A successful business starts with a strong “Why”: a reason for being. A “why” alone is not enough. It must connect to the consumer in a direct and resonant way. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay One of the most important things a company should emphasize on is the importance of the product or service being able to fulfill the job that consumers hire it for. The second point to note is to avoid the pain that consumers normally suffer from that work and also capture the benefits for the consumer. Below are some tips that might come in handy when starting a business: Customer Segmentation: Based sociographically, demographically, or geographically, we could look at defining attributes such as common culture or common behaviors within the population . This type of classification based on relevant differences helps to achieve sustainable profits. Channels through which the product or service reaches the consumer: it is quite important to have a rough idea of ​​distribution and sales during the initial stages of the business and decide on the type of sales force to use Consumer relations: the creation, maintenance and growing consumer relationships can be anything from after-sales support to marketing and direct sales. It's about how the relationship is nurtured. Revenue Streams: If we can build 1, 2 and 3, we can combine them to generate sales which in business terms is called revenue. Key resources: include physical raw materials, intellectual resources such as patents, property rights etc. and financial resources (money through sales) that will fund physical and intellectual resource requirements. Key Activities: Key activities for any company would include maximizing its network and investing in research and development to keep improvising the product. Key Partners: In addition to the partnership with which the company should form, so that revenues and marketing improve, partnership with government regulations is also an important consideration. Cost Structure: Key activities, key partners and key resources determine the cost structure. For product-based companies, research and development is the main asset invested in while, for service-based companies, employee payroll is the main investment. For everything a company controls internally, there is a swirling mass of external forces that it cannot control, but must be aware of, anticipate, mitigate and capitalize on! We will use two main tools to identify and analyze this external environment: Porter's 5 forces and PEST. This analysis is what we call “Horizon Scanning.” Horizon scanning helps us visualize exactly where our business is heading. So horizon scanning considers the political, economic, social and technological aspects of the business along with competitors; whether they are small or large scale, whether they are friendly or hostile, etc. Michael Porter developed a model in 1979, and companies still use it to evaluate an industry, to come up with goals and strategies to take advantage of key factors and trends – what Porter calls “forces.” Name four main forces that act as inputs: Buyer power: Looks at factors such as the number of buyers, whether buyers are price sensitive, and how concentrated their purchasing power is. Supplier Power: This concerns the amount of leverage a supplier has in the industry. This force deals with questions such as: how unique is the good or.