Critical Components of a Successful Business

In: Business and Management

Submitted By johnnybronco
Words 1541
Pages 7
Critical Components of a Successful Business
University Maryland University College

Professor Jerry Griffin
BMGT 110

What Are Some Key and Critical Components of Running a Successful Business?

Learning how to run and operate a business can be a big and daunting task. Many small businesses don’t even turn a profit for months or even years, and even if they do there is no guarantee that they will be around in a few years. Most of these small businesses, about 70 percent survive the first two years but after that the numbers decrease to “50 percent by the fifth year mark, and by the tenth year 82 percent have closed” (Boone & Kurtz p.152). If you want your company or business to succeed and grow you need to know a few important factors that will help it and they are: dynamic business environments, critical business functions, integration of individuals and systems, and ethical and social responsibilities that confront a business.

To start a company you need a plan, capital, and a location to start the company, but once you get those you need to be able to have a dynamic business environment. A dynamic business environment is characterized by the ability to respond to changing trends. One of these changes could be the aging of the population and its shrinking labor pool. As stated by Boone and Kurtz, “that by the year 2030, the number of U.S. workers 65 or older will reach 72 million, taking their experience and expertise with them” (pg. 20). Which means employers must find new and more sophisticated technology and people with more advance skills to help and replace the ones they are missing. Another area is that a business must respond to is the information systems changes. Computers systems are always in a state of change. Once they came up with one type of software, somebody else has already started trying to develop a new software system…...

Similar Documents

Business Solutions of a Successful Restaurant

...Business Solutions of a Successful Restaurant CIS 207 April 30, 2012 Vickie Martin Business Solutions of a Successful Restaurant Taking on a task to simplify, streamline, and update a company’s business process or more appropriate, the company’s technology-based support and service, is not one on the easier side. Darden Restaurants took on this task in 2005 as it was faced with acquiring solutions to its growing and success. There were many changes that needed to be made but executives within Darden knew that restaurant operations were at the forefront of the updating which meant that they were in need of a serious overhaul of the company’s POS system and back-office support systems. At that time they were using dated Microsoft applications such as MS-DOS and Windows NT server operating systems. These were fine and acceptable the decade before when they were integrated. With the growth and goals that Darden wanted to achieve, a new solution was needed. In the end and looking toward the future, “Darden wanted to reduce the time and cost of maintaining its aging point of service devices, as well as a way to save time and cost of deploying devices to new restaurants.” (Microsoft, 2007) To accomplish this task, Darden asked the assistance of its in-house IT guy, Bob Gentry, whose title is actually Director of Strategic Initiative. The director was able to review many options before choosing a direction to take, but with the help of their hardware supplier, NCR,......

Words: 829 - Pages: 4

Business Communication and Critical Thinking

...Business Communication and Critical Thinking XBCOM/275 In today’s competitive business world and difficult economy, effective communication is more essential than ever before. It is the foundation in which companies and careers are built and success in made. Communication between Managers and their subordinates is crucial and important that the proper message is received and interpreted correctly to avoid frustration and ensure organizational success. One form of communication is called Demonstrative communication; it includes nonverbal and unwritten communication and involves such things as facial expressions, body language, and tone of voice. The message we send through our body language conveys emotional information. A face can light up with enthusiasm and approval. It can express confusion and displeasure. Your eyes express joy, sadness, anger, or confusion. Your posture can create a feeling of a warm welcome or cold rejection. For example the crossing of arms portrays a feeling of rigidness while gathering up your belongings and reaching for your purse signals a desire to end the conversation. Finding the words to say when delivering a message is only part of the communication process. Your body language speaks more than you care to think to your intended target, and it captures the audience’s attention so that they can take in and analyze the point you are trying to get across to them. As mentioned before your facial and body expressions......

