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Factors That Favour Starting Up Lucrative Businesses - Startup Tips - West Entrepreneur Forum

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Factors That Favour Starting Up Lucrative Businesses by ikoiikenna: 08:40am On 10 Oct

I have revived number and number of calls, emails, and messages from people requesting to know the best lucrative business. It is actually disturbing for one searching for a perfect business to start for no one wants to invest without hope of a better return on investment on a short run. So I consider this question thus serious and important so have decided to share it with you “ factors that favor starting up a lucrative business”

Permit me to start by stating the fact that all business is lucrative and profit-yielding never the less there is no such thing as a perfect or most lucrative business, all business is lucrative and profit-yielding if not would be called a business.
Factors that favor starting up a lucrative business helps you consider the challenges of man and also helps you provide solutions to them. Every business is as a result of man's problem and the quest of a business idea man to solve those problems that have made way for earnings. So a business is lucrative if highly patronized, and a business is not patronized if they don't provide high solutions to man's problems.
In starting up a business one must consider the factors that favor starting up a lucrative business:

Read Also:Five Vital Steps To Take To Set Up Your New Business

LOCATION

PROXIMITY TO CUSTOMERS

HIGH POPULATION OF CUSTOMERS

AVAILABILITY OF RAW MATERIALS


This is the fact to consider prior starting up a business as they determine the lucrative of a business. Th geographical location, availability of raw materials, demand rate, and nearness to customers determines lucrativeness
Lucrative is either = high demand with low or equal supply or = high supply with low or no demand
In either way, the form factors are the determinants.

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