Tucker 1Cody TuckerMs. BennettBritish Literature9 September 2011 Building a Successful Business Mark Twain once said, “Dont go around saying the world owes you a living. Theworld owes you nothing. It was here first.” Entrepreneurs are the building blocks to ourcountry. People need to understand that if they want something in life, they should pursue it.Entrepreneurs have to stay open minded, and keep a “go getter” state of mind. Today,Entrepreneurs rely very much on the internet. The internet is a place where they can go to findany information desired. For the past decade people have begun to rely more and more on theinternet. It has made life simpler, more opportunistic, and also made it possible for someone tostart a business without the brick and mortar. The brick and mortar is a physical office, separatefrom home. The concept of not being obligated to acquire a facility to operate a business is avery good thing. It is beneficial not to be compelled to have a separate building, because it savesa lot of money on expenses. This allows you to be able to get started on a much smaller budget.If people can start a business from home, it gives potential Entrepreneurs more opportunity toshine on a lower budget. Bill Gates, founder and C.E.O. of Microsoft Co., for instance, oncesaid, “If you give people tools, [and they use] their natural ability and their curiosity, they willdevelop things in ways that will surprise you very much beyond what you might haveexpected.”Mr. Gates started Microsoft out of a basement, He is now the richest man in the world,worth over 50 billion dollars. Starting a business takes time, commitment, and drive. First andmost importantly, a highly detailed, and well thought out, business plan must be created.
Tucker 2Marketing a product is a very important step in getting a business operating, social media, printadvertisement, online advertisement, radio advertisement, and commercial advertisement, are thekey ways of marketing, but not the only. The business plan basically sets the margins for creating a business. Without a businessplan a company has no structure. by creating a business plan, everything is being set in stoneabout how the corporation will operate, what its budgets are, how many sells are predicted, whois going to run the business, etc. The business plan also answers almost every question that couldbe asked. It is all of the steps for creating a business combined into one document, ultimatelycreating one uniform company. In a business plan, make sure to include an executive summary,which is a summary about the business. Next a company description must be created, whichincludes legal establishment, history, start up plans for the company. When describing whatproduct or service the company will be offering, focus must be aimed towards customer benefits.In explaining the strategy and implementation, the creator really has to be specific. One mustinclude management responsibilities with dates and budgets with traceable results. A financialanalysis is very important; projected profit, loss, and cash flow tables must be included. Tellwho, specifically, will be managing the company, otherwise known as a management team. Lastbut definitely not least, include a web plan summary, be sure to include development costs,operations, and marketing strategies (advertisement plans). After the business plan has beencreated, if followed closely, and the projected expenses are provided, one should be able to get abusiness up and running. Next, the business must be advertised. Advertisement plays a huge rolein creating a business, because if people do not know the company exists, it will never get anybusiness.
Tucker 3 Social media has become a very popular way of advertisement. Twitter, Facebook, andBlog Spots are very popular. “At Twitter, mobile is in our DNA … For us, it’s all about mobile,and it always has been,” says Biz Stone, co-founder of Twitter. Mobility has become a way oflife. People want whatever information they want, when they want it. Facebook was originallycreated for college students and kids, but now it has expanded into the most viewed site in thehistory of the internet. Between 2008 and 2009, Facebook made businesses boom: “The numberof Facebook users between the ages of 35 and 44 increased by 51%; Facebook users among theages 45-54 grew by 47%; Facebook users ages 26-34 increased by 26%” (“How to Market YourBusiness on Facebook”). Almost everyone who has advertised on Twitter has gotten positivefeedback. People have gotten an average of 24.29% more followers within three weeks ofadvertising on Twitter. Online advertisement is also a very critical technique of advertisement. The internet hasgrown so much that it is critical matter, to be able to access it. There is a fine line between socialmedia and online advertisement but they are very much different while social media focusesmore, just on the people on Facebook, Twitter, etc., online advertisement focuses on everyone onthe World Wide Web. There are numerous ways to advertise online. Every time something issearched on Google, Bing, etc., advertisements for related searches come up. Print advertisement seems old fashioned but is still a very effective method of sellingbusiness. Business cards, flyers, and billboards are classic ways of advertisement. Business cardsare still used by almost all large corporations and small businesses. Basic business cards justhave information such as a phone number for the business manager or sales representative, an e-mail address, a fax number, the company’s website URL address, and sometimes a list of thegoods and/or services that are provided by this business. Business cards can be given out to
Tucker 4people who may be interested in a business’s good or service. When people travel, most of thetimes they are on the interstate, where billboards are everywhere. Print advertisement is a hugemethod of gaining new clients. Billboard space can be bought or rented. It is not cheap butultimately it can bring a business a lot of new clients and hugely increase their revenue. “Dont bunt. Aim out of the ball park. Aim for the company of immortals,” says DavidOgilvy, retired chairman and C.E.O. of Ogilvy & Mather (one of the largest marketingcommunications companies in the world). If one is to come across an opportunity to advertisebig, do it. Large scale advertisement brings in large scale business. Commercial advertisement isprobably the most popular for large businesses or firms. It costs a lot of money to televise acompany nationally or locally. Although it is costly, commercial advertisement is probably themost effective way to bring your company new clientele. People watch television every singleday. Approximately 169,000,000,000 U.S. dollars have been spent on television advertisementjust in 2011. In order for one to really make their business successful, they must offer a product orservice that is unique, or that no one else in the same industry offers. If one cannot offer productdifferentiation they are interpreted as being in a perfect competition. There are four types ofmarket structures; a perfect competition is the most common, a monopolistic competition, anoligopoly, and a monopoly. A perfect competition has no barriers to entry, usually operated by asole proprietorship. A monopolistic competition is the market structure where productdifferentiation is offered, brands such as Nike, Reebok, etc. are monopolistic competitions.Oligopolies are bigger than monopolistic competitions, they are much harder to enter, gasstations are together are an oligopoly. Oligopolies sometimes come together to form a collusion,which is a legal was to set prices so that consumers have to buy products at them. Monopolies
Tucker 5are almost impossible to get in to. Patents and copyrights are a way to start a monopoly. Ifsomeone patents and invention, no one else can use it without paying the desired cost theinventor demands. These market structures are essential to owning a business. If starting abusiness, one needs to have the drive to make their business grow. To me, the American dream is to be able to sit back and collect salary every day whilerelaxing, and to live without having any payments or liabilities. Thousands of people havemigrated, throughout history, to the United States of America in pursuit of their Americandream. The United States of America is a magnificent country that offers a colossal amount ofopportunities. Those opportunities must be embraced in order to achieve the American dream.Entrepreneurs know how to embrace that dream, and make it a part of their goals to achievesuccess and ultimate contentment. Building a successful business is not a simple act, but it canbring you great success. In the world of marketing, one can either, succeed, or fail miserably. Iffollowed closely, this should be a guide to success in creating a business, advertising products,and over all, selling products.