linat1312
Dec 8, 2022
Writing Feedback / Is money a true indicator of the success of a business? [3]
Success can be defined in various ways. Some people suppose that money is the only yardstick for labeling a business as successful. I agree with this viewpoint to a certain extent; however, I believe there are many other criteria to be considered when evaluating an organization's prosperity.
On the one hand, the revenue a company can generate is the most noticeable sign of its success. The majority of people tend to be under the assumption that the most flourishing companies are the most lucrative ones. In other words, the ultimate objective of almost every enterprise is to maximize profits, which implies that financial gain is the benchmark for determining whether a business is thriving or not. Take Apple, Microsoft, or Amazon as an example. They are included on the list of the world's most successful global brands, as measured by the amount of money they earn. In addition, companies, especially start-ups, can not reap success if they fail to make profits. Large corporations typically offer capital injection for new firms based on their financial outcomes. As a result, a start-up without revenue growth may not receive financial support and eventually struggle to survive in the competition.
On the other hand, I contend that besides financial metrics, customer satisfaction and societal contributions are also vital parameters to gauge a firm's triumph. The company's ability to provide goods and services that meet the demand of every purchaser will create an extensive client base, together with brand loyalty. This ensures enterprises' long-term success and consolidates their position in the market. According to billionaire Richard Branson - the founder and chairman of the Virgin Group, true success should be measured by the customers' level of happiness so that the achievements would be long-lasting and valuable. Moreover, numerous non-profit organizations focus on eradicating global issues such as poverty, pollution or healthcare problems to improve the community. Their success is judged by the positive impacts they have on the individuals and society as a whole, rather than their earnings.
In conclusion, although money is an important criterion to mark the success of a business, consumer fulfillment and beneficial influences on society are also the deciding factors.
Is money a true indicator of the success of a business?
Success can be defined in various ways. Some people suppose that money is the only yardstick for labeling a business as successful. I agree with this viewpoint to a certain extent; however, I believe there are many other criteria to be considered when evaluating an organization's prosperity.
On the one hand, the revenue a company can generate is the most noticeable sign of its success. The majority of people tend to be under the assumption that the most flourishing companies are the most lucrative ones. In other words, the ultimate objective of almost every enterprise is to maximize profits, which implies that financial gain is the benchmark for determining whether a business is thriving or not. Take Apple, Microsoft, or Amazon as an example. They are included on the list of the world's most successful global brands, as measured by the amount of money they earn. In addition, companies, especially start-ups, can not reap success if they fail to make profits. Large corporations typically offer capital injection for new firms based on their financial outcomes. As a result, a start-up without revenue growth may not receive financial support and eventually struggle to survive in the competition.
On the other hand, I contend that besides financial metrics, customer satisfaction and societal contributions are also vital parameters to gauge a firm's triumph. The company's ability to provide goods and services that meet the demand of every purchaser will create an extensive client base, together with brand loyalty. This ensures enterprises' long-term success and consolidates their position in the market. According to billionaire Richard Branson - the founder and chairman of the Virgin Group, true success should be measured by the customers' level of happiness so that the achievements would be long-lasting and valuable. Moreover, numerous non-profit organizations focus on eradicating global issues such as poverty, pollution or healthcare problems to improve the community. Their success is judged by the positive impacts they have on the individuals and society as a whole, rather than their earnings.
In conclusion, although money is an important criterion to mark the success of a business, consumer fulfillment and beneficial influences on society are also the deciding factors.