Good Knowledge - Key to Success

The first and most important thing you need, in order to succeed in a small business, is good business knowledge.

It is believed that at least 90% of all small business failures can be traced to the fact that the business owners had little or no knowledge about how to run a successful business.

Obtaining this knowledge can involve you (as the business owner) taking a small business course or reading up on all the areas involved in starting, running and growing a business. One of the most important things you have to do when you are desirous of starting a business is to calculate the feasibility of your idea.

You need to do a feasibility assessment and if this shows that the business has no likelihood of making a profit, then it has to be set aside.

A small business owner can avoid many mistakes and he/she will not know about this without that knowledge. Good business knowledge plays such an important role in determining success or failure that it would be a good idea for the government to bring in a simple registration process, where no one can start a business without passing a very basic exam on how to set up and run a business.

Talent or skill is not enough to guarantee success. Have a great vision plus the resources and capital would help.

In the end, however, success will be determined by the ability of the business owners or the managers to put all the areas of a business together; from production to sales, to marketing, to accounting and finally to completion of financial accounts.

If you are contemplating starting a business, it is recommended that you do not do so until you have educated yourself on the basic knowledge of business operations.

© 2005 StartRunGrow

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