Successful Business

Topics: Management, Small business, Strategic management Pages: 3 (791 words) Published: March 5, 2013
Successful Business
Mary Shepherd
Everest University

Professor Scott
February 09, 2013
Successful Business

To be a successful small business owner it takes a lot other than just money and hard work; there is so much that goes into being an owner of a small business and if one thing is over looked, forgotten, or not understood it could cause the business to fail. Persistence, understanding the market, planning, creativity, commitment, self-discipline, and understanding the business are other things that will help a small business become successful. Eric has before been able to keep 2 small businesses successful and was able to run them both smoothly.

I believe that if he was asked about being a successful business person that he would say it takes a combination understanding, steps, and knowing. Eric would most likely also add that knowing the advantages and disadvantages of owning as well as your own strengths and weakness can be a positive factor to your business. Mentioning that being a successful entrepreneur plays its rule in a successful business; knowledge and identify factors and/or ideas that will either make a business fail or be successful would dramatically help.

He would also talk about having experience or research can benefit well to the business as well as also knowing the customers, good records, authority over employees, having money for setbacks and/or taxes plays a part in how successful the business is. Other factors that also play their role are by not having too much spending on credit, don’t over/ underprice products, and the right amount of capital. Having a plan that is well written/worded and formed is a must and to also know that a plan could take a couple months to prepare. In order for a business owner to get a loan/borrow money or have investors willing to invest in the business than a plan is needed.

This plan would have all the business components, which are cover letter, company background,...
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