Words: 781 - Pages: 4

Does a Business Need to Be Ethical to Be Successful?’s least ethical retailer. With reference to Primark or any business you have studied, to what extent does a company’s ethical stance determine its long-term success? [40] The ethical environment - The moral beliefs and attitudes from both inside and outside a business that influence its behaviour. Due to the current economic environment, many businesses are being forced to fight for survival and they therefore lose focus on long-term success and instead focus on short-term success. However the larger companies, which are blessed with sufficient finances and stability, such as Marks and Spencer and John Lewis are focusing all their efforts into improving their reputation, brand, revenue and costs all in hope of securing long-term success. In order to improve their reputation and brand image they are more than ever before, adopting ethical business practices including ethical sourcing, marketing, pricing and treatment towards employees. However, despite this positive move in the right direction from some businesses, others are being forced to seek success through other, unethical means such as unlawful treatment towards employees, unethical means of advertising, pricing, selling, contracting, sourcing and overall failing to meets the current laws and legislations, causing them to gain bad publicity and tarnished reputations yet, in some cases such as Amazon and Primark, they have managed to not only remain successful but thrive. The reason for this is that an......

Words: 2027 - Pages: 9

Management Strategies and Building a More Successful Global Business

...Final Paper – International Management (2012-08-MAN-372-OL011) Management Strategies and Building a more Successful Global Business Introduction Globalization is a powerful real aspect of the new world system, and it represents one of the most influential forces in determining the future course of the planet. It has manifold dimensions: economic, political, security, environmental, health, social, cultural, and others. The focus here is on the concept of "globalization" as applied to the world economy. International expansion is simply about smart preparation and well-thought-out execution; it can be enticing and highly profitable, but only if you do it right. If you don’t plan for tax exposures, business model alterations, and international corporate structure in advance, then you’re setting yourself up for an uphill battle at best — and failure at worst. With the increasing trend of globalization, industries are rapidly expanding into the international market. With no exception, many U.S.-based companies are expanding beyond the home country despite the risks. Why is international expansion important? A company can grow by exploiting overseas market opportunities and imperfections through internationalization, and growth has a positive impact on the firm performance. In short, international expansion can be profitable to companies. Moreover, why is the relationship between international expansion and firm performance important? Ultimately, a company’s......

Words: 3379 - Pages: 14

What Is E-Commerce? the Key Components to Establishing and Providing a Successful E-Commerce Solution Within an E-Business Environment.

...ASSIGNMENT 2 16/04/2012 What is e-commerce? The key components to establishing and providing a successful e-commerce solution within an e-business environment. CONTENTS CHAPTER | PAGE | Introduction & Aims/Objectives of assignment. | 3 | 1. What is e-commerce? | 5 | 2. E-environment | 6 | 3. Establishing an e-business. How to support an e-business? | 9 | 4. E-business systems: infrastructure of hardware and software | 14 | 5. E-Logistics: Supply Chain & Procurement | 17 | 6. E-Security: Protecting and e-business & its infrastructure | 19 | 7. E-Marketing: How to push your e-commerce business using marketing tools online. | 21 | 8. E-CRM: Managing customer relations online | 24 | 9. The future of e-business | 29 | Conclusion | 31 | Bibliography | 34 | Introduction: Through this assignment I will be discussing the use of e-commerce in modern retailing. This essay aims to explore: What e-commerce is, the infrastructure needed to establish an e-business and the wider impact of e-commerce on the traditional business and retail environment. These aims will outline the main effects of e-commerce on a business. These will be achieved through: * Outlining the origins of e-business * Assessing the external impact of e-commerce on the environment & traditional retailing. * Examining the implementation and sustainability of an e-commerce business: Systems, Structures & Costs. * The......

