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Successful businesses are the heart of a nation’s economy. Many factors lead to the success of a company. Understanding these factors will have a tremendous impact on how we view the success of a business. In my bid to understand what goes into making a business successful, I have compared and contrasted habits and practices between successful companies and unsuccessful companies. With extensive research conducted on the topic, I have established the methods and practices of making a business successful.
What Makes A Business Successful?
In a business, passion and determination are ultimately the pillars of success. If a company is eventually going to be successful, confidence is what will help it flourish. In the day to day running of a business, many unforeseen circumstances can disrupt the stability of a, and without determination, the moral of the business person may be affected (Kirkwood& Jodyanne 609). This may make him/her close down the entire business thus hindering success.
Before venturing in a business, it is essential that you choose a company whose operations you understand. This is very crucial and will save a lot of time and resources. Extensive research must be conducted on the chosen business idea so as to come up with an effective business plan. This research will also inform the business operator how to achieve success in the field. This ensures that any mistakes that could affect the stability of the business are recognized.
A solid strategy is also key to a business success. Strategy implements business planning and it is critical to plan out strategy by identifying what aspects of the business to focus on and also how to handle the competition. Such a strategy has been noted by business experts to lead to the future success of a business. In fact, the effectiveness of the strategy employed has been noted by business experts to de directly contrastable to the rate of success.
Money management is also key in the success of a business. Individuals who wish to start businesses must learn basic accounting or else they will mismanage their funds. Mastering finances can greatly improve the success of a business as any loses and expenditures will be balanced out (Kirkwood& Jodyanne 612). If proper accounting techniques are not applied, the results could be disastrous and may lead to bankruptcy. This goes to show how crucial money management is to the success of a business.
Factors to a Successful Business
The importance of a location to business is the cause of many arguments between business experts. However, a successful business has to put its location into consideration. The location arrived upon should be chosen after an assessment of various factors including the availability of customers, transport networks, security and the presence of competition. This factors are key to the success of a business and must be properly considered when starting up a business. In addition, the location of a business must be chosen in respect to the geographical area where its industry is based on. An example of this is the silicon valley where major tech firms are found in America, similar businesses being set up in one location enables the talents involved to move there creating a community around the business and in return nearly all business set up there will be successful.
The laws and regulations of the state or country the business is set up in must be carefully considered. If a business breaks the laws of the country it is set up in, then the success the business is compromised as the government could take up legal action against the company at any time. If a business however complies with the laws of the land, it becomes easier for the business to flourish and receive valuable services such as loans which may be instrumental in its success.
For a business to succeed, it must maintain an advantage over its competition. Competition has the capability of even closing down an entire business so identifying it and competing effectively could be the difference between success and failure (Kirkwood& Jodyanne 607). One has to be very cautious when going against his competition as there are laws in place to regulate competition and avoid certain actions may be deemed as criminal activities.
In the growth of a business, it is essential to partner with good experienced investors. Investors help in funding the expansion of a business and also dealing with unforeseen circumstances. Funding provided by the investor if used wisely can grow a business to unprecedented heights. An investor acts as a form of insurance helping the business owner in case of certain circumstances that may crumble the business especially if the business is not insured.
It is also highly important for a business owner to store up large reserves of money so as to better endure any mistakes that may happen in the future. Insurance can at times be unreliable and fail to cover certain mistakes this is why stored away money can be very reliable to a business. Lack of such a method of insurance can make the business succumb to an unprecedented circumstance.
Impacts of Education on a Business
Good education, especially in business management may greatly impact the success of a business. A business owner with such valuable experience knows the ins and outs of managing a business. Proper business management eventually causes a business to succeed (Scarborough & Norman 35). It is crucial for a good business to have an educated and capable staff. If a business owner does not have the right education required to run a business, to avoid any loses or entire failure of the business, it is crucial for the business owner to higher well educated staff so as to ensure effective running of the business.
A good business education not only teaches a person how to run a business but also how to interact with effectively with customers. Acquiring and maintain a loyal customer base is very important to the success of a business as customers directly affect the growth of a business. In order to effectively communicate with customers, etiquette is key (Kirkwood& Jodyanne 603). Customers must be treated in a very welcoming and appreciative manner even when they do not purchase anything. A basic education in sales will help the business administrator to understand the mentality of buyers thus know how to make sales effectively and how to arrange the business.
