Get premium membership and access revision papers with marking schemes, video lessons and live classes.
Processing. Please wait.

 Form 1 Business Studies online lessons on entrepreneurship

Causes of business success

 (4m 17s)
958 Views     SHARE

Download as pdf file

Answer Text:
Causes of Business success
-Proper location/availability of customers-The business should be situated in a place convenient for its operations e.g. where customers are easily available.
-Adequate finance/capital-Money is needed to acquire
other resources that are required by the business. A business that has adequate capital is likely to do well as it is able to finance all its operations.
-Lack of competition-Most businesses are put out of operation by stiff competition. Therefore, a business operating in an area where there is little or no competition is likely to succeed.
Commitment to business
-Right choice of business-A good business opportunity needs to be evaluated on the basis of ability to capture many customers, make reasonable profit for the owner(s) and provide an opportunity for growth. Making the right choice of a business or product ultimately contributes to the success of a business.
-Proper managerial skills-An entrepreneur should be able to carry out management roles effectively.
-Proper financial management-Proper management of finances is necessary for the success of the business.