Words: 9784 - Pages: 40

Traits of Successful Business Leaders

...There are many traits that can make one successful in any aspect of life. There are certain traits that make one a leader. If combined in the right manner, these traits can result in a successful leader in any field. When combined with a further knowledge of business, the combination of these traits would most likely result in a very successful business leader. Hardworking, networking, efficiency, and charisma are just some of the few common traits of successful business leaders. Success can be defined as achieving wealth, respect, or fame. Certain people will go to extraordinary lengths to be successful. In terms of business, this means finishing work on time, and remain consistent is common among successful people in any field. (Kirkpatrick, 1991, p. 49). Leadership is when an individual influences people in a group to achieve a common goal. One might think that being overconfident and a bad listener as a leader might be harmful for any company, while others might think having empathy and good listening skills will be worse for the company. performed a factor analysis to determine which type of leadership was better by breaking down into several different categories. The categories were hiring, developing, removing underperformers, respect, efficiency, networking, flexibility, and integrity (Kaplan et al.,2012, p. 4). Hiring the right person for any job or spot in any given group is very important for a leader. The right recruiting and the right vision for the......

Words: 522 - Pages: 3

Business of Communication and Critical Thinking

...Toshiba White August 30, 2013 Demonstrative Communication Paper Business of Communication and Critical Thinking Prof. Joel Maier Communicating is something we do every day, it is a big part of our personal and professional lives. Being able to communicate effectively is a form of growth. Communication is something we do to pass on information from one person to another person. This information can be passed on via verbal, written as well as body language. Communication is a very important thing, without communication you cant have any type of relationship whether personal or professional. When communicating, there is a sender and a receiver. The sender needs to make sure the information is being delivered in a way that the sender understands everything. If the sender isn’t clear with the information they send then the receiver can do the wrong thing, gather the wrong information or pass on the wrong information. There are four types of communication verbal (spoken), non verbal, written and visual communication. Verbal communication is using words face to face, or over the phone, or hearing it over the radio or television. Non verbal communication involves body language, facial expressions, or sign language. Written communication is passing on messages via email, an old fashioned letter in the mail, a chat on facebook or email and text messages. Visual communication is seeing things on the television, or even using the computer camera to skype which would also......

Words: 574 - Pages: 3

A Comparison of Successful Business Men

... A Comparison of Two Successful Business Men Northcentral University 10-05-2013 A Comparison of Two Successful Business Men Michael Dell started Dell Computer Corporation officially in 1984 (Krames, 2003, p. 58). Within four years, his company went public and raised $30 million in its initial public offering (Krames, 2003). At the age of just 27, he became the youngest CEO of a fortune 500 company (Krames, 2003). His ground-breaking success was due to an innovative business model that most other companies across many industries have still not been able to duplicate to this day. He believed the customer should be the driving factor in his product development, inventory procurement and product distribution. Every step in his supply chain was based on the initial consultation with the customer. He listened when they told him exactly what they wanted and he delivered a product meeting or exceeding their expectations. Andy Grove started out as Andras Grof, a Hungarian Jew that survived the Nazi invasion during World War II (Krames, 2003, p. 134). Krames (2003) recounts that Andy fled to the United States in order to escape the Nazi hordes and taught himself English. Krames (2003) further illustrates that Andy worked his way through college and eventually graduated from Berkeley. In the late 1960’s, Krames (2003) explains that Andy cofounded a small high-tech company named Intel. His paranoia from his previous life bred the one major factor that......

Words: 925 - Pages: 4

Erp- Facts, Benefits and Critical Elements for a Successful Implementation in Small Manufacturing Company

...Enterprise Resource Planning - Facts, Benefits and Critical Elements for a Successful Implementation in Small Manufacturing Company Azhanorhisam Che Din 1. Introduction Imagine a world without technology, and imagine a company without Enterprise Resources Planning (ERP). Perhaps we can still survive without technology, but without ERP, a company may fail to remain competitive as they fail to respond quickly to new practices and procedures. Indeed, a company who quest for competitive advantage in this era of intense competition where business entities compete for innovation, expanding customer’s expectation and internationalization of markets, a company regardless of their size must have a reliable ERP to support them. ERP has proven to be an effective tool for competitive advantage as ERP help to delivery products of the highest quality on time, as quickly as possible and at the best price. Davenport (1998, p.121) suggests that “ERP appear to be a dream comes true as these software promise the seamless integration of the information flowing through a company. Markus et al. (2000) defines ERP as commercial software package that enable the integration of transaction oriented data and business process throughout an organization. The purpose of this paper is to discuss facts about ERP, its benefits and the critical success factors in ERP implementation especially for small manufacturing companies, which is in this paper, will sometime refer to small and medium-sized......

