The Path to a Great Business, Essay Example

The creation of this research paper is one that had to be done under extensive research because of the demanding requirements. “The Formulation to a Great Business” speaks about the specific mannerisms that are able to differentiate a business from a successful one to a mediocre one. What this means is that the research is able to prove what factors often times are responsible for making certain businesses more successful than other business within a geographical area. The manner through which this was able to be carried out effectively was by closely analyzing contributing factors that have worked before in all types of businesses. The businesses that were taken into account throughout the course of this research paper were numerous, such as small business, big business, along with businesses that have been around for a longer period of time when compared to other businesses.

As explained in the research, the most common trends that were seen within successful businesses is that they all had the ability to make workers collaborate with one another if they did not know certain aspects of how things should be run. In addition, there were many other contributing factors ranging from the kind of training that employees first received when they started working at a specific business to the kind of integrity and culture that a business has. These factors were all analyzed through the collection of data in order to describe the best case scenario and actions that a business could take in order to ensure long-term productivity of a certain business with specific products.

Keywords: business, successful, effective, long-term productivity

For businessmen, the greatest doubt of all is wondering whether or not one’s business will prevail in the near future or not. Despite the fact that there is no actual way to accurately predict the future, there have been found a number of characteristics that define the success of a business. These known methods can be applied to the majority of traditional businesses for them to invariably excel in whatever business that it is attempting to make a success. The problem with the topic at hand is that many times, individuals are not cognizant of what courses of action should be taken in order to have a successful business. Therefore, the purpose of this research is to finally uncover the mystery beneath what makes a traditional business progress overtime and what steps should be taken in order to gain financial independence.

The reason as to why it should be considered of greatest importance to make one’s business successful is in order to obtain long-term productivity. What this means in regards to the topic at hand is the fact that a business always hopes to achieve its best results as soon as possible. This is because if a business is successful in its early years, that can indicate a good business for years to come as well. Therefore, the factors that promote the attainment of long-term productivity for a certain business must be closely analyzed in order to comprehend why a business would want to be successful in the first place. The hypothesis at hand is that all business will hold central themes that make any given business successful. In other words, there is a “formula”, if you will, that determines if a business will be able to achieve financial success. If this “formula” is not heeded to, then a business will not be able to prevail in its own times of trouble.

To start off, research has proven time and again that certain risks must be taken in order for an individual to be able to achieve a certain objective within a certain time limit. However, the word “risk” should not be thrown around at ease. Taking a risk within a business can mean a variety of things, and it is vital that a business owner is cognizant of what kinds of risk he or she should take and which risks should be avoided at all costs. There are some risks that everyone should know will put the business as a whole in grave danger. These kinds of risks can often invade the privacy of other individuals, such as the Facebook privacy settings scandal. If a business takes too much of a risk, it can end up losing all of its profits, therefore ending in bankruptcy. While risk may scare a variety of business owners who believe that change is not necessary in an ever-fluctuating economy, it is no reason to accept the train of thought that risk is a bad thing.

As a matter of fact, risk can be the best thing that could happen to a certain business in order to be able to obtain a certain desired outcome. In order for these risks to take place in the first place, the business owner must know what he or she is doing before attempting to put one’s business at risk. If and when a business owner has realistic expectations of what can and ultimately will happen when that said risk is taken, then any losses and/or profits would not come as a surprise because they would have been accounted for by the business owner before any given risk was initially taken. All of this leads to the fact that taking risks are imperative for any given business to be able to reach long-term productivity.

In addition to taking risks, research has also indicated time and again that marketing and sales go hand in hand. What this means is that one causes the other. In this case, marketing often times yields a great increase in sales. To begin with, it must first be understood how important it is to have an effective marketing team in one’s business. Despite the fact that a small business might not be expecting to require a marketing team, a smart business owner would also set aside any given amount of cash in order to invest in a structurally-sound marketing team. The reason as to why this marketing team would prove to be a magnificent asset to any given company is because the team would know how to get the company’s products out on television, radio, and other communication outlets. Of course, with more individuals knowing about the product(s) that a given company would be selling within a set amount of time, the likelihood of there being an increase in the sales of the company would be greatly exponential.