Business administration is also a good study course to help a business succeed. It also prepares the business administrator for success as he/she is already equipped with the tools required to run an expanding business. Without such education, running of multiple businesses is impossible unless an experienced employee is trusted with that role.
A good business education not only teaches one how to run an effective business, but also the psychological elements that help a business grow. Tasks as simple as arrangement of goods can help a business make more profit. There are various factors that ultimately affect the satisfaction of a customer and although some are physical, some are purely psychological (Scarborough & Norman 21). A good business education helps the business administrator determine the psychological factors that influence customer behavior and implement them to his/her business effectively.
Good education will not only prepare an individual for success, but also for failure. Most businesses fail before they eventually succeed and sometimes failure can lead to success. This is why a good businessman must never give up and must remain focused despite the challenge at hand. This determination is key in succeeding in a business venture and sets the difference between a good business and a poor business.
Mistakes That Prevent the Success of a Business
There are very many factors that could prevent the success of a business, understanding and avoiding them will help in a business’s quest to succeed. Failing to acquire investors can prevent the success of a business. Most people are not willing to give up a percentage of their business to investors (Scarborough & Norman 15). This fear is misplaced as businessmen and women are scared of losing control of the business. An investor will not be involved in a business unless both parties have reached an agreement. The funding provided by investors, when effectively used in crucial aspects of the business can lead to great success and also provide an edge against competition.
Running a big business can be a very tiresome task and finding qualified stuff can lead to success. It is also important to have adequate stuff so that the business can run efficiently. Most businesses who hold back on the number of employees lead to less customer satisfaction and this decreases the probability of the business succeeding. Employees must be assigned carefully and given a workload that will not affect their productivity. In addition, employees with no experience must be subject to training so as to improve their productivity.
Poor business management negatively affects the success of a business and can lead to the closure of the entire business. If the business owner does not have the required skills to effectively run his/her business, then it is vital that he employs someone with the necessary experience. If he does not do so, the success of the business may be unattainable.
The branding of a business must be done effectively as improper branding has the capability to tarnish an entire business. The branding of a business is instrumental to the success of a business (Kirkwood& Jodyanne 602). When branding, a business owner has to carefully think of his/her approach considering a lot of factors such as the main focus of the business, target market and social factors. Poor branding can greatly undermine the success of a business.
Lack of proper marketing and advertising can hold back the success of a business. If necessary, a business owner should consult an independent marketing and advertising firm so as to have proper advertisements that attract potential customers. Funding must be consistently put aside and dedicated to advertising as this is a continuous process. Advertising also has to be done consistently as competition arises every day and failure to do so could lead a business to lose its customers to another business.
How Failing Businesses Can Find Success
For a failing business to eventually succeed, great determination to succeed will greatly affect the results. A business owner should invest more time and thought to create effective strategies that will help change the status of the business. A business can in no way succeed if the owner is not willing to put an effort to its success.
If a business if unsuccessful due to lack of proper funding, success can be attained by the help of investors. The business owner ought to look for good investors who will provide funding in exchange for a percentage of the business. An investor can also provide more than just funding with most business investors having experience in making a business successful (Scarborough & Norman 15 ). This experience brought by the investor can be more helpful to the success of a business than funding, although both are very important.
A failing business must not underestimate the power of re-branding. Re-branding can ultimately be the cause of success as evident in a lot of businesses. For decades, re-branding has been a secret to success with most businesses that face initial failures finding later success due to proper re-branding (Scarborough & Norman 12). Customer opinion can effectively be shifted due to proper to the changing of a brand, it could open new possibilities and bring new customers to a business.
A business owner must conduct research continuously as customer requirements are always changing. He must strive to constantly keep up with the innovation of his competitors as well make innovations of his own to distinguish himself from competition (Kirkwood& Jodyanne 595). Research at some point should involve the customers and it is also important to get their feedback whenever possible as they are what keeps a business going.
Use of rewards and discounts is also a proven way to business success. This method has worked successful for many businesses over the years. Customers appreciate discounts and prospects of saving their money. In fact, this is arguably the best method of acquiring and retaining loyal customers. However, one has to be very cautious when issuing discounts so as not to incur loses.
