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A business succeeds when it is able to achieve its objectives, satisfy customers, earn sustainable profits and adapt to changes in the business environment. Success does not depend on a single factor; rather, it is the result of several interconnected factors. The major factors determining business success can be briefly enumerated as follows. 1. Clear business idea and objectives: A successful enterprise begins with a viable business idea and clearly defined objectives. The entrepreneur must identify a genuine need or problem and develop products or services that can effectively meet that need. 2. Market demand: Understanding customer needs, preferences and ______ __________ ____ __________ ________ ______ _________.
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