Invoice Bazaar Blog

Products, People, Investors, Revenues: What should be an entrepreneur’s order of priority?

By Invoice Bazaar | June 1, 2022

Various adages highlight what should be an entrepreneur’s top priority to ensure that the business venture achieves commendable success. A popular one goes: “Customer is king.” It means customers (read people) should be an entrepreneur’s top priority. However, another one attributed to Ralph Waldo Emerson says: “Build a better mousetrap, and the world will beat a path to your door.” In other words, if a business owner’s top priority is to make or offer a superior or better product than its competitors, then success is assured in the marketplace.

There is no doubt that without a quality product or service, a business enterprise may find it difficult to succeed. But its corollary doesn’t always hold because a great product may not always bring in the expected sales without aggressive marketing. So, for a great product to be successful in the marketplace, the people factor (employing result-oriented and highly proficient marketing executives) is equally essential and will have to be prioritized. 

Furthermore, if the competition heats up, the need to improve or upgrade the product might arise. The company may have to invest in research and development and even resort to innovations. Furthermore, even small companies have the potential to reach out to millions of consumers in the digital age and capture markets far and wide through e-commerce and online shopping sites. Here, the entrepreneur’s top priority would be to rope in a good investor who will finance the R&D facility, upgrade the production unit, and put in the money needed to design and launch the e-commerce portal and online shopping site.

In sectors such as publishing, teaching, healthcare services, and others where the quality of work or services or products entirely depends on the superiority of the workforce and their skills and proficiency, the employees (read people) have to be given top priority. In such situations, all the efforts should focus on hiring, training, and retaining the right talent or best human resources. Once a small business has launched the perfect product and developed the right marketing strategy, convincing the investors may become very easy. These are all general guidelines for business owners and aspiring entrepreneurs. As such, there are no rigid thumb rules to succeed as an entrepreneur and about which factor or element should be prioritized and in what order.

Sometimes, adhering to the guideline of successful mentor investors is all it will take to build a brand using their expertise in marketing. So, flexibility, adaptability, and pragmatism are the keys to the success of any business enterprise. Hence, depending on the nature of the business enterprise, market scenario, competitor products, customer preferences, phase of growth of a product, and various such factors and other parameters, an entrepreneur’s order of prioritization may need to be tweaked or changed to meet the situational demands or to align with the market realities in a bid to ensure optimal results and best outcome.