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BW Businessworld

Evolution of Business Markets With Entrepreneurs

the business should also invest in human resources that keep generating newer and fresher ideas for its growth and augmentation.

Photo Credit : ShutterStock

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The business markets have always been extremely dynamic and evolving with the changes in the likes and dislikes, changes in business development, the introduction of new fashions, fluctuating perceptions, political instability and upgrading technologies. Several factors like these contribute in the fruition and progress of the business with greater and newer opportunities for the budding entrepreneurs. 

The success of any business is not restricted to it making or earning profits but it is beyond that. For entrepreneurs, it is actualizing and realizing their dream, idea or passion. The pro-active business markets and the environment counter innumerable challenges in this road which acts as block ways. But, it is very essential that the businesses stay true to their goals and objectives. 

There is a lot that the business market experiences and encounters. The traditional way in which our forefathers were involved has seen a drastic change and jump. Thus, it is right to say that the business markets are being constantly monitored for its progress, growing and advancement. 

Presence of the Business in the Market

The foremost step involves bringing the business into existing with the business being recognized in the market for its manufacturing, sales, services or after-sales services. In this stage, many such businesses never gain adequate buyer reception or loyalty as the product competence takes time to get accepted and win the hearts of the consumers with its effectiveness and viability. 

Subsistence & Persistence

By this stage, the business has established that it is a feasible and effective business unit that serves to gratify its customers, suppliers and dealers with its efficacy. The products or services to keep them has developed a good market standing and even has a good corporate image amongst its competitors. But there are several challenges like finances etc that hold the business back. Later on in this stage, the initiative may grow in scope and cost-effectiveness move on towards success and new heights. 

Attainment & Resource Maturity

During this stage, for new horizons it is essential for the business to not be satisfied with its current position and keep investing in newer ventures to multiply its assets. The business must also opportune newer business propositions to ensure that the business grows manifolds. 

Keeping up with these stages, it is very essential that the business stays cost-effective and keeps generating regular revenue to keep up with the growing needs of the business. Adding to this, the business should also invest in human resources that keep generating newer and fresher ideas for its growth and augmentation.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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entrepreneurship

Dr Saarthak Bakshi

The author is CEO, International Fertility Centre

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