Case Study : Successful Business Enterprise

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This report provides a researched investigation of the successful business enterprise. It will include describing a business and the factors that may contribute to a successful business, explaining how a business may respond to change in order to remain successful and discussing the challenges and barriers that businesses face at the present time. Information found includes primary and secondary resources in the form of websites, interviews, biographies and books. Diagrams and figures will also be included as well as extra information which will be located in the appendices. A contact detail form will also be included to show who and when business owners were contacted. Factors contributing to successful business For a business to be successful, many different factors need to be taken into account in order to have everything that is needed. By contacting LUSH Fresh handmade cosmetics, I was able to get an idea into what they believe for is important for their business. Unfortunately LUSH was forced to close down as a result of cutting back and the economy so they decided to have a fresh start with this time adding a ‘we believe’ section to their business for customers. (Figure 6 shows things that make a successful business) Factor one: A successful business is made up of different factors. Making a business plan is one vital factor which contributes to a successfully ran business. Figure 2 and 3 show what needs to be included in order to be a successful plan. In businesses, a plan needs to be conducted which allows the owner, employees and others to communicate the visions and goals of the business. This includes market research and thorough information about advertising strategies, the targeted audience, staff, hurdles and obj... ... middle of paper ... ... Poor use of support services Economic downturn Taxes Change in policies Insufficient capital Partnership issues Lack of experience Not enough sales Staff difficulties Under-insured Xtreme- kites and paddle board owner, Scott Easton , believe one of the main challenges he faces is the retail side ‘it’s hard to compete with Online sales but that’s where knowing your products & back up service comes into play. I think that online shopping needs to be addressed in schools to try and change the attitude of the younger generation as it’s their future jobs at risk!’ Another challenged that Kim Power Photography faces is having enough time in the day, and ‘balancing work and home life.’ This can be a struggle for all people, as some may have kids or family members to look after which means they cannot devote all of their time to their business.

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