What Makes A Small Business Successful?
Here is the question “What makes a
small business successful”?
An entrepreneur starts the business by taking into account so many questions” What kinds of products or services to sell"? "What is the name of new venture"? and other questions like that. To become successful, a new venture should have following successful characteristics.
1. Capturing
Customer Value
2. Identifying
and Recognizing the opportunities
A new venture should identify,
recognize the opportunities and act accordingly. For Example, if there are trends for selling
products online, then establishing websites for selling products or services is
the need of time and satisfying the customers’ demands. It helps in solving the
problems of end users and they can contact conveniently and quickly.
3. Efficient
Marketing Department
Marketing is the most important
tool in establishing a successful entrepreneurship. It also creates brand
awareness and captures customer value. Different Marketing Strategies are used
to increase the sales of products. These strategies include:
ü Discount Coupons
ü
Discount Rates
ü
Free Offers
ü Free
Trials / Demos
ü Product
Designing and Development
4. Solution
to Problems
The company must provide solutions
to problems. When customers find easy solutions to their problems they surely
become the loyal customers of the new venture. For Example, Providing solutions
for removing viruses in an efficient and effective way. Providing Internet
services in backward areas of Villages for solving their problems related to
Information Technology.
5. SWOT
Analysis
Analysis of SWOT is very important for the new
venture. Strengths and Weaknesses are internal factors and Opportunities and
Threats are external factors for the business. New Entrepreneur must know its
strengths and weaknesses in order to avail opportunities and compete with
external threats from its competitors.
6. Learn
From Mistakes and Past Experiences
Successful entrepreneurs always
learn from their mistakes and experiences. Whatever experiments they applied in
the past provide learning opportunities for the firm to grow in future. For
Example, if the company customer care facilities are not updated as it is not
updated and up to the mark of the latest trends in the market i.e., not using
the advance technology to fulfill the customers’ needs or establishing online
facilities to listen customers’ problems, then the firm must use the desired
communications’ channel to meet markets’ demands.
7. SMART
Most SMART entrepreneurship will
surely succeeded in its mission. Mere hardworking is not good but work hard
with smartly is good. Here “SAMART” means:
“S” means Specific which is the
targets set by the company.
“M” means the target that must be
measurable to show progress i.e., the company gets 90% sales in this month.
“A” means attainable that target
should be achievable within the time frame i.e., to make sales up to 100
percent in a day is not attainable target.
“R” means realistic which means
looks in reality that a new venture has abilities to meet the target results.
"T" means that the target must have
specific period of time during which it must be completed.
8. Patience
The above three qualities are must
for the successful of a small business. A new venture can not become successful
in overnight. Patience is the key to learn initially and think big for the time
when the entrepreneur will become the market leader. Wait for the best and
suitable time and during this period learn how to cope with the situation.
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