Business Paper

Business Paper

There are many questions asked by new entrepreneurs when starting a business, but one of the most important ones, one that decides part of their future is, what does it take to run a successful business? A question that may only be answered by those who have attempted to and succeeded in their entrepreneurship.

There are many different ideas that may jog across someone's head when thinking about what it takes to run a successful business, but my main purpose in this paper is to clarify what it really takes to be successful with one's business. It may be the actual business itself, the industry of the business, skills involved, management, employees, financial aspects, location, or perhaps even demand of the product being sold (Blackstone 2002 589-634). The truth however, is that there are many different theories of what it takes to run a successful business. Some believe that it is solely based on determination itself. The whole idea of determination to run a successful business is a nice classic theory, and may be heart warming to some, but ideally does not cover all aspects of what it takes to run a successful business. Another theory that comes to mind is how much of a demand there may be for the business itself, or the products the business is selling.

When starting a new business, there are lots of important decisions to make as well as many rules and procedures that must be followed. Knowledge of the business, enough capital, good experience, and a distinctive idea at the right time are just a few of the characteristics of a successful business owner.

Though there is not any way that you can guarantee that you will turn out to be a successful owner, you can really improve your odds by becoming well-prepared for the task. However, workers characteristics, the job characteristics, as well as the collective power are also important feature that should also be taken into consideration.

The business owners showed that running a successful business is not just about concentrating on one specific feature, but it is about combining all important features to create a well-rounded business (Hax and Majluf 2006 63-97). You can start a business through many different ways; it is up to you to choose which way are easier for you. For example contacts, if you have a friend that knows somebody that owns a business who is willing to sell his business, you can ask your friend for advice and the friend can also arrange a meeting with the businessman.

This is one way of penetrating into a business by meeting the key people, once this is done then it is up to you to progress forward and to find out about the business by asking questions and doing a bit more research about it. Once you know everything which is important about the business, then the time comes where you have to make a decision whether or not to make an offer and ...