If you are like me and always interested in what makes successful companies tick then it will be not much of a surprise at what makes Alibaba, Amazon, and Walmart so successful.
So, let’s take a closer look at these companies. See if you can guess, What do they all have in common ?
The Alibaba group began in 1999 when Jack Ma founded the website Alibaba.com, a business-to-business portal to connect Chinese manufacturers with overseas buyers.
Jeff Bezos incorporated the company (as Cadabra) on July 5, 1994 and the site went online as Amazon.com in 1995. Bezos changed the name cadabra.com to amazon.com because it sounded too much like cadaver. Additionally, a name beginning with “A” was preferential due to the probability it would occur at the top of any list that was alphabetized.
Amazon has separate retail websites for United States, United Kingdom, France, Canada, Germany, Italy, Spain, Australia, Brazil, Japan, China, India and Mexico, with sites for Sri Lanka and South East Asian countries coming soon.
Wal-Mart Stores, Inc., branded as Walmart /ˈwɒlmɑrt/, is an American multinational retail corporation that operates chains of large discount department stores and warehouse stores. Headquartered in Bentonville, Arkansas, the company was founded by Sam Walton in 1962 and incorporated on October 31, 1969.
It has over 11,000 stores in 27 countries, under a total 55 different banners. The company operates under the Walmart name in the US and Puerto Rico. It operates in Mexico as Walmart de México y Centro américa, in the United Kingdom as Asda, in Japan as Seiyu, and in India as Best Price. It has wholly owned operations in Argentina, Brazil, and Canada.
All these companies and many like them started with an idea but first they asked themselves the most important question that makes any business successful and that is:
- How can I solve a problem ?
- What is it that remedies people’s needs.
- How can I make it easier and more accessible for people to shop and get what they need more efficiently and at a better price.
- What do consumers need ?
- What product (s) are consumers looking for ?
- How can I get a product to them ?
- Is there a market for my product or service ?
These are just some of the questions that all successful businesses go through when brain storming about an idea.
What does this mean for you or anyone trying to start a business whether it is a Brick and Mortar Business or an Work From Home Business either way these are questions you need to know the answer to before launching an endeavor.
In other words if you do not do this market research you could find yourself closing shop and heavily in debt. You must have a market of consumers willing to pay for what you have to offer.
There are many resources that can help you narrow your search and provide some insight into whether your idea or product is viable in this current market.
You can do a search on Google, Google Trends, and Google Keyword Tool.
Why Google ? You might ask.
The answer is simple, Google owns approximately 67% of the market online as being the largest search engine with the most information available at your finger tips.
So, The question was…What do these companies have in common ?
They all started with an idea and asked themselves the critical questions mentioned above and found a niche or market that needed a service or product and they provided it in an efficient and cost effective way to the consumers.
As a result, look at them today. They are the largest in their industry. But, one thing you must understand clearly is that they didn’t achieve their success over night but the payoff can not be described into words.
The same goes for any business trying to start out and as long as you have a Dream, A Goal and Take Action your success can also be achieved as well.