Several factors influence the success of a new business. Key factors include:
Market Research: Understanding the market need and customer preferences can help tailor products or services effectively. Business Model: A robust and adaptable business model is crucial for sustained growth and profitability. Financial Management: Proper management of finances, including budgeting and forecasting, is vital. Innovation: Businesses that innovate tend to stay ahead of the competition and meet changing customer needs. Team Competence: Having a skilled and motivated team can drive the business towards its goals.