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Introduction

A business is an organization where items good and
services are been exchanged for one another or for money. All Businesses
require customers and also some kind of investment to who the products can be
sold to on a agreeable basis in order to make profit for the business. One well-known economic theory teaches that the purpose of
business is maximizing profit for the shareholders. This concept was developed
by economist Milton Friedman, from the Chicago School of Economics, and was published in the New York Times in 1970. The 1976 winner
of the Nobel Prize for Economics became popular perhaps because his ideas had a strong appeal
to the people given the difficulties of the moment. Competition was starting to
become global, and it was becoming more challenging to find ways to increase
profit. “The idea of focusing totally on making money, and forgetting about any
concerns for employees, customers or society seemed worth exploring”.1

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There are lots of businesses
that are already in existence, coming up with an idea of your own it is likely
that it will be the first item or product many people will have something like
that already introduced. Many talented entrepreneurs waste time and energy
trying to think of a unique business, when they should be focusing on how to be
better, rather than how to be different. “Don’t believe the myth that an idea
isn’t a good one because there is competition,” says Marianne Cantwell, founder
of Free Range Humans. “2(Guardian)
Often the biggest barrier to success is the fear of
taking that first step. Jump straight in, experiment and see where it leads you
and the business having an idea before getting straight in to have to be the
important part. To understand and hold the increasing influence on how different
factors can make a successful business. ‘In almost all businesses, employees
are needed to really grow, and when managed properly, they can create the
ultimate leverage, job security and wealth for you.’3 (Contributor, 2018)

In the first part, I will
define the main concepts coming from the literature. In the second part I will
set out the diverse business’ an showing models and theories that exist in the
literature; in the third part I will present the different types of Business
ideas available to different entrepreneurs and step by step on how the business
can be successful. “Success is something we should always be striving for. It
comes in different sizes and shapes. It is seen as various things from varying
viewpoints. It can often be hard to achieve, but in some way, it leaves the
world a better place.”4
(Michael Byrnes, national speaker and president of Byrnes Consulting) For most entrepreneurs
achievements comes from the process of starting with just an idea and building
something that lasts. Successful businesses earn a large return on investment
for the shareholders who risked their capital in the venture.5
The people who found the company, are usually the stakeholders, are able to
create wealth for their families, as well as enjoy a wealthier lifestyle. They
measure success by being able to provide a better life for their children than
they had when they were young. Having a business is down to the individual
itself on how they are looking to achieve the goal and at the end of it what
are they achieving, different people all have different mins sets and this is
very important as you need to understand your own goal and also competition
that is going to arise and will be faced in the future of the business.
Companies measure success by all the good they have achieved in society. Some
have different goals for example, improving the environment or providing
educational opportunities for children through the products and services they
offer.6
Others have a very high commitment to charitable giving and being good
corporate citizens.

Film star (Paul Newman’s
company, Newman’s Own Inc)., which manufactures and markets a variety of
consumer products, distributes all of its after tax profits to charitable causes.
The company’s charitable foundation has donated more than $300 million,
according to Newman’s own website.

The term Critical success factor (CSF)
first appeared in the literature in the 1980s when there was interest in why
some organizations seemed to be more successful than others, and research was
carried out to investigate the success components (Ingram, Biermann, Cannon,
Neil, & Waddle, 2000). CSFs are “that thing that must be done if a company
is to be successful” (Freund, 1988). Further studies argued on the area specificity of the critical
success factors as they differ from organization to organization (Anthony et.al
1972).7
Critical success factors for a growing business depend on the environment of
the business and also the industry it is in.

With the number of
businesses that fail or start out strong only to stumble in the competitive
marketplace a few years later, another measure of business success is the
ability to sustain success in the turbulent, ever changing business world. Book
publisher John Wiley ; Sons began in 1807 as a small New York
City-based printing shop. Two hundred years later, in 2007, the company’s
revenues were more than $1 billion, according to the company’s website. The
company has been able to successfully adapt to changes in readers’ taste but
also to the technological changes in the publishing industry for more than two
centuries.8
Defining success is very important but taking a close look at the impact of the
definition is even more important. As your intention is important but all the
results provide the real answer.

To get the best results from
all the critical factors here are some critical factors that can make a
business successful. Increasing the Market share through the customers already
part of the business and involved. To be service oriented when working with all
the customers. Try achieving order fulfillment through all online process
improvement. Arranging rewards with the employees to increase employee
satisfaction. Many
organizations are forming business alliances to quicken the pace of and reduce
risks associated with innovation. Yet by some estimates, 70% of these alliances
fail.

In
this Dissertation I have put together a questionnaire where I will be looking
at different people’s views on how to come a successful business and what kind
of things they has faced while introducing the business and if it has been
successful.

1 https://www.huffingtonpost.com/isabel-rimanoczy-edd-/what-is-the-purpose-of-bu_b_7100126.html

 

2
https://www.theguardian.com/small-business-network/2015/jul/31/six-ways-become-entreprenuer-business-idea

3 (Contributor, 2018)

4 http://www.businessnewsdaily.com/4161-definition-business-success.html

 

5 smallbusiness.chron.com. N.p., n.d. Web. 10 Jan. 2018.

.

6 smallbusiness.chron.com.
http://smallbusiness.chron.com/business-success-definition-3254.html (accessed
January 10, 2018).

7 (Anthony et.al 1972).

8 http://smallbusiness.chron.com/business-success-definition-3254.html

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