Many entrepreneurs set out for business with the aim of succeeding and making an impact. This often do not happen as many businesses fail even within the first year of set up. There are some basic requirements and components which business owners forget to put in place before starting up their own business. These requirements are the basic factors and are the determinant of how successful a business venture is likely to be.  The stronger the initiation of these factors are, the more likely the assurance of the success of the venture.
The requirements for business include:

PROBLEMS: a real business needs a problem it’s going to be providing a solution to. A need it’s going to be solving and a way it’s going to bring value to intended customer’s lives. If you run a business people can do without, you are likely to fail. Discovering a need, making a more suitable option available for people is a good approach to getting money out of their pockets. This mostly comes with experience, researches and familiarity with a sector you are establishing in. Many people sit back and think of ideas, innovations, this will likely get you excited and think you are ready for business but in the real sense, solving a need or problem is what is going to earn you money.
EXPERIENCE: no matter how good your ideas and innovations are, if you do not have the right experience in a field of work and you have never worked practically by the strategies needed in the business, you are most likely to fail. Having the right skills, the right experience and being fully acquainted with how to do it right is the only guarantee to success for a business.

RESOURCES: money is power when a business is involved. The only way to make your business process achievable, acquire necessary equipment and get your business running easily is by having the necessary resources needed to put your business in shape. Resources are not limited to funds in the real sense. Knowing the easy ways to do things, the right means of doing them and even the free ways of getting them done are parts of the useful resources needed to make a venture a success.

CLIENTS: the need for customers cannot be over emphasised, they are the back bone of the business. It is quite impossible to see a business flourish if they don’t have the right customers to patronise them. Selling your business and selling right is the best way to keep your business alive.
For a business to succeed, these four requirements must be in place.