A successful business is the joy and pride of any business owner but it takes a great deal of passion and commitment to make a business successful. It is however possible for even small businesses to attain high levels of success as certain methods have been proven to make a business successful. Business education can however make it easier for an individual to run his/her business more effectively and yield better results.
If the methods and approaches discussed here are implemented to a business, then the business will eventually succeed. Determination, proper strategies and good investors can change the success margin of a business and with greater levels of success being attainable in the contemporary world, the possibilities are unlimited (Scarborough & Norman 8). A business owner must retain his vision so as to persistently aim for the highest levels of success in his business. All business men must strive to attain success in their businesses as a good business is not only important to business men but also to the economy of a nation.
Kirkwood, Jodyanne Jane. “How women and men business owners perceive success.” International Journal of Entrepreneurial Behavior & Research 22.5 (2016): 594-615.
Scarborough, Norman M. Essentials of entrepreneurship and small business management . Pearson, 2016.
What Make Business Successful..My Essay
What makes a business successful ?
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"On TV or in the papers, we see millionaires who own their successful companies. They have their own strategies that make their business successful. From my observation, I think good reputation and the remarkable commercial skills are the two important factors that contribute to their success in business. In reality, a company’s reputation and its commercials are tightly related to customers’ interests in their products, and there are many good examples of how these two factors affect the company's growth. A brand name is what people know about the company, and it can directly affect people's interest in the company. It is easy to see how it works. Of course, no one would like to buy things from a dishonest company, nor would anyone like to go to store that provides bad services." Writing your essay, I also suggest you to examine all basic principles of how to title essay https://writemypaper4me.org/blog/how-to-title-essay
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Google Company’s Success Essay
Maintaining entrepreneurial culture.
Today, more than ever before, there has been a budding curiosity in creating entrepreneurial cultures within organizations and institutions. Industry analysts believe that the objective of crafting these cultures is to boost the innovative and creative capabilities of employees, not to mention the fact that they are also used to increase the success and performance of organizations through the generation and development of new corporate ventures (Entrepreneur, 1999).
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The role of entrepreneurial culture towards Google’s monumental growth and success in the recent past can never be wished away. According to the case, the raw spirit of entrepreneurship and drive for success ingrained in two graduate students – Larry Page and Sergey Brin – gave rise to what is today viewed as one of the most successful companies of the 21 st century in the name of Google.
The success of the company notwithstanding, it is important to underline the fact that competition in the internet market has reached a fever pitch, with advances in technology enabling the blue-chip companies to initiate mesmerizing innovations to gain a foothold on the ever-shrinking market (Entrepreneur, 1999). Many of these companies have undertaken expansionist strategies to a point where maintaining the entrepreneurial culture is no longer tenable. Google, however, has continued to retain its entrepreneurial culture even after growing from a Startup Company into a multi-billion dollar global outfit. Certainly, all indications are clear that the corporation will maintain its entrepreneurial culture into the future, mostly due to the type of business it engages in (Zwaniecki, 2008).
The internet business demands an environment where autonomy, drive, and initiative are left at the hands of entrepreneurial-minded employees, no matter their rank in the company (Entrepreneur, 1999). Creativity, independence, and motivation to develop new products is what drives the internet business, and Google got it right by employing young entrepreneurial-minded, self-managed workers who are more than ready to propel the company to its next level of growth (Zwaniecki, 2008).
This assertion is backed overwhelmingly by the type of products that Google has created for its consumers, including the overly subscribed social networking websites. Plainly put, the entrepreneurial culture at Google is, not only a source of new and exciting innovations but also serves to inform the company about the consumer needs and market patterns for its products. As such, Google is bound to maintain its entrepreneurial culture even as it expands in size.
Factors in Determining the Success of Google’s Entrepreneurial Founders
A multiplicity of factors came into play to propel Google entrepreneurial founders into success. First, the entrepreneurial capacities of the founders made them realize a window of opportunity in internet business due to the poor quality services that were being offered at that time. They had a strong conviction within themselves that they could develop a search engine that was more superior and still remains profitable. Put in another way, the co-founders had a well-developed business strategy, orchestrated by focused entrepreneurial acumen rather than financial might.