In order for a marketing team to be completely effective, it must be understood that a well-formed marketing team would be able to identify what customer would best familiarize themselves with. On the other hand, the company would also need to know  when to use business-to-people marketing applications and when to use business-to-business marketing applications. What this means is that every type of organization and/or person would familiarize with a certain type of marketing in a different manner, so a marketing team must be able to identify those methods. If and when a marketing team is able to effectively portray a certain business to a variety of individuals looking to buy those certain products, they would be successful in their job and ultimately see a rise in sales.

The reason as to why there would invariably be a rise in sales due to a great marketing team would be because numerous individuals would be able to correctly recognize that kind of business that they would be buying products from. However, in order to have such an amazing marketing team for one specific business, the business must also have a team of advisors who are able to advise a business owner on the kinds of business operations that might or might not prove effective in terms of creating an atmosphere of long-term productivity. While having a team of advisors is not a requirement to have on a certain company’s payroll, a business owner must be able to recognize when his or her business could use some advice in order to better the conditions provided within the company. The reason as to why this team would prove effective is because it would be able to tell a business owner what he or she might be doing wrong with his or her company and why certain things are not working out as they should be within a set amount time. This type of advice would allow the business owner to see what things should be and should not be changed within his or her business.

Attitude and company culture have been found to be intertwined factors as to why a certain company might be more successful than the other over an extended period of time. The reason as to why having the right attitude towards certain outcome’s of one’s business is so vital is because of the fact that one must learn to be held accountable for one’s mistakes. For example, if an individual were to fail at a certain business procedure in an attempt to increase the business’ revenue, that individual should know that the only way he or she will be able to succeed in the near or far future is by being consistent and trying different approaches every time. If, however, this business owner did not have the right attitude towards failing time after time in his or her attempts to increase the revenue, this business owner would not prove to be very effective at his or her job. This would be due to the matter in which he or she might ultimately quit after the job would get a little too difficult for him or her.

In addition, what is important to keep in mind is the fact that a company’s culture speaks volumes about the kind of company that is being run. For example, if a company were to promote certain religious causes, then all atheists would never set a foot in that business. On the other hand, if the business were to say that they were against all religions, then they would be blocking off all kinds of individuals from ever purchasing products from the business. Often times, what works is for a company to try stay neutral about a variety of things. For example, a business could say that it prefers to not affiliate itself with any religious causes. This executive decision would allow the business to gain popularity within religious individuals as well as atheists. If, however, a business were to feel extremely passionate about a certain aspect that some individuals might not like, it is at times okay for a business to side with something. This would prove to be a smart move specifically if the things that the business advertised and sold were directly affiliated with the thing that they stood behind 100%. This would go to show that the company has a great culture in its past and that it will always put in its best efforts in order to be able to stay true to its customers.

The purpose of this research was to finally uncover the mystery beneath what makes a traditional business progress overtime and what steps should be taken in order to gain financial independence. After the extensive research was effectively carried out, it is not difficult to see the manner in which certain business are more profitable in a short amount of time when compared to other businesses because of the manner in which the business owners understand what actions must be carried out. What is being said here is that a business owner plays a key role in the kind of business is being run and what the business will become in the next couple of years. Therefore, it is extremely vital that a business owner is aware of what he or she is doing before carrying out certain actions.

This research paper has been able to prove the hypothesis correct: “All business will hold central themes that make any given business successful. In other words, there is a ‘formula’, if you will, that determines if a business will be able to achieve financial success. If this ‘formula’ is not heeded to, then a business will not be able to prevail in its own times of trouble.” Despite the fact that there are many other factors that could certainly play a huge role in the success of a business (i.e., the kind of investing that the business first receives from other individuals), the variables do not matter much when there is a given formula that should be followed. It is without a doubt that if and when individuals begin to understand that despite the fact that all businesses are different, they all have common characteristics, the sooner individuals will come to realize that they must follow certain guidelines in order to make their business a successful one.

Of course, there are many factors that could affect the successfulness of a business (factors such as location and the number of people interested in the certain business’s product), but when a business has the certain factors that have been elaborated on, the business should prevail. The research that has been carried out throughout the course of this research is that the majority of the successfulness of a business all relies on the business owner. His or her attitude and unwavering fighting to keep moving forward despite all of the struggles and failure that might arouse along the way are what allow a business to be able to achieve long-term productivity.

