Starting up a Small Business, Essay Example

Key Factors

After watching the videos on YouTube, it is obvious that the key factors related to starting up a successful small business venture includes 1), knowing how to make and sustain profit, 2); striving to develop new products or services while focusing on existing products and services; 3), keeping overhead costs at a bare minimum; 4), knowing how to keep customers coming back for more; and 5), maintaining the satisfaction of high-end and middle-range customers, retailers, and manufacturers.

Of course, knowing how to make and sustain profit is the foundation for business success, for without profit, a business is doomed to failure and the person that is attempting to start the business will end up with nothing for his efforts. Also, developing new products and/or services to complement existing ones provides a competitive edge compared to other businesses that fail to do so. Closely linked to profit is keeping overhead costs low, for the more one has to spend to maintain overhead, the less profit that is made.

Also, profit is closely associated with maintaining a customer base, for without a sufficient number of paying customers, profits eventually will tumble, not to mention the reputation of one’s business. Lastly, keeping customers satisfied is perhaps the most important key factor, due to the fact that unsatisfied customers will simply go someplace else for their products and/or services as consumers. Of course, there are other important key factors associated with starting a successful small business; however, the above five factors must play a major role in establishing a small business and keeping it solvent if for no other reason than because they are based on common sense and the lifelong and often hard-fought experiences of successful business entrepreneurs.