Prime Minister Kamla Persad-Bissessar yesterday revealed she had no idea from where thousands of gifts donated to children through her toy distribution drive came. Persad-Bissessar has spent much o
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No shortcuts on the road to success
Are there any quick ways to succeed in business without spending a huge amount of money on marketing?
Geraldo Kandonga Fillipus, Geraldo Financial Solutions, Namibia
Unfortunately there’s no shortcut or magic recipe to success. If there is, I haven’t found it yet. Creating a successful and profitable business takes time, since you build your reputation as customers learn to trust and rely on you, one by one.
Also, there’s no guarantee that spending a huge amount of money on marketing will slingshot your business forward. If you spend your time looking for shortcuts, you will find one—right out of business.
While there are no set rules for succeeding in business, over my 40 years as an entrepreneur, I have embraced some rough guidelines that can be very helpful:
1. Create a useful product or service
Above all else, you should not go into business purely for financial reasons. Running a company involves long hours and hard decisions; if you don’t have a better reason than money to keep going, your business will more than likely fail, as many new businesses do.
So it’s important to create something of use that is going to benefit society as a whole. If you do something you truly care about, you will be in a much better position to find customers, connect with them, and keep them coming back.
Once you have decided on the type of product or service that interests you, focus on how to do things differently from the competition: Do your research, find a gap or an area ripe for innovation, and position your business in a way that sets it apart.