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Dr Saarthak Bakshi

The author is CEO, International Fertility Centre

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Challenges To Business Success In The 21st Century

Challenges are inevitable in businesses but these factors must be met effectively in the business markets of the 21st century.

Talking about the 21st centuries business markets, they have become extremely tough when it comes down to its sustenance and growth. The business the scenario has actually experienced a rollercoaster ride with the changing trends and business sizes, setups and structures. This is because of nothing but advancing technologies, legal fluctuations, cut-throat competition and changes in the regulations of political and economic systems. 

In previous years, the business situations were way different as the people were not involved in evolving at such a fast pace. The businesses were way streamlined and less complication in comparison to what it has become today. 

1. Business Evolution

The domino effect of all the triggering factors has eventually resulted in stirring the business situations in today’s times. For a business to be successful, the business must have the proficiency to revolutionize and reform to perform and bring all the proposed strategies into their effectiveness and success. However, in the times that we exist, it is necessary to ensure that businesses and their foundations also evolve from time to time with the changes in the external environment. 

2. Lack of Proper Knowledge

The forthcoming businesses are going to differ from the old-fashioned ones as the fresher industries basing the business on the level of understanding and knowledge of the field of the business. This shall lead to the eventual growth of the business in its true sense and shall also benefit it in multitudinous ways. It is important for the business to invest in human assets who are proficient, skilled and highly knowledgeable. Whereas this never happened in the traditional businesses which have made them face several backlashes and that’s why the newer businesses are defeating them. 

3. Rapidly Changing Technology

The technology has been advancing too rapidly in the past few years with the introduction of Artificial Intelligence, Internet of Things, Cloud Networking and now Robotics. This becomes imperative that the business delivers the best to their clients for them to retain and be loyal to the business with the maximum sales and service turnover. Thus, it is key for any business to be keeping advancing with changing technologies and match with the other businesses that are in their realm. The technology involved in the business has a direct relation to its growth and success in the longer duration. 

4. Positive Attitude

A businessman with a negative attitude definitely fails even before entering into the existing businesses markets of the 21st century. There is no doubt that businesses are actually associated with a lot of risks and contingency but it is important to understand that one should have confidence in his or her ideas and skills with a positive attitude. A negative attitude only leads to failure because the entrepreneur has already been miscarried in his mind and it is one of the greatest hurdles in the success of the business. 

Challenges are inevitable in businesses but these factors must be met effectively in the business markets of the 21st century.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house


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