Factors that each entrepreneur needs to consider to ensure the success of the business

 In my own humble opinion, the factors that each entrepreneur needs to consider to ensure the success of the business are the product or services, the target market and the location of the business. First, the product or service offered, this factor is very important because this is the basic foundation of the business. We have to know and identify the right product that the public will patronize, the right product should stay in the market in a long run. For example, selling ice cream in North pole may not be a good idea because of their cold weather. Second, the target market, making sure that we know who are our potential consumers is an important factor to consider because this will measure the profitability of the product. Lastly, the location, this is very important because you need to make sure that the business is situated within the target market. Location should be crowded and should be within the city’s business district.

Another factors that an entrepreneur needs to consider to ensure business success based on the report from The World Bank (2020 ) are starting a business and protecting minority investors. These factors for example in the Philippines, building a business is profitable because not only that it is a developing country but its DB score on starting a business increased from the last year’s score. Because it is a developing country, the cost to start a business is lower and the competition is not as tight as compared to the first-class countries across the globe. The Philippines is also a great venue for investments because it protects minority investors and evidently its DB score went up as provided by The World Bank in their 2020 ranking report. This could mean that your investment is not only protected but you as an investor as well.

On the other hand, the United States of America is also a great place for investment. In contrast to the Philippines, USA is a first-class country and its score on “Starting a business” also increased, this means that there are still a lot of business opportunities in the country even for a fact that there are multiple competitors in the industry. As an investor, the country with an increasing score on “Enforcing a contract” could be a right place for investments because you won’t have to worry about breach of contracts as USA has a positive score and credibility when it comes to enforcing a contract – this should guarantee you as an investor.

Reference:

The World Bank (2020). EASE OF DOING BUSINESS IN Philippines. https://archive.doingbusiness.org/en/data/exploreeconomies/philippines#DB_sb

The World Bank (2020). EASE OF DOING BUSINESS IN United States. https://archive.doingbusiness.org/en/data/exploreeconomies/united-states