Business Opening

811 Words4 Pages
Opening up a business may be one of the hardest things one can do. There is a great amount of effort that goes into creating a business and even greater effort to make it successful. Before opening a business, owners are obligated to keep fresh, open ideas, have good management, and being able to financially sustain their business. Even this may not be enough to create a striving, successful business. There are many factors that go into whether a business is successful or a failure. One of the main reasons why small businesses fail is because of the owners/entrepreneurs themselves. This mainly goes for poor management skills that bring businesses to their demise. Owners who are stubborn, greedy, and self-righteous often don’t do what’s…show more content…
Also, all successful businesses must know how to give the people what they need. Social networking is a great way of finding out what consumers need and what they are mostly looking for. It is also a great way to advertise products/services that they are offering and persuading the people to buy from them. Blockbuster has come a long way since its beginning in 1985. They were once the leading competitor in the movie distribution business, but came to a downfall due to some mistakes. In theory, Blockbuster was bound to fail due to technological advances that would hurt them. Blockbuster was not able to adapt to these changes, and continued to invest more money into this declining business. According to the article “Blockbuster Bankruptcy: How bad business Led to Demise”, the company filed for bankruptcy just weeks before its 25th birthday. Instead of getting out while they could’ve, their managers decided to waste more money on schemes to attempt to keep the business alive. Netflix is one of the most popular movie franchises in the world, if not the most. Something as simple as renting movies has been able to become a multi-billion dollar business in a matter of years. It may seem like it all happened overnight, but in reality it took Netflix years to become as successful as it is today. According to the “Secrets of my success: Netflix” article, the genesis of the Netflix idea came in 1997. It started off as a movie-rental business in the mail and quickly
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