Words: 3119 - Pages: 13

Critical Analysis of How Successful People Think

...Critical Analysis In the article How Successful People Think, Roger Martin explores the way successful leaders come to new ideas and solutions to their problems by embracing “integrative thinking”. He explains it as having a capacity to hold two opposite ideas at once and finding a middle ground that is superior to both. Even though this article was published in Harvard Business Review and it’s target is educated audience (mostly in business field), language and style of writing are articulate and clean. Author does not use over technical words or examples that common person wouldn’t know. Title is bold, bright and hard to miss. Pictures are set up to be inviting and on the point (brain, light bulb). Writer is targeting people who have a wish to improve their leadership skills and recognizes that this quality is spread throughout all social classes and educational levels. His tone is light, supportive, conversational and readers can tell that author is personally involved in the subject: “… wisely, I might add…”,”…I have interviewed…”. In conclusion of the article Mr. Martin’s voice turns even more declamatory: “But I refuse to believe that the ability to use our opposable minds is a gift reserved for minority of people…” Roger Martin is the dean of the Rotman School of Management at University of Toronto. His passion for the subject is undeniable, but evidence he presents appears personal, weak and contradictory. He claims that “…(successful leaders) share somewhat...

Words: 840 - Pages: 4

Bus311 Keys to a Successful Business

...Running Header: Keys to Operating A Successful Business 1 KEYS TO OPERATING A SUCCESSFUL BUSINESS RAVINEEL CHAND BUS 311: BUSINESS LAW INSTRUCTOR: ANTHONY PEREZ 11 AUGUST 2014 Running Header: Keys to Operating A Successful Business 2 When it comes to successfully starting and running a fireworks business, one of the most often asked question is “What tools are required to run a successful business”. Fireworks themselves are serious business and to start and successfully run a fireworks business is not as inherently easy as it seems. This paper will attempt to explain potential personal liability for injuries sustained by consumers when using this product incorrectly. It will also analyze the formation of a contract between Acme fireworks and several large retailers inquiring about Acme Firework’s Company’s ability to fill large orders on a regular basis. Along with that, it will also analyze the different employment types and finally recommend a new business entity based on the facts provided. Being personally liable for injuries to consumers who use Acme’s products can be best summarized as in the event a consumer is injured while utilizing Acme’s products, should they win the case in court , the judgment or settlement can be satisfied out of the personal assets of the owner of Acme Firework’s Company. “Strict liability, called liability without fault, means that manufacturers, distributors, wholesalers, retailers and others in the......

Words: 2773 - Pages: 12

Critical Thinking Business 1000

...Imagine you are considering starting your own business. 1. What kinds of products or services will you offer? One of my favorite things to watch is soccer, specifically the European leagues. When I travel I have found it difficult at times to watch the games I want and it could just be me but I haven’t found a website that covers all the leagues. Some sites cover certain leagues but not others. I would provide a website that covered all European leagues, Asian leagues, South American leagues and the US. 2. What talent or skills do you need to run the business? I would need the skill to run a streaming website and be able to manage and negotiate broadcast rights for the various leagues around the globe. With that in mind I would need an understanding of business practices in all the countries that have leagues. 3. Do you have all the skills and resources to start the business, or will you need to find one or more partners? If so, what skills would your partners need to have? I would have to find more than one partner. With the rapid communication of the internet I think it would be possible to run the operation from a single country but to help with the streaming we would have to have server sites around the globe to help with the data flow as well as have a human representative familiar with the countries business practices be able to answer and respond to questions or problems quickly. 4. What form of business ownership would you choose-sole......

