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There are various factors that contribute to business success and a few of them are discussed in this article. Building a business is like building a house, flying an airplane, and raising the child from cradle to maturity. It takes time, money and efforts. Before launching a business of your desire, you have to consider doing a couple of things step-by-step as summarized below:
1. Preparation: Starting and running a successful business is a great idea and can be exciting, like an adventure, a “bold undertaking: an undertaking involving uncertainty and risk.” That’s why it’s a “venture,” meaning “a business enterprise that involves risk but could lead to profit,” or a “risky or daring undertaking that has no guarantee of success.” Knowing this, you’ve got to get well prepared to launch into it. Prepare your mindset to receive the mixed grill, enjoy the fun and face the challenges with courage and determination. As an aspiring or budding entrepreneur, the risk involved in business is not to scare you away, but to better inform you of what you’re getting into. “To be forewarned is to be forearmed.” It’s for you to know that you’re undertaking a project of which success is not guaranteed, and so you have to do your homework very well to minimize the risk of business failure and maximize your likelihood of success.
2. Education and training: Your preparation should include quality business education and training (including lifelong continuous education), to gain and advance knowledge and skills for delivering the best quality product/service and be more competitive in the market. “Knowledge is power.” A business can fail due to lack of requisite knowledge on the part of the entrepreneur. Getting the necessary business skills training is an essential supplement in starting and running a successful business. Hands-on practice of what you’ve learned is also essential because “practice makes perfect.” You need more time focusing on understanding and applying the concepts and fundamentals of developing and managing a successful business. There are many free and low-cost business training centers, both online and in-class to get the basic training. To grow a sustainable business, you need a solid foundation of knowledge to build on; training and education provide just that.Learn more on www.team4corners.com sponsername is amewuga. You will love it.
3. Research: Thorough research is very important. Research provides you hidden information to build your knowledge and develop effective strategies. Before launching your new business, I would recommend you do your research or homework well. If you’re not patient to do it, leverage on someone who can help you at little or no cost because of your budget limitation. Research the product/service idea you propose to offer, the particular industry in which your business will operate, your target or potential market, competitors, suppliers, etc. Your research doesn’t guarantee success of the business however. Research helps you with gathering market information and intelligence, to make the right decisions, prepare a solid business plan, know a viable business, make a good business case, estimate the costs (including start-up and operating costs of doing business), and makes you smarter than your competitors who don’t do research.
4. Business logistics: Understanding and gathering your business requirements or resources is very important. The background work to gather your business logistics requires knowledge, effort and time management skills. It involves the process used to select suppliers and negotiate contracts for delivery of goods or services, streamlining and controlling the flow of products/services through the supply chain from point of production to the end user, the modes of delivery of finished products to the customer, and reuse of products and materials to reduce logistics cost, enhance service, and save natural resources. All companies including small businesses deal with logistics, your business will not be exempted.
5. Numbers: Business is a numbers game. You need to understand and know the rules of the game. Don’t overlook the numbers because there’s a message behind them; a coded language of business. You’ve got to learn to decode it to know what your business is saying to you. The numbers tell you how your business is doing; when it’s sick or healthy.
6. Planning: Proper planning is an essential element of a business’ success. To plan effectively, you need quality data; accurate, reliable, up-to-date and timely. An entrepreneur or business manager, who fails to plan, plans to fail. Do effective strategic and tactical planning. You need a “Game Plan” for success. Your planning helps you create a business structure and put a system in place. A business should have structure and systems to help it function effectively and efficiently and produce desired results. In a system, if something goes wrong in a sub-system, the entire system is affected, so it is in a business. You need to understand and master the key functional areas of business – operations, sales and marketing, finance, management/administration – to be able to know their inter-relatedness and interactions, and also the pulse and health of your business. The cash-flow is the life blood of the business, and the ability to generate customers fast will keep and sustain you in business. Marketing and sales efforts would bring in the customer’s money into the business. That’s why in business, the customer is the King. Without customers, you’re not in business, leading to business failure.
