As what I see today, most of the business owners start with a small capital and hope to reinvest the profit they gain from the business, to further growth. The biggest challenge here in Maldives is the limited number of potential customers. The maximum number ends with four hundred thousand. Another biggest challenge is the geography. The Maldive islands are scattered into the Indian ocean, thus the traveling is a difficult process specially in the rough seasons. The total population is divided in to overall 20 atolls, with the majority numbers at the main city. Here I have covered the basics of the business location. Then the mistakes what people do as far as what I believe. I am not much into business but this is what I see today. Everyone is trying to establish good brands and highly invested outlets. The beautiful websites and colorful outlets are wasted most of the times, when the business fails to provide a good service and maintain the overall business. The starting of every businessman is fighting for a good location and investing on the location. Sometimes it takes ages to complete the location, while the fixed cost already started from the first day of construction. Is this really that important? Do we really need an outlet or can we have an online store? These are the biggest questions I feel like asking them. The land costs are so high and few can hold on to the prices, while most people fail in this process itself. The next part is getting good staffs and letting the business move. At this point the investor is about to cut down costs as half or more is already invested on developing the outlet or the office space. The next best option is to get the foreigners to work for a low pay. By doing this it may take some more time again, as the foreigners may take some time to learn the market. If the owners cannot hold on with the process, then the failure will welcome them in no time. The whole world is developing with the latest technologies and I believe it's the end of retailers too. Smart devices are incorporating online payment systems and connecting with the online store's. So why do we need to build those now. Just a warehouse and an online social page or webpage may be needed future. Here in our market the majority of people are using smart phones and mainly youth, which means this is the best time to start the online platform and leave the old ways of business practices. The success comes with risk. Hope you like my ideas here. Thank you for reading.
