Purchasing Power A Key Factor To Succeed In The Business World- Jignesh Barasara A number of start-ups are setup all over the globe. Out of these a few grow into big enterprises and rule the business world for years. Some fizzle out within an exceptionally short span of time. Others survive for a few years and then fall short somewhere and then go bust. Then what can be the reasons for such success stories and failures Jignesh Barasara wished to know. Actually you cannot attribute a single reason for all the failures and successes. Each of the start-ups is a brainchild of some brilliant person. All the ideas will be good. However, these should be implemented in a proper way to taste success is what he is told by some experts in business.
Further he gets to know that many factors need to be considered and key factor is the purchasing power of any community. What is this purchasing power then? In some towns and cities the shopping culture is extraordinarily great. Here the purchasing power is high. So you need to know your target audience and then approach them for the sale of your products and/or services. This purchasing power of the community or audience plays an important role in the success and failure of
the businesses. Only when the purchasing power is high there will be a market for different products. The chances are high that they will be taken up and the demand for more will be created soon. You will be able to create a niche market for yourself in no time if you approach it in this way. Consideration of the purchasing power of any product is as much necessary as any other factors. To cite an example opening a non vegetarian restaurant in a temple town where most of them are vegetarian is a sure-fire for a failure at the first go. There will be no takers however lip smacking and delicious your dishes. The foremost reason is there is almost no demand for such dishes at this place. You would do well in an area where such kind of food is appreciated. This analogue goes for any other products. If you are not able to create a market for the products then the downfall is certain. Hence it is really imperative to consider the purchasing power of the community to set up any start-up. Then considering other factors it will be possible to tread the success path.