7. Early immersion: Early immersion of children into business and entrepreneurship will be very beneficial to them and society. There are opportunities and encouragement these days for young people to start and operate their own businesses, even while in school, like the Summer Company and others. Business and entrepreneurship journeys can start early in life, from the family setting, if the family has a business, and by including it in the school curriculum.
Advice for starting and growing a successful business
There are various factors that contribute to business success and a few of them are discussed in this article. Building a business is like building a house, flying an airplane, and raising the child from cradle to maturity. It takes time, money and efforts. Before launching a business of your desire, you have to consider doing a couple of things step-by-step as summarized below:
These seven (and other essentials not covered in this article) are critical factors for business success.

Financial literacy is the ability to understand how money works: how someone makes, manages and invests it, and also expends it (especially when one donates to charity) to help others.
In-depth knowledge of financial literacy is required to understand how money works and how it can work for you – even when you’re sleeping – by investing in profitable areas like the stock or money market. To understand money and how it works, it’s important to understand common financial literacy principles such as; financial goals, budgeting, investments, superannuation, contracts and employment models.
Research studies across countries on financial literacy have shown that most individuals (including entrepreneurs) don’t understand the concept of compound interest and some consumers don’t actively seek out financial information before making financial decisions. Most financial consumers lack the ability to choose and manage a credit card efficiently, and lack of financial literacy education is responsible for lack of money management skills and financial planning for business and retirement.
Most potential retirees lack information about saving and investing for retirement. Many people fail to plan ahead and they take on financial risks without realizing it. Problems of debt are severe for a large proportion of the population because of financial illiteracy. Youth on average are less financially capable than their elders.
Financial education can benefit consumers of all ages and income levels. For young adults just beginning their working lives, it can provide basic tools for budgeting and saving so that expenses and debt can be kept controlled. Financial education can help families acquire the discipline to save for their own home and/or for their children’s education. It can help older workers ensure that they have enough savings for a comfortable retirement by providing them with the information and skills to make wise investment choices with their individual pension and savings plans. Financial education can help low-income people make the most of what they are able to save and help them avoid the high cost charged for financial transactions by non-financial institutions.
Your level of financial literacy affects your quality of life significantly. It affects your ability to provide for yourself and family, your attitude to money and investment, as well as your contribution to your community. Financial literacy enables people to understand what is needed to achieve a lifestyle that is financially balanced, sustainable, ethical and responsible. It also helps entrepreneurs leverage other people’s money for business to generate sales and profits.

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First of all I would like to say good day to the respected teachers, parents and my dear friends. I would like to speech on the importance of education which is must to know by all of us. Education plays a great role in the life of everyone all through the life. Getting proper education is very necessary to get success and happy life just like food is necessary for healthy body. It is very important to live luxurious and better life. It develops personality of the people, provides physical and mental standard and transforms people’s living status. It promotes the feeling of physical, mental and social well being by providing better life. Good education is constructive in nature which constructs our future forever. It helps a person to improve his/her status of mind, body and spirit. It provides us lots of confidence by giving us bulk of knowledge in many field. It is a single and vital way to the success as well as personal growth.
The more knowledge we get, we grow and develop more in the life. Being well educated never only means to earn certificates and good salary from the recognized and reputed organisation companies or institutions however it also means to be a good and social person in the life. It helps us to determine whether something is good or bad for us and other persons related to us. The first purpose of getting good education is being good citizen and then being successful in personal and professional life. We are incomplete without a good education because education makes us right thinker and correct decision maker. In such a competitive world, education has become a necessity for human beings after food, clothe and shelter. It is able to provide solutions to all problems; it promotes good habits and awareness about corruption, terrorism, and other social issues among us.
Education is the most important tool offers inner and outer strength to a person. Education is the fundamental rights of everyone and capable of bringing any desired change and upliftment in the human mind and society.
Thank You