What are the essential elements of business success?

What are the essential elements of business success?

Elements of Business Success – Business success depends upon the following elements:

1.Determination and Achieving of Goals and Objectives

The major need for a business man to determination of objective and its achievement.

2. Proper Organisation

A successful business is to plan and set up a proper organisation. The hands of an organisation are its employees. Skilled experienced employees should be appointed so as to make the business run smoothly. Proper equipments are also very much required for the success.

3. Aequate availability of Capital

A businessman should estimate the amount of finance and should make adequate arrangements to obtain it before starting a business. Capital is the life blood of a business concern without it a business cannot run smoothly.

4. Careful Selection of Location, Layout and Size of Business

The location of the business should be selected very carefully to attain success. Business concern should be set up in such a place where everything required in business is available.

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5. Research Facilities

Expansion and development of business depends upon research. Before research work is undertaken, old method should be improved, new methods should be developed and product quality should be maintained.

6. Leadership

To achieve the goals and objectives of business, dynamic leader is required. A leader should have the qualities of honesty, firm determination, quick decision etc.

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