TERM 3: BUSINESS ROLES AND BUSINESS OPERATIONS ENTREPRENEURIAL QUALITIES AND SUCCESS FACTORS PART 2

FACTORS THAT MAKE A BUSINESS SUCCESSFUL A business venture involves risks Factors that contributes to a business venture’s success : 1. Sustainability *can continue to exist despite set backs 2. Profitability *attracts investors and enables business to expand

3. Customer base *continuous customer base to sell to and must expand 4. A great idea *needs and desires of consumers 5. Competent workers *experts in their field, motivated and productive 6. Vision *where they are headed 7. Financial control *business failure

8. Ability to adapt to change *constantly subjected to change - threatening? *turn threats into opportunities? 9. Goods and services of quality *attract and retain customers 10. Keeps looking for new opportunities *improve and expand

I DENTIFYING AREAS FOR IMPROVEMENT Running a business is a continuous process = new ideas or improvement Tool to use to identify areas for improvement is a SWOT analysis. Businesses comprise of several departments/functions.

AREAS FOR IMPROVEMENT Purchasing function (Suppliers, purchasing process, quality, service) Production function (Safety of workers, effectiveness) Public relations function (Good publicity and staff training) General management (incentives to increase productivity and salary packages)

Marketing function (Draw up budgets for marketing and products must be appealing to target market) Human resources function (Recruit employees and staff training) Administrative function (Effectiveness) Financial function (Budgets and planning)