The Key Elements Of A Successful Business - 1423 Words

I have chosen to do my research in small business. I want to know what it takes to build a successful business. What are the skills needed to start a new business? What are some of the steps to building a business model and plan? I am working on getting my degree in business. I am a general manager and will be soon help the company expand in opening two new stores in the next few months. This is something that is exciting to be able to expand the brand. This experience will help me when I am ready to own my own business. I know a small business is a big responsibility. As an owner, one has to dedicate lots of time and money to grow the brand and create customer loyalty. I know that simply being in love with an idea or product produced is not enough to survive in the business world. What are the key elements of a successful business? I want to learn more about creating a successful business plan and the logistics it takes to start a small business. I want to learn as much as possible about becoming an entrepreneur. I started my research at the MCC library. I was able to find the resources needed to help me research my topic. The book Entrepreneurship demonstrates some statistic, for example, 58% of Americans say they dream of starting a business and becoming their own boss. The most common reason for wanting to start a business is increasing one’s income followed by independence (3). I liked the different stories of companies started such as Home depot, Stacy’s Chips, andShow MoreRelatedPlanning For Long Term Success1014 Words   |  5 PagesPaul Frankenhauser Strayer University August 14, 2016 A successful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills haveRead MorePlanning For Long Term Success1009 Words   |  5 PagesFrankenhauser Strayer University October 27, 2016 â€Æ' A successful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills haveRead MoreAnalysis : Mind Maps And Work Flow Diagrams985 Words   |  4 Pages Each element or deliverable listed in the Project Implementation Model Mind Maps is further defined on Single Pages. Single Pages include the following: †¢ Defines the element and the reason (objective) for developing the element †¢ Lists key assumptions †¢ Specifies the action to be taken to develop the element and by whom †¢ Lists the key performance indicators †¢ Specifies the inputs that are prerequisites for developing the element †¢ Specifies the deliverables resulting from the element †¢ IdentifiesRead MoreValue Chain as Competitive Advantage1024 Words   |  5 Pagesdeveloped by recognized Harvard business management expert Michael Porter in his book Competitive Advantage (1985). It breaks up the various elements of producing and delivery value to customers into key components. The development of value for the customer begins with inbound logistics, with subsequent components that include operations, outbound logistics, marketing and sales, and customer service. The culmination of optimizing performance in each of these key elements is the establishment of productRead MoreSams Club and Costco1255 Words   |  6 PagesMission, Business Model, and Strategy Professor Lillian Schumacher Darrick Beckwith January 30, 2011 Costco 2 Costco Wholesale in 2008: Mission, Business Model, and Strategy What struck you as positive and/ or negatives? Were there certain strategic elements that were particularly insightful? Were there any glaring weaknesses that could jeopardize their success? There are many positives that can be drawn from the way that Costco runs and controls its business. Costco’sRead MoreThe Importance And Types Of Quickbooks702 Words   |  3 PagesAdvertising and promotions are the backbone to any successful business. The ability to convey a message or connect with a targeted group of people is the drive behind it. The marketing of products, skills, and services have become more valuable to the induvial, making big or small business pour money into advertisements and promotions. No matter the types of advertisement certain key elements continue to stay the same. The whole process cycling through again and again, because the formula for marketingRead MoreCostco Case Paper1290 Words   |  6 Pagesâ€Å"rapid inventory turnover, high sales volume per warehouse, leveraging an efficient operating structure, reduced handling of merchandise, and making themselves the low cost operator in retail are key elements that make Costco successful (2006 )†. (Thompson, 2008 p.c-32). 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Suggest the key elements of Starbucks’ organizational culture that contributes to its success in a global economy. Indicate management’s role with creating and sustaining the organizational culture. A company’s organizational culture is a major influence on its employee and business performance. Organizational culture is one of the most distinct characteristics of Starbucks. There are several key elements of the company s organizational culture that contributesRead MoreThe Functions of Stage Management1022 Words   |  5 PagesTHE FUNCTIONS OF STAGE MANAGEMENT THE FUNCTIONS OF STAGE MANAGEMENT Abstract The four functions of management can be applied to business, sports teams or stage management to name a few. Stage management can apply to stadium size concerts to small theatrical acts. Planning is a key function that gets the party started. Proper planning leads to the event being organized. An organized show allows for some mistakes that can be solved in a quick and precise