Financial investment technique will show us to be knowledgeable about the industry. Before investing your money in a specific business, know the nitty-gritty of the industry.
Do you really want to place the money in this specific business? Think twice before investing your money. That particular money is from your active income. It was earned by hard-work.
In business, we need to know the movement of a customer and competitors. They are the main players in this game. Think like a customer. Will I patronize this particular service or product? Is there any brand better than this?
The law of demand and supply will enter into the scenario. It would be tough to enter into an industry wherein demand is normal but supply is overflowing. That business will have tight competition.
Enter into an industry wherein demand is high while supply is low. There is a high probability that you will succeed in this particular business because the competition is low.
If that is the case, ponder the quality to capture a huge amount of the market. Never sacrifice quality for quantity. A loyal customer means repeat business. Unhappy client will not come back to you and referral is low.
Think about your own experience. A delighted customer will patronize the product or service and the probability of referral is very high. The customer is the main source of income from a business. Take good care of them. Provide a product or service that over delivers the expectation.
Think and move ahead against your main competitor to capture a huge amount of the market. Provide a unique service or product that the customer will love. Keep learning about the industry. Open your eyes to new opportunities.
We already knew the customer and competitor but we need to take consideration about our passion. You love music since childhood, are you interested in entering a floral bushiness? If you will be forced to do something that you do not love, there is a high probability of failure.
Passion is the fuel in what we are going to venture. Love will be present and that is important. Without any love and passion for the business, the quality is sacrificed. You are just going to manage the business for the sake of running it.
This financial investment technique shows us that quality is important. It is better to have quality and quantity at the same time. We can have quantity if quality is very good. Especially, put love and passion to work for sustainability.
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