بان حميد فرحان I never thought about these things while planning for business. For my own consultancy firm Buzdar Insights, experience of working in strategy department, making & evaluating many business proposals for doing a business I believe one must think about the following things.
1- Requirement of the product/services ( No point of putting effort, if there is no market for the product)
2-Existing Market Situation ( No point to work , if Market is already saturated)
3-Funding
4-Future prospects of the business
5-As an owner, I suggest everyone to do own SWOT analysis ( More available in my Book " Writing a Perfect Business Plan".
I am working on one Book, "Writing the perfect Business Plan", I will upload it under below project.
I think both things need to be achieved, because when you become famous "you are thanks to money and gain become famous" one complementary to the other
Honestly, most people are looking for profits and how to find ways of making money which is the first priority in making a successful business. The second priority which is achieved in a profitable business is when you become famous.
If I plan to do business in my fields of interest, then I shall not strive for money or fame. In fact, I have never ever sought money or fame in my life.
My prime aim, in my life, is to please my God. Pleasing God means, to me, serving my community, my country, and humanity in an honest manner.
If I am planning to do a business, I will not aim to earn money or fame, instead I will try to achieve customer delight. If you achieve customer delight then everything falls in place.
Thank you very much respected Dr. بان حميد فرحان, for your question. In fact, it is very important.
The most important thing, in my opinion, to work on building TRUST. Trust means "Building consumer confidence in your products", after this stage which can take 1 year or twenty years, we can move to think in profits and fame.
I think you mean reputation of brand as fame. I want to believe that having a strong reputation of your business brand makes the business to be well known, then money will definitely follow the business. The business is bound to be profitable once the fame is already there
I think that we should adopt a middle of the road approach because both money and fame are quintessentially important to the well being and development of a given company.
I am not business minded person, but with ethical mindset, adequate money will be expected, as, one will start business to have comfortable life! Fame not for me, as I wanted to prefer, to remain isolated.
Neither money nor fame is the correct answer. I would think more of the impact the product will make on the society. I will ask questions like (1) how is my product superior compared to what is out there, (2) is there any possibility that it can cause any harm, (3) have I considered all ethical and legal implications, and so on. Certainly you want to make money and become famous but those should not be priorities at the start of a business.
Very interesting question, actually, it is depend where you are working. If you are doing your own business than you need both money and fame and when you are working 7 to 9 job than you need only money. This is my opinion may be I am wrong.