaustive research, 80 percent of new products eventually fail and have to betaken off the market. According to McKinsey & Company, a leading business consultancy, the major reason for business success is high sales. The major reason for business failure is low sales. All else is commentary. The primary reason for the poor decisions that lead to market failure is that the key people failed to ask the right questions or to get the necessary information before the product was produced and sold. Get the Facts Harold Geneen, who formed a conglomerate of more than 150 companies at ITT, said, The most important elements in business are facts. Get the real facts, not the obvious facts or assumed facts or hoped-for facts. Get the real facts. Facts don’t lie.” One of the most important words in business today is “validation.” Never assume. When you get a good idea, immediately take action to validate it, to gather proof that it is really as good as you think it is. Think on paper. Make a list of all the information you have about the product or service and all the information you will need to make the right decision. Talk to other people. Seek advice and input from others who have been in the same situation. Hire an expert. One person who specializes in a particular area can save you a fortune in lost time and money. Do a Google search. Putin the keywords associated with your question, problem, or idea, and see what pops up. Very often, this ground has already been thoroughly plowed by someone else. Solicit opinions. Ask everyone in your business who might have some knowledge about this subject to share his or her candid opinions and ideas. One thought or observation can change your perspective completely. Download 0.86 Mb. Share with your friends:
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