Success factors in an enterprise

Name

Institution

For an enterprise to become successful, there are factors that an entrepreneur must take into consideration. Many new enterprises fail to go past the growth stage and fail to work past five years due to the fact that these factors are overlooked and not considered. The factors for a new enterprise are not the same as those of an established business and thus are the most sensitive in the field. Firstly, leadership is the first factor that should be considered. It can be described as the continuity and commitment of an individual to lead and coordinate an enterprise. The leader needs to work among all sectors. This means that he must start from building business support from the community level to negotiations with the government and different actors in the market. The other factor is business marketing and planning. A new enterprise should ensure that there is a business plan that demonstrates that the enterprise is establishing objectives and service, as well as product lines. The access to investment is also a requirement that will make the enterprise successful. A new enterprise also requires customer focus. This is the way in which all customers are served and handles. If they are handled in a professional manner, they are likely to come back and ensure that the enterprise has expanded in all proportions. A business plan has three salient but collective portions. A business plan shows the goals of a business, the reasons that they are attainable and all the plans that will be involved in attaining these goals. These portions of a business plan allow a business to target changes in perception and branding by customers.

Reference

Pinson, L (2004). Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business and