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Old February 18th, 2012, 12:31 AM   #1
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Default Most Important Part of Business

Been having a little debate with a friend of mine, who is also a business student, about what the most important element of business is. I would like to get others opionions on how they feel about the subject. I thought this would be a good place to ask since there are a lot of people, that hold many different kinds of jobs.

I said Innovation. I say innovation because if you have a unique product that is not on the market, and theirs a demand for, it will sell.

My friend said customers. The reason he picked customers is becuase "you can only feed shit to a retard for so long".

And his father said employees.

What is your take?
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Old February 18th, 2012, 12:44 AM   #2
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Representation will make or break any business.
If you lood bad and do bad you will fail.
If you present success you will be successful
To me it's like the old tip jar. When the shift starts if you put a dolor of your own in the jar you will end up with more at the end of the day. Than if you start with it empty.
Present success and success will come to you. (if done properly)
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Old February 18th, 2012, 12:47 AM   #3
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So if i was selling a box of shit and came up to you in a suit and tie, showed you how this box of shit could impact your life in an increased way, you would buy it?
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Old February 18th, 2012, 12:55 AM   #4
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As far as your education is concerned, the most important part of Business is at least two paid internships with different employers preferably with different roles.

As for the business, the most valuable area I feel is your ability to be a leader. By that I mean, whether you are at the top or the bottom of a business hierarchy, your ability to provide for your customers, employees, investors, bottom line, future... is the most valuable asset you can have.

I personally place my customers as the number 1 top priority. Without my customers the business fails to exist. Part of providing the best customer service is to fulfill the needs of my employees, with out them, I cannot provide the best customer service or grow the business. In a leadership role it is vital to ensure that you are representing and providing for your subordinates and that you fulfill the needs and requirements of your superiors.

Protecting a companies financial interests is also of utmost importance. There are times when providing "superior" customer service is not fiscally responsible. For example, say I have a customer operating a leased truck. That truck is on a 15k mile service interval. The service time comes and go's and the customer refuses to shut down the unit. At 7k miles past due the truck goes down on the road with a major mechanical failure. Now, from a customer service stand point, I would want to provide the customer with a free sub unit, have that unit towed to the location of the break down, swap the unit, and tow the broke down back for repairs. (Doesnt seem to make a whole lot of sense financially though, does it?)
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Old February 18th, 2012, 01:41 AM   #5
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Your friend got it about right.

Business is sales, if you can't do that everything else doesn't matter.
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Old February 18th, 2012, 01:46 AM   #6
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Innovation doesn't mean jack shit if you have a product there's zero demand for

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Old February 18th, 2012, 01:50 AM   #7
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I think customers are a very important factor. I just think that there will be no customers, if your product is not differentiated from the competitors, whether that be in price, quality, ect.
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Old February 18th, 2012, 01:53 AM   #8
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Employees i feel are most important. Having a good product does not matter if your employees are crap or unhappy since they will have dismal numbers as far as sales go.

My grandpa has bought and turned around many businesses and sometimes it required an over haul of the product but in every instance it required an overhaul in personnel morale and in extreme cases different personnel all together. He worked more in media and even when he bought a place with a sub par product it always seemed once the personnel was on board and happy (given some power to make decisions, being appreciated, and a feeling of being invested in the company) the product usually got amped up thanks to excellent ideas from employees who suddenly felt they had a reason to care about the company instead of just getting a paycheck.

Another thing many overlook is having a good CPA so your not throwing away thousands of dollars due to not understanding or knowing about all aspects of taxes when it comes to a business.
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Old February 18th, 2012, 02:01 AM   #9
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I think customers are a very important factor. I just think that there will be no customers, if your product is not differentiated from the competitors, whether that be in price, quality, ect.
That is all part of selling.

How can you convince a customer or investor that your product/service is better than the guy down the street who does the same thing? What makes you special?
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Old February 18th, 2012, 02:05 AM   #10
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I do agree employees play a vital role in the performance of a business. But i believe that if management doesn't design a decent product, then the employees will be fired anyway because theirs no demand for what you made.

So the product eventually got innovated, and became a product that everyone wanted?
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Old February 18th, 2012, 02:15 AM   #11
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Quote:
Originally Posted by XLJetsFan52 View Post
I do agree employees play a vital role in the performance of a business. But i believe that if management doesn't design a decent product, then the employees will be fired anyway because theirs no demand for what you made.

So the product eventually got innovated, and became a product that everyone wanted?
Honestly if you were to really break it down you would see that most of these ideas are equally as important because they need the other to be successful since neither is able to be successful on it's own.
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Old February 18th, 2012, 02:18 AM   #12
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Yea, i believe without innovation, employees, or customers, the company will fail. Im not really sure if innovation is the correct words, since not every innovation is successful. You hope it to be, but thats not the case.
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Old February 18th, 2012, 07:52 AM   #13
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1) a product or service that is needed
2) the ability to sell it/ bring it to market
3) customer service/ the ability to stand behind your product
4) the ability to sell your product or service at a profit

All of these are equally important. Without every one of them, your business will eventually fail.
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Old February 18th, 2012, 08:01 AM   #14
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Customer service
Make them feel like your treatling them like royalty.
Even if your screwing them over.

If I'm buying something and you offer up a discount or something extra, it make me feel like I'm getting a good deal, that you really care.
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Old February 18th, 2012, 08:09 AM   #15
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Profit, without it why do it.

After that is a good product then good employees.

If you have all that and good leadership skills you should be able to do well.

But this is the chicken vs the egg debate. Which came first.

I do agree with whiterhino also.
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Old February 18th, 2012, 08:33 AM   #16
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Where do you think the phrase "I have some swampland I would like to sell you" came from

I don't care if it's the space shuttle or plastic dog shit if you have a salesman that can sell it you will make millions
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Old February 18th, 2012, 08:33 AM   #17
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I didnt read all of these posts, but it isnt just one thing and it also depends on your business. It is a puzzle and each piece is just as important as the other. Most important is to work hard.
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Old February 18th, 2012, 08:37 AM   #18
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Quote:
Originally Posted by Mr.Green again View Post
I didnt read all of these posts, but it isnt just one thing and it also depends on your business. It is a puzzle and each piece is just as important as the other. Most important is to work smart.
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Old February 18th, 2012, 09:28 AM   #19
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Quote:
Originally Posted by whiterhino View Post
1) a product or service that is needed
2) the ability to sell it/ bring it to market
3) customer service/ the ability to stand behind your product
4) the ability to sell your product or service at a profit

All of these are equally important. Without every one of them, your business will eventually fail.
^ This.

Business management 101.
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Old February 18th, 2012, 11:30 AM   #20
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I didn't read all the posts, but I say it depends on the business. Generally I think customer service and a quality product are the most important. If you aren't the only game in town, and you treat the customer like shit, they will go somewhere else.
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