Words: 316 - Pages: 2

Business Law Components

...offer. Example: Offer made in Jest – An offer made as a joke. Not a valid offer. “Invitations to Negotiate” – Most advertisements are not considered to be offers. They’re only thought of as “Invitations to Negotiate.” The customer makes the offer. If offer is “first 20 people in get free t-shirts” is an offer. To be a valid offer, it has to be: 1) Sufficiently definite 2) Has to be communicated “Incorporation by Reference” – Incorporation by Reference is a very helpful way to make a contract clear and sufficiently definite. When you refer to some outside document in your contract and by doing so you make that outside document a part of your contract. Page 263 example “Requirements Contract” – I will buy all the ‘x’ components that I need to make my product (x can be radios, tires, whatever is needed is needed to make the product) “Output Contract” – I’ll buy however much you can make / entire production Requirement and Output contracts are indefinite in nature. They’re very common in manufacturing. The offer has to be communicated. Until it is communicated, it is not a valid offer. (Example: If you have no knowledge of the offer, you can’t claim the award (Fifi dog)) Offer is only effective when it is received. Offer is not effective when it is mailed, only when received. Termination of Offers: (pool) 1) Revocation (by offeror) 2) Rejection (by offeree) 3) Counter Offer (by offeree) 4) Lapse of time 5) Death or disability of......

Words: 3071 - Pages: 13

Successful Leadership in Business

...Successful Leadership in Business Successful Leadership in Business Liberty University Rachel Lake February 21, 2012 Abstract Successful leadership is motivational and interpersonal behavior within the organization. Effective leadership involves delegation of authority to the subordinate in an influential demeanor. In preparation of teams, managers assist by leading for the better achievement of the team. Successful leaders build and maintain a team that out performs its competitors. Survivability is one main focus of businesses today. There is no secret method or mysterious formula to become an effective leader. Trial and error is the process that determines whether a leader is a success or failure. Never stop learning and with practice your can increase your success in leadership. Introduction Successful leadership is a never ending learning and creative process of influencing others. You cannot call yourself a leader simply by achieving goals. Instead it is the long term ability to encompass all of these elements; being aware of your thoughts and actions, behaving in a way that encourages others to follow your behavior and inspiring others to improve upon their actions. “For success it is not enough to understand the industry, the technology and business models.” (Rizzatti 2005) Successful leaders have the expertise required for a position but also influence unity towards organizational goals. Any manager or leader, who strives for success, should acquire...

Words: 2068 - Pages: 9

Business Critical

...Importance of cell phones for sales representatives Name 1 Name 2 Name 3 Name 4 University of North Alabama Executive Summary          The nexus one and the android operating system make it a great phone to have. The only downfalls are the short battery life and the service provider it is under. The phone is great otherwise because of its internet capabilities and just being an all around great smartphone. Its screen resolution is really good for a touchscreen and it already comes with a four gigabyte memory. All around this phone has everything that someone needs to stay in the technological era. Blackberry phone is one of the most popular phone in United States, it one of the most useable phone in the business world. The blackberry phone is made for business purposes but it has become very popular in commercial purpose. Today blackberry holds a very high reputation in mobile market. Blackberry has very unique features like being able to go on internet and check your e-mails, download music etc. It has sprint blackberry very good service nationwide. Thus sprint blackberry phone can be very useful phone for the company. The Droid has many useful features to offer its users. The Droid offers voice command capabilities, which allows its users to navigate through traffic while locating directs, read important e-mails and even place phone calls. This smart phone has two different types of keyboards, which is beneficial to those consumers who have difficulty......

Words: 2605 - Pages: 11

Watch Episode | Cook Islands | World of Tanks Blitz