It has been able to be proven effectively how those companies who are more willing to take certain risks ultimately achieve financial independence in a  faster time period. When certain companies were analyzed, such as why Walmart and Target continue to thrive in their respective area of expertise, it was easily seen how they were able to reach a national business level through their networking connections as well as their desire to continue moving forward despite how difficult things could have gotten for them. Clearly, this is the kind of attitude that should be adopted by all companies looking to expand. Data has long indicated that the most successful small businesses are those which are not afraid to fail. While this correlates more directly to the business owner, it is very true that a small business must always be ready to love everything but still be willing to pick itself up and try again. Therein, it does not come as a surprise to learn that only about fifty percent of small business are able to survive after the first set of years. There are just too many businesses that are not aware of the data that their business will most likely increase over different periods of time. Data has indicated that WalMart, for example, is able to be successful because it “Offer shoppers lower prices than they get anywhere else.” This kind of opportunity is vital for companies to truly be successful. Target, on the other hand, has made it a point to put aside cheapness and choose to prioritize style and fashion. Speaking in terms of the same perspective, there are companies such as Nike, Addidas, and Reebok who claim that they have been extremely successful in terms of being able to reach out to their audiences in an effective manner because of their culture and endorsements. In this case, endorsements have been a huge deal for athletic companies because if these companies are able to get ahold of the greatest athletes in their own respective area and get them to wear the advertised brand, then sales will invariably go up.

Other brand names such as Calvin Klein, Michael Kors, Fossil, Gucci, and Ugg are so successful because they are able to meet the demand’s of certain kinds of customers. These brand names are able to recognize that their customers are only a specific group of people, not the majority. By being able to comprehend this, sales shoot through the roof because the companies focus their short-term and long-term goals on providing for their area of customers, as opposed to trying to make everybody satisfied. Speaking in terms of smartphones, it is easy to see why Samsung’s sales have been able to reach Apple’s sales when compared to previous years. Below is a graph indicating how Samsung has been able to reach Apple in terms of their smartphone sales.

As indicated by the graph, Samsung has been able to exceed Apple sales in the previous quarters. This has been due to the manner in which Samsung has listened to their customer’s needs and turned them into demands. They have been able to give customer’s more of what they want. Here, what Apple is doing wrong is that they are simply going off doing what interests them without taking heed that they have customers to attend to.

Of course, Google and Facebook must be talked about in this research. What is amazing about these online services is that they meet the requirements that individuals are constantly looking for. These two companies pay close attention to what their customers want and what they do not want. Overall, these companies have been able to figure out that the services they provide must be entirely adherent to the kind of services that their customers expect to have from them at certain times. In addition, these companies often times find different ways to do certain things, which allows them to innovate and be creative. They are all about choosing action versus inaction.

Because of the great attitude that these companies have, they are able to have millions of visitors day by day, at times reaching the billion mark. So far, it is indicative of the fact that being able to recognize what certain customers want from their business is what makes them successful.

The last companies that should be analyzed in order to prove this research without error will be J.P. Morgan Chase & Co., Bank of America, Johnson & Johnson, Intel Corporation, Lowe’s Companies, The Goldman Sachs Group, Inc., American Express Company. While it may be difficult to recognize what all of these companies have in common at first, after careful analyzation, this inquiry becomes ever-so clear. Every one of these companies is able to keep their business simple in the eyes of the customer. The reason as to why this is such an important aspect to having a vastly successful business is because if a customer were to be intimidated by a certain business, then he or she would most probably not approach such a business. Regardless of the fact that these companies are extremely distinct from one another and that they offer very different services, they are able to associate with one another because of the manner in which they are able to convey their business effectively to their customers. After this extensive research, it should now be easier for the common man to understand what actions and procedures must be taken so that one’s business can be as successful as the next. This kind of research allows for many individuals to have a guideline as to what they should expect to do when thinking about starting a business. Despite the fact that not every single business question and doubt has been answered through this research, it provides one with guidelines as to what is necessary to have a prevailing business. Hence, answer to the primary question “ What makes a traditional business be able to stand other from a pool of other traditional businesses? “ is simply “The Business Owner.”