Some people think that the only way to judge someone’s success in business is by the amount of money they make. Is this a true indicator of the success of a business and in what other ways could success in a business be measured?

Everyone wants to become successful in life and

business

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. Nowadays, many people believe that money is the only parameter to measure

success

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in

business

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. I strongly disagree with

this

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view and believe that the revenue generated cannot be the only indicator of the

success

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of an industry or organization. There are multiple other factors which must be taken into consideration while

analyzing

consider in detail and subject to an analysis in order to discover essential features or meaning

analysing

the

success

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of an industry. In

this

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essay, I shall explain why money cannot be the only criterion of

success

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and

also

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mention some other indicators of

success

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. Money is crucial for running a

business

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and it plays a major role in improving the viability of a

business

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.

However

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, money alone cannot create a strong foundation for a

business

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. The reputation of an industry or an organization among its consumers is more important than the

profit

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.

Profit

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may be the number one concern of short term

businesses but

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businesses, but

for a

business

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that is

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supposed to

last

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years or decades, goodwill is more important.

For example

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, the valuation of the e-commerce website Flipkart, which was one of the highest loss making organizations in the previous financial year is more than that of many

profit

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making companies.

That is

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because Flipkart has a large customer base and

also

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it is a name that customers trust.

In other words

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, the net

profit

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is not a measure of the market value or potential of a

business

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.

By contrast

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, factors

such

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as a strong customer base, good reputation, quality products and loyal employees and customers are better indicators of the

success

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of a company.

For example

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, many companies price their products aggressively for grabbing

large market share

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a large market share

. Despite

suffering loss

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suffering, loss

, these companies have loyal customers and a high global rating. To conclude,

profit

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cannot be the single deciding factor of the

success

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of an organization. There

are

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is

a plethora of other factors for judging the

success

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of a

business

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and they include the customer base and reputation of the company.