Second, Larry Page and Sergey Brin exhibited superior innovative skills, which helped to transform their ideas and concepts into one of the most exciting and profitable companies ever to be witnessed. Their innovative acumen, indeed, helped them to build a new search engine from existing knowledge since there were other search engine operators in the market before Google’s entry. Their innovative and creative ideas led to the development of other new products such as Google Scholar, mapping software, social networking websites, among others. According to Wood & Schumpeter (1991), “…innovation is possible without anything we should identify as invention, and the invention does not necessarily induce innovation” (p. 334).
The founders’ superior knowledge about internet market patterns is yet another factor why this venture achieved tremendous success. It should be remembered that Page and Brin were young graduates from Stanford University when they conceived the idea of starting the company. As such, the co-founders were overly sensitive about the direction the internet market was taking, including patterns of consumer behavior. This enabled them to come up with products that could ignite anxiety and desire among consumers, a factor that led Google to capture the internet market with vigor and precision previously unheard of. According to Hogan et al (2008), knowledge of market patterns is of fundamental importance for any business venture to turn into profitability.
Another key factor, it seems, is the precision with which the co-founders commenced research to evaluate the viability of their pet project. According to the case, Page and Brin collected detailed information on the internet industry’s present competitors and the ultimate functionality of the search engine concept to critically evaluate whether they could withstand the stiff competition witnessed in the marketplace. As a direct result of the extensive research, the co-founders noticed that the internet market was expanding in size and scope. This, to me, greatly assisted the company to outmaneuver competitors since the co-founders knew exactly where to locate their investments. Again, this point underlines the value of undertaking market research to secure the success of an organization (Hogan et al, 2008).
The co-founders undertook a comprehensive risk-assessment process before venturing into business. According to Hogan et al (2008), most new companies fail to break through, not because of inadequate financial muscle or lack of customers, but because of deliberate failure to undertake a risk-assessment process. This notwithstanding, Google’s risks were minimal considering the nature of the business, and this must have gone a long way to guarantee the success of the company. Lastly, motivation to succeed and the expansionist strategies undertaken by the co-founders during the formative years of Google ensured its success.
Biggest Threat to Google
Looking back at Google’s success story, smaller entrepreneurial companies undoubtedly represents a formidable threat to its survival. First, large established companies seem to have exhausted their innovative and creative acumen, only launching products that are considered to be generics of Google’s creative and innovative shrewdness. For instance, Yahoo has tried, without much success, to launch an online search and advertisement protocol that is similar to that of Google in major key areas.
Its concept has failed to excite the market, mainly because it lacks originality and creativity. On the contrary, Google’s products are known to hit the market with a bang due to the inclusion of the same ingredients that its competitors lack – originality, entrepreneurial acumen, creativity, and innovative ideas. As such, established companies do not, in any way, pose a threat to Google’s survival.
However, young entrepreneurs have the capacity to come up with new and exiting products to rival Google’s own line of internet-based products. It shouldn’t escape mention that Google itself was a startup company driven by the desires and ambitions to succeed through embracing entrepreneurial culture in the late 1990s. It succeeded courtesy of a well laid-down business strategy, intensive market research, and innovative ideas (Hogan, 2008).
The same can happen again, albeit to another startup company offering better branding of products, quality service, and emotional appeal. However, such venture capitalists would need superior technology, an innovative workforce, and a clear understanding of what the internet population really wants. Google, it seems, has made huge investments in these areas, and therefore, beating them into second place seems impossible. However, with the right kind of thinking and proper tools, no task seems impossible in the business field.
Entrepreneur. (1999). Perception of internal factors for corporate entrepreneurship: A comparison of Canadian and US managers . Web.
Hogan, K., Lakhani, D., & Marti, M. (2008). The 12 factors of business success: Discover, develop, and leverage your strengths . Hoboken, New Jersey: Wiley. Web.
Wood, J.C., & Schumpeter, J.A. (1991). J.A. Schumpeter: Critical Assessments, Vol. 1 . Routledge. Web.
Zwaniecki, A. (2008). Google aims to retain entrepreneurial spirit as it grows . Web.
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IvyPanda . "Google Company's Success." July 30, 2021. https://ivypanda.com/essays/google-companys-success/.
IvyPanda . 2021. "Google Company's Success." July 30, 2021. https://ivypanda.com/essays/google-companys-success/.
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What Makes a Business Successful?
No one gets into business to fail because any venture entails a considerable amount of cash to establish. This alone tells you that one of the crucial questions anyone wishing to start a business will ask is what makes a business successful.
