The document outlines 6 main reasons why businesses succeed: 1) having a business plan, 2) implementing strong financial controls, 3) possessing business knowledge, 4) demonstrating leadership skills, 5) focusing on customers, and 6) smoothly transitioning entrepreneurial responsibilities. Each reason is then further explained in 1-2 sentences.
2. Why businesses succeed
Business plan, business knowledge, financial
controls, leadership skills, customer focus,
smooth entrepreneurial transition
3. 6Main reasons why businesssucceed
1. Business Plan
2. Financial Controls
3. Business knowledge
4. Leadership skills
5. Customers focus
6. Smooth entrepreneurship transition
There are
4. 1. Business Plan
A business must have a proper document that
shows its purpose, plans and how it will raise
funds and make a profit.
5. 2. Financial Controls
There must be good systems (rules and procedures) to record
financial transactions and know if the business is making
enough money and using it wisely.
6. 3. Business Knowledge
Entrepreneurs must have deep knowledge about their
product, the competition in the market, the customers who
buy the product, government laws and opportunities and
potential risks.
7. 4. Leadership skills
Entrepreneurs must have the ability to manage a business
and motivate people. As the business grows skilled
managers and professionals must be recruited to grow the
business.
8. 5. Customer focus
They say “Customer is king”, successful businesses realize
that the customer is very important to the business, the
customer must be happy and satisfied with the product and
service.
