Student: hba 93. Jamolov J

Student: HBA 93. Jamolov J.

Some people think that the only way to have a success in business is to have a unique product. What are the advantages and disadvantages of this?

Although, it's believed by some people that having an idea with good products that stands out in the market is the way to succeed in the marketplace. Having unique product would certainly aid being successful and economic growth but there will also be some backwards.

Firstly, having a different product does have its advantages over others. It gives the business a first mover advantage in that field which is still untapped by the rest of the entrepreneurs. For example, Tesla was one of the pioneers when it entered the commercial production of electric cars. In addition, to this other person cannot replicate the product easily as the technological know-how is still not available. Due to this, an idea that is new to the market provides an edge over the competition.

Secondly, there are several factors that are more important that helps a trade to flourish. Particularly, having a hard working and efficient team is very crucial for a company. For instance, a good team can make an average idea work wonder's however the vice-versa is not true. Moreover, planning and supportive government policies can be a defining factor for an enterprise. As a result, other factors play an equally critical role in comparison with a unique product.

To conclude, there are multiple factors that influence any corporate growth which need's to be given equal weightage. Any trade cannot grow with only being dependent on a single factor. There are several parameters like government start up rules, quality of the team and business planning that helps in the expansion and profitability of an enterprise.