Abstract

This paper determines how a small business can be made successful. It was observed that making a business successful is based upon the factors like: being business minded, knowing the target market, knowing the competitors, laying down a marketing strategy, investing money on marketing, maintaining monetary discipline, defining the brand properly, knowing and acting upon the strengths, developing cordial relationships with the other entrepreneurs and business men; who can guide and give sound advice, maintain good relationships with the bankers, providing good customer care and learning to say No.

Table of Contents

Abstract1

Introduction2

Discussion2

Be Business Minded2

Know Your Target Market3

Know Your Competitors3

Lay Down a Marketing Budget3

Monetary Discipline4

Proper Definition of the Brand4

Use Your Strengths5

Develop Relationships With Other Business People5

Maintain Good Relationship with the Bank Manager5

Providing Good Customer Care6

Learn To Say No6

Conclusion6

Works Cited8

How to Make a Small Business Successful

Introduction

There is a lack of opportunity in the job market, which is why many people look for different ways to generate income. Entrepreneurs are starting small businesses, with the only intention of making fortunes. When the idea of starting up a new business strikes a person's mind, the second thought is how to make it successful? Owing a business doesn't mean that a person will end up being rich, but if a proper plan is designed, chances are that it is likely to flourish. There are many advantages attached to having one's own small business, like; choosing your own schedule to work, directing people, and being you own boss. However, with so many advantages, comes great responsibility. A person has to consider all the aspects related to his business, as in; does he really enjoy what he will be choosing to do? A person's true interest, some finances and proper comprehension of the business plan, are the essential factors. Considering a proper place or location for the business, is important too. Another important decision is about whether to be the sole owner of it or doing it with partnership? If you choose to do it with a partner, you will need to assess how much control or shares you would want to have in the business. After the consideration of all these important things, a person should start his business. The ways to make it successful are mentioned below:

Discussion

Some ways to make a small business success are:

Be Business Minded

A business man is never born, but he is built, through determination. To develop a business mindset, one must avoid negative thinking. The ability to loose, in order to gain something big, is important. One must understand that he can never always win. There will be times when an entrepreneur may feel frustrated, but to keep calm and remain positive is the key to function well.

Know Your Target Market

To know the ideal customers is essential. An entrepreneur must understand whom he's catering and what his customers demand. One has to be really specific in choosing the right market for his product/ brand/ service. It is necessary to attract the target audience and retain them (Per. D, pp: 301-315).

Know Your Competitors

When ...