Some People Think That Money Is The Only Measure Of The Success Of A Business | Band 7.5 IELTS Essay Sample
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?
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Band 7.5 IELTS essay sample
Everyone wants to become successful in life and business. Nowadays, many people believe that money is the only parameter to measure success in business. I strongly disagree with this view and believe that the revenue generated cannot be the only indicator of the success of an industry or organization. There are multiple other factors which must be taken into consideration while analyzing the success of an industry. In this essay, I shall explain why money cannot be the only criterion of success and also mention some other indicators of success.
Money is crucial for running a business and it plays a major role in improving the viability of a business. However, money alone cannot create a strong foundation for a business. The reputation of an industry or an organization among its consumers is more important than the profit. Profit may be the number one concern of short term businesses but for a business that is supposed to last years or decades, goodwill is more important.
For example, 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 making companies. That is because Flipkart has a large customer base and also it is a name that customers trust. In other words, the net profit is not a measure of the market value or potential of a business. By contrast, factors such as a strong customer base, good reputation, quality products and loyal employees and customers are better indicators of the success of a company. For example, many companies price their products aggressively for grabbing large market share. Despite suffering loss, these companies have loyal customers and a high global rating.
To conclude, profit cannot be the single deciding factor of the success of an organization. There are a plethora of other factors for judging the success of a business and they include the customer base and reputation of the company.
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