How to start a successful business

Despitethe fact that anyone can start a business, only a few individualswill be successful. This is because thriving businesses come alongwith challenges. For this reason, one requires to be disciplined,remain focused and perseverant. One of the failsafe secrets of makinga successful commerce is venturing in an industry that solves publicproblems. Nonetheless, several investors find it challenging toidentify opportunities that can be capitalized in building anenterprise. The objective of this essay is outlining the strategiesthat a prospective entrepreneur can exploit to develop a successfulbusiness.

Thefirst crucial step when starting a successful business is to plan,evaluate, and define the goals. This requires an individual to writea business plan, which is necessary, and allow one to experiment withthe business strategies on the paper. Secondly, an individual needsto have the relevant experience required for that business. Thiscritical step needs one to have worked in a similar business to gainthe relevant knowledge and skills. Furthermore, to start asuccessful business one needs to have built a strong network ofpeople who are essential in providing valuable business advice. Also,getting the help of professionals experienced with the rules of theindustry will be beneficial to the business (Jones 11).

Thirdly,before starting a business, it is wise to analyze the competition.Most importantly, one can study and learn from competitors andimplement some of their strategies. To succeed in business, anindividual need to keep detailed records as they help in establishingpotential challenges facing the business. Besides, hiring the rightemployees will be an advantage to the business. It is wise to employemployees who are motivated, creative, and possess the rightpersonality that fit with the business (Morris 10).

Finally,the ultimate aim of starting a successful business is to make profit.One can start small and learn from mistakes as the business growsinto a large and successful venture. More significantly, it is wisefor one to examine expenses such as rent and employee salaries sothat he or she can come up with the best price to cover those costs(Williams 15).

WorksCited

Jones,Emma.&nbspWorking5 to 9: How to Start a Successful Business in Your Spare Time.Petersfield: Harriman House, 2010. Print.

Morris,M J.&nbspStartinga Successful Business: [choose a Business, Control Your Business,Manage Operations].London: Kogan Page, 2011. Print.

Williams,Sonia.&nbsp$tartMe Up!: Over 100 Great Ideas for Starting a Successful Business.S.I.: ReadHowYouWant, 2010. Print.