Some People Think That The Only Way To Judge Someone’s Success In Business Is By The Amount of Money They Make | 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
Many people strive hard to be successful in business. There are many indicators of a successful business. A business that reaps more profits is generally thought to be more successful, but in my opinion, money is not the only parameter of success.
Firstly, it must be agreed upon that making money is one of the primary motives behind starting any new business. Every individual wants to make a good deal of profits out of his investment. Also, a company’s annual profits are very important to pull in other investors into that business and thus achieve its expansion and growth. So, there is no question about money being one of the indicators of success. Having said that, money is not the only measure / indicator of success.
There are other important indicators of a successful business. First comes employee satisfaction. A business may make huge amounts of money but if its employees are unhappy, it is worthless. Also, employee unhappiness will eventually lead to the failure of a company. Secondly, earning name and fame is more important than making money. There are many businessmen who earn respect in the society irrespective of their business turnovers. This is because of the trust they have built over years. Last but not least, customer satisfaction is also an important measure of a successful business.
To conclude, even though profits are an important indicator of success, in my opinion, the reputation and goodwill that a company enjoys are equally if not more important. After all, only a business that earns the loyalty of its employees and customers can stay profitable in the long term.
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