Creating a Successful Business
Creating a Successful Business Term Paper Two Specifications
- 1100-1200 words (Topic related to student’s major)
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- Cover page
- Main body 1 (MB1)
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- Word count (Introduction, MB1, MB2, MB3, and Conclusion)
- End of text references
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- Title has a topic and a focus.
- Thesis has a topic, focus and supporting points.
- Topic sentences are connected to the thesis – same idea, different words.
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- Word count (Introduction, MB1, MB2, MB3, and Conclusion)
- End of text references are APA; this includes correct use of: indents, capitals, italics and alphabetical order.
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Creating a Successful Business
The first step to creating a successful business is having a clear business goal and purpose, one must be focused and have a well defined mission and vision which constitute the road map to business success. The entrepreneur should also come up with a business strategy which includes action plans aimed at achieving predetermined goals and objectives (Brott, 2009). Having a business goal and purpose is however not sufficient, one should also have certain essential traits and qualities to be a successful entrepreneur which include desire to achieve, commitment and perseverance, risk taking, initiative, responsibility, independence, optimism and confidence. To create a successful business one must therefore have a mission, vision and objectives, the right qualities to be a successful entrepreneur and a good business plan.
Mission, Vision, and Objectives
Before venturing into any business one should have a mission and a vision. The mission defines the specific purpose and basic principles of the business enterprise. It is specified in the mission statement which should be visionary and long-term in nature. The mission statement should also clarify and describe the intentions, aspirations and main activities of a business enterprise (Kew & Stredwick, 2005). It acts a guide and provides an articulate strategy for the achievement of business goals and objectives. The vision on the other hand illustrates what the business expects to achieve. It defines where the business wants to be in future (Simpson, 1994).
There are several reasons why an entrepreneur could venture into a business and these reasons constitute the objectives of the business. Although business objectives are usually unique to a particular enterprise most enterprises share a number of common objectives which include maximizing profitability, customer service, retention of employees, attaining efficiency in operations and growth. Objectives are aimed at fulfilling the mission and vision of the business.
An entrepreneur has to have certain essential qualities to increase their chances of creating a successful business. Entrepreneurs should focus on achievement and have a strong desire for personal success. They should also be moderate risk-takers, opportunity explorers, responsible, independent, optimistic, confident and effective in communicating with others (Kuratko, 2009). Collectively these traits ensure that a business owner is well equipped to face several challenges that might threaten then the success of the business.
Most successful entrepreneurs are committed and have a strong desire to achieve. This strong commitment enables them to overcome obstacles and succeed against all odds. They are persistent in their endeavors regardless of failure. Before risking their resources in a business venture, investors will measure the commitment an entrepreneur has and his desire for success. Therefore, to create a successful business one has to be a self-starter, result-oriented and internally driven by a strong desire to excel.
To create a business that will thrive one also has to take moderate and calculated risks. Moreover, one has to be a good risk manager. The outcome of any business venture can not be determined with certainty. One should, therefore, come up with a risk evaluation criterion to asses the risk associated with different business venture s to determine the best opportunity that will minimize risk and maximize returns.
Good business owners have to be opportunity oriented. They should be aware of the opportunities around by constantly monitoring their environment. They should have access to a wide range of sources of information like newspapers, journals, textbooks and periodicals which could give valuable insights on available business ideas. Opportunity oriented business owners set high realizable goals and direct all their attention towards achieving them by selectively sorting out viable opportunities and matching them with their goals.
Initiative and responsibility are also common among many successful entrepreneurs. They take the initiative to start a business venture and are accountable for the outcome of the venture. They are willing to take full responsibility for the projects they initiate and see them to completion. They do not shift the blame to others for their failure, instead, they learn from their mistakes and make sound judgments in the future.
Another quality that an entrepreneur should possess is the desire to be independent. This is the driving force behind most successful entrepreneurs. They avoid rigid bureaucratic systems and try to accomplish tasks their own way. Because they want to have the authority to make important decisions, most of them will often quit mainstream jobs that offer job security and retirement benefits and venture into risky businesses where they can exercise autonomy and independence.
Last but not least, successful entrepreneurs are self-confident and optimistic. They believe that their abilities and competencies are sufficient to achieve their goals. They always hope for the best outcome and this often rubs off on the people around them. Their optimism makes them good team players. The qualities that successful entrepreneurs should have cannot be exhausted, different scholars have come up with different sets of traits that an entrepreneur should have. Most of them, however, relate to the ones mentioned in this essay and are often closely linked to one another. Some of these other traits include flexibility, diligence, resourcefulness, creativity, positive response to challenges, ability to influence others, egotism, courage, perceptiveness, efficacy, honesty and integrity.
A good business plan is vital for creating a successful business. It contains a brief statement of the business objectives, an assessment of how the entrepreneur plans to enter into the market and the skill, experience, and finance that the entrepreneur will bring into the business. It also outlines the particular benefits of the products or services produced by the business to consumers (Blackwell, 2011). The business plan is particularly important to convince investors to fund the business idea and should, therefore, be presentable and persuasive. Without a good plan, the business risks failure and no investor in their right mind will engage their resources in such a venture.
For an entrepreneur to create a successful business, they must have a mission, vision and well-defined objectives. Moreover, they should have the essential traits and a good business plan. The mission and vision and vision describe the purpose of the business and where it intends to be in the future. Objectives that are aimed at achieving the mission and vision of the business are the reasons for its existence. The qualities that an entrepreneur should have include desire to achieve, commitment and perseverance, risk-taking, initiative, responsibility, independence, optimism, and confidence. Finally, to set the business in motion the entrepreneur should come up with strategic action plans for goal achievement which are defined in the business plan. A business cannot be successful without these essential ingredients.
Blackwell, E. (2011). How to Prepare a Business Plan. London: Kogan Page. https://books.google.co.ke/books/about/How_to_Prepare_a_Business_Plan.html?id=4F0FraQ5e-MC&redir_esc=y
Brott, R. (2009). Advancing a Successful Business: Managing Your Organization. New York: ABC book Publishing.
Kew, J., & Stredwick, J. (2005). Business Environment: Managing In a Strategic Context. London: Chartered Inst. of Personnel and Development.
Kuratko, D. F. (2009). Entrepreneurship: Theory, Process, Practice. Mason: South-Western Cengage Learning.
Simpson, D. (1994). Rethinking vision and mission. Planning Review , 9.