Any exploration you do about customers, marketing strategies, and plans has the same goal. The ultimate objective of any business owner is to succeed.
Unfortunately, not everyone achieves this goal. What can you do to be a successful business person? Each business has its approach, and what one does to succeed may not work for another establishment. However, some aspects cut across all businesses. There are things you do to boost your chances of winning. For instance, investing in yourself with business knowledge plays a significant role in the choices you make. Essay writing service GradeMiners can provide quality articles to help you know more about business dynamics.
We have compiled some of the things that will assist you in tracking your path to success in business. They are simple, but actualizing them will help you reach your business goals.
Focus on the Customer Experience
You become an expert when you get engrossed in what customers need and meet their demands satisfactorily. Customer experience is vital in determining your trajectory in business. It is simply the impression you leave with your clients. The imprint affects the perception of your brand across each touchpoint of the consumer path. The demand is simple; customers need quality services from the beginning to the end. They are more willing to pay for services or products that satisfy their needs regardless of the price. You must be willing to offer a positive experience if you wish to be successful.
Listen to Your Customers
You are in business because of your customers. Therefore, listen to them and know their expectations. It is the only way you will meet their expectations. People will always speak about your brand whether you ask them or not. Listening is crucial to identify different aspects affecting your venture. Adjust accordingly but make sure you stick to your objectives, core values, and beliefs.
The foundation of your trade is built on trust. Research shows that above 76% of clients pay attention to adverts from the brands they trust. This may take a long time, but everything you do today determines how customers take your brand. The simplest way is to ensure you go above the minimum expectations.
Deliver what your business promises. Trying to create a positive online reputation by lying will work against you in the end. Instead, work on building a loyal community with services that meet customer expectations. GradeMiners can help you learn more aspects that will assist you in building trust with your customer.
Market Your Venture
Marketing is vital for business growth, but many people get it wrong. Promoting your venture is not a complicated process. It is about delivering the right message to the right clients at the right time. Embrace digital revolution in communication and promotion. Let people hear about your business on different platforms. Create compelling content and use different advertising mediums such as:
- Content marketing
- Email marketing
- Search publicizing
- Social media campaign
Ensure you are active on different platforms to attract prospective clients and keep your customers satisfied.
Be a Good Leader
Do you have the leadership qualities needed to build your company’s long vision? The values you adopt from the start determine how far you will go. Be a visionary leader; develop accountability, empathy, integrity, and organizational direction to lead others towards your objectives. You are responsible for the growth of your business that largely depends on your leadership. Learn from experts if you do not have leadership aptitudes. Being a good leader ensures that those who come as employees get a good foundation and plan to grow your venture.
Another important aspect is to keep your employees satisfied. Provide the right environment that makes them thrive. Your employees will handle clients professionally if they are satisfied. They will also be committed to your work and strive to be better. Ensure you acquire the leadership qualities because they determine how you do other aspects. GradeMiners.com Announces a $ 1000 Essay Writing Scholarship Available Until August 1, 2021 . Take part and get an opportunity to refine your leadership skills. Following what we have provided will enable you to trace your success path in academics. Do not forget to read extensively and learn other aspects that make people fail in business.
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Writing help, paraphrasing tool, failures and success in business.
- Entrepreneurship , Failure , Human Nature , Knowledge , Success
How it works
Our life is made up of both bright and negative sides which are interconnected. There are two phenomena that characterize human life which are failure and success. At some point of our lives, most people are struggling. It is critical and essential part of our lives. Though failure can be describe as a lack of success, an unsuccessful individual, business or item, a lack or deficiency of a desirable quality, people usually have to fail before they succeed in their lives. Failure is not a means to an end. It does provide any evidence of permanence. Failure itself is not dangerous – it’s that fear of failure that keeps a person doing nothing. Failure is failure to hit ones’ target, whatever it may be, but it does not preclude one from attempting to take actions again.
To be humiliated is our propensity for failure. It is because we don’t like how it makes us feel ashamed and disappointed for what we have done. That’s why we ought to change our attitude to look at defeat as a way to grow to develop. Some productive entrepreneurs experienced disappointment but instead of seeing failure as a cause to give up they were building on those failures and seeing them as potential development as an entrepreneur.
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