Research Paper on Businesses Success

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In the world today, there are businesses everywhere. There are small, big, unsuccessful, and successful businesses. Many business owners planning affect the success of their business. As said “A man can succeed at almost anything for which he has unlimited enthusiasm” (Schwab). Although some people may think the purpose of having a business is to make money and supply jobs to workers, it is not. The purpose of a business, a successful business, is to supply goods and services to customers. In order to supply commodities and quality service to customers, business owners have to plan a successful business. Everyone knows that with a successful business comes a great business plan. A business plan is a documentation that states the purpose of the business and its goals and goes on to show how the owner will realize those goals, including the marketing strategy. The plan also includes a break-even analysis, a profit-and-loss projection, and a cash-flow analysis designed to show if the business develops as expected, then it would make money. Not only is a business plan important, training, the location of the business, and the growth of the business are also important. Training equals education, and education equals a successful business or unsuccessful business. It is important for a business owner to have an education on how to create and run a business. Getting the proper training helps the owner gain knowledge on what he or she needs to know based upon starting a business around other businesses. When future business owners go to school, they get the proper training on how to control their business. Some people take a class and get a certificate and others attend a 4+ year college/university to get a degree in business. Some entrepreneurs believe that a Master of Business Administration (MBA) is not necessary to a successful small business, but it is. Getting the proper training and receiving a MBA means having knowledge of running a small business, including economic analysis, marketing knowledge, strategic planning, and negotiating skills. A business education also means that business owners are able to broaden their viewpoints and recognize trends in their business or industry. With more entrepreneurs pursuing their MBA, there are more businesses becoming successful. Remember “You've got to seize the opportunity if it is presented to you” (Davis) in order to have a successful business. One of the most important parts of planning a successful business is the location of the business. Choosing a location comes with “push and pull factors” (Griffin, chron). The “push factors” are factors that push a business away from the location. The factors include increasing cost, more competition, and a reduction in demand or poor communication and transportation systems. Therefore, it is important to have pull factors for the location of a business. The “pull factors” are lower labor costs, a growing consumer base, government incentives, and improved transportation and communication systems. Within the location of the business, the cliental is very important. The business owner has to do their research on the demographics in the community where they want to start their business. For example, if your business appeals towards young adults, the community your business is in does not need to be where there are people over 50 living in the community. Before opening a business, it is best to check the United Sates Census information about the demographics for the location you would like to open your business in. There is also competition to worry about when shopping around for a perfect location. Due to the choice of location, competition can be helpful and sometimes not so helpful while planning a business. Competition is the battle between businesses to win consumer acceptance and loyalty. Competition is a premise for the free-enterprise system because it is believed that having more than one business competing for the same consumers...
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