A Successful Business : Turn Your Passion Into Profits Essay

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3) Know what's going on in your business by tracking everything! This business success tip is sooooo important. Be in that elite 10% and do what they do...track all aspects of your business. I'll just say simply, If you don't track...you won't be in business for long. And this business success tip isn't glamorous. This is "in the trenches" stuff. The kind of work that only those that are willing to succeed will do. But, if you do it ...it will bring great rewards to you.

New companies are the key elements of any Economy. The U.S. Census Bureau in 2002 counted around 23 million firms and nearly 24 million business “establishments”. In 2006 an article, “The Seven Pitfalls of Business Failure,” noted that half of the new businesses fail within their first five years of operation. However, careful planning can help a company be a successful and profitable undertaking.

Every business owner needs passion and determination to make a business work. You need to anticipate what comes next and know the

If you are thinking huh? This quote made me stop and think, you do always need to improve your services, focus on your customers, and realize you can really make a difference in someone else’s life.

To run a successful business, you’ll need some expertise in your chosen industry, and a good working knowledge of sales, marketing, purchasing and human resources.

First and foremost, Gary analyzes the inspiration behind successful businesses. The first step in creating a new business is to identify your passion. Any successful business is based on purpose and enthusiasm. Once you have identified your passion, share it with others and allow them to get excited about it as well. Gary discussed

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Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

The importance of small businesses should not go unnoticed in our world as they provide the backbone to our economy and provide more jobs than one might think (Bagley, 2014). According to Entrepreneur Magazine and Forbes Online Magazine, there are roughly 25 to 27 million small companies in the United States (Bagley, 2014). This number accounts for a ballpark estimate of around 60 to 80 percent of all the jobs in the United States (Bagley, 2014). These modest industries not only account for the majority of all jobs but they are responsible for spurring on our economy (Bagley, 2014). The assortment of these businesses ranges from food service, retail stores, specialty venues, service providers, product oriented industries, or anything else that an entrepreneur can dream of owning. Despite the colossal number of active and striving small businesses, there’s an unfortunate rate of failure among those, starting up their own companies. For an example, in 2010 alone, there were 96,000 small industries that did not survive the year (Zimmerman, 2011). It’s unfortunate but the majority of all small businesses are unable to stay afloat and keep their doors open. After an extensive amount of research, there were three factors that stood out as being significant in the success or eventual failure of a small business.

Starting a small business can be risky. Problems may arise a few months or days after opening. These small, family owned businesses are struggling to keep their doors open. Some issues may arise while managing the business on a day to day basis. Whether the business has just opened or it has been open for years, most family-based businesses will have to face difficulties at some point in time. Small businesses often have trouble turning a profit because of the difficult economy and several factors that are that especially challenging for small businesses. Some of these problems are that clients that usually buy from small businesses are starting to buy from chain stores. The smaller businesses are not keeping up with costs compared to corporations, the rise of regulation rules is harder to follow, and technology is not being updated to the most recent versions.