An Essay written by a group of students of English
Topic: Key factors to running effective and successful business.
Some people prefer running their own business rather
than working for others. As a business man, one needs to know what factors that
can lead their business to prosper. I believe that a successful business
depends upon three important factors-clear business plan, capital and
knowledge, skills and experience.
One of the factors that leads to a successful
business is to have a clear business plan. It is important for every business
to have a definite, clear plan. The plan covers capital, human resources and
materials needed to run a business. With an accurate plan, it will not waste us
time and money and we just follow what are mentioned in the plan. In short, it
is necessary for every business to prepare a very good plan ahead of running
the business.
The second factor that makes you succeed in business
is having enough capital. Without sufficient capital, one cannot launch a
business because the establishment of businesses is to do with cost or expense.
We need money to support the business operation such as buying materials,
paying building rent and tax, giving pay for staff and many more.
The final important element that brings prosperity
to a business is having knowledge, skills and experience. In doing a successful
business, we cannot keep doing the same thing and having the same idea. We need
frequent changes to our place and policy so as our business progresses well. In
order to bring changes and develop, one needs to be knowledgeable.