Supply and Necessity: All businesses are naturally the ‘suppliers’ in the equation. For your business to thrive, you need to pay attention to the demands of the people or potential buyers. If you have a product or service you are planning to sell, you will need the consumer’s will to pay the price for it. Your business will only work if people are willing to turn into customers. Competitiveness: In a free-market economy, there is no monopoly. This means that anybody with the means can open up a similar business like yours and can give you a good run for your money. Simply put, you will be constantly up against competitors. Only a competitive advantage can help you survive this rat race. Payback on Investment: Payback plays a pivotal role that could make or break a business. If you are investing in your business, you always have to look for the best ways to optimize the returns.
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