The overall objective of this research is to study which the critical success factors that are necessary for achieving success for a small business in Kingdom of Saudi Arabia. Small Business Enterprise or Small-Medium Enterprise (SME), in today's business environment, faces a lot of daily major challenges. Balancing the SME’s effort to address these challenges can be an intimidating task, unless a systematic approach is identified and followed. Recently, SMEs started moving towards the utilization of business success which enables SMEs to learn how to continuously improve the utilization of resources to achieve better productivity and performance. Therefore, critical success factors are the quantifiable aspects of the fundamental requirements for the business success in the short and long term.
The most common reasons for starting a business according to the Small Business Administration are: to be your own boss, to accommodate a desired lifestyle, to achieve financial independence, to enjoy creative freedom, and finally to use knowledge or skills. Starting a business can be exhilarating and wildly fulfilling. However, it can be quite complicated, and may challenge you in ways you had not imagined. Knowing the challenges and problems you may encounter in your start-up can help you to prepare for the unexpected, and possibly help avoid common drawbacks. The SBA points out that many new entrepreneurs will have questions about where and how to begin because business owners trigger the production and sale of a new product or service.
Berkeley: Nolo, 2002 Governor's Office of Business and Economic Development (2012). Start a Business. Retrieved from http://business.ca.gov/StartaBusiness.aspx Dooley, J. (2011). Software Development and Professional Practice.
(2011). U.S. Small Business Administration. Business law and regulations. Retrieved September 8, 2011, from http://www.sba.gov/category/navigation-structure/starting-managing-business/managing-business/business-law-regulations SBA.gov. (2011).
As the saying goes, “It takes money to make money,” is that really true? People tend to think money helps with owning a business. Although money helps in the early stages, that is necessarily not the case. What is more important in starting a business is it takes a lot of determination, talent, and hard work. To increase the chances of businesses succeeding, take the time to explore and evaluate the business and what it will entail to succeed (Wade, 2001).
Who would not want to have the pride of having built something of their own and profits flowing into their bank account at the end of each and every month? (Dahl, 2011). In order to make such an “easy life” come true, there are several steps that must be taken carefully. There are plenty of ways to establish a small business but the most important ones are searching for ideas, drawing a business plan, determining the amount of capital, deciding the target market, building the business’ own brand and completing all the necessary legalities (Open Government License, 2013). All business plans begin with an idea.
But after experiencing workplace bullying, the most devastating experience any employee can be subjected to, I am willing to consider the risks. Bhide (1999) found in his research “most startups derive from individuals seeking self-employment rather than the conduct of an entrepreneurial effort to develop new products, markets, technologies, and so on” (p. 19). Starting a business involves planning, making key financial decisions, and completing a series of legal activities. In order to obtain start-up financing, an entrepreneur has to convince investors that the enterprise has intangible assets that have potential to generate cash flows in the future. In addition, he or she must convince potential lenders and investors the business idea is promising, the market accessible, the firm’s management capable, and the return on investment attractive.
These seven things should be considered for a business person will be successful in the business, the market, the economy, the finances, the ability to handle stress and back-up plan. According to Miles (2011), if a person is thinking to start businesses in his own the person needs to take time to be sure that everything is all prepared. Even if starting a business to every business person would be exciting they should take it slow since that there are many things need to be considered that could affect the business. These are the fact... ... middle of paper ... ...iness-the-basics/ Fuller, C. (1996). Entrepreneur Magazine Group.