The main purpose why businesses are established is to maximize on profits and minimize on its expenses. Business people come up with very successful business plots that can be effective when properly managed. …
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However, due to some of the limitations and depending on one’s preparedness the chances of prosperity are determined. Business growth is impacted and withheld by a number of factors. From this perspective, this paper will discuss causes of business growth and failure, marketing, business trends. Some of the factors in the market favor prosperity of business ideas. Anyone getting into business should be ready to face the risks involved. Before the implementation of a business idea to a real thing, one needs to be aware of some factors like availability of market, availability of capital and the competitors. The owner of the business idea should weigh between different options and settle for the best and legal option. They have to consider the niche in the market that they are going to fill and the likelihood of the idea developing to a big reality. Study experts say that, one does not engage into any business activity before they get prepared for the risks and challenges in the market. They should equip them selves with proper management skills, good customer relations, and perseverance to tolerate the challenges in the market. Therefore, this enhances the business to stabilize with changing times (Gitman, Lawrence, and McDaniel 348). Failure of business ideas, triggered by failure of proper market evaluation and which triggers poor marketing of commodities and this makes a business loose its customers to the competitors. Customers should be the main thing that any business should aim at satisfying; profits come second to the satisfaction of customers (Blythe, Jim, and Zimmerman 386). Some of the businesses focused with short-term goals of attaining profits instead of first creating the basis on the market for where to market their goods end up not securing their positions in the market and hence their closure. Research in the market revealed that, some of the inaccuracy failures are avoidable if they had focus on the real factors that are challenging in the market. By focusing on long-term goals, it will prioritize the consumer needs, enabling their establishment. The business owners should handle any incompetence in the market by themselves. By consulting from survey respondents, they may end up getting the wrong picture of the market strategy. Studies reveal that, some of the surveyors only aim at impressing the business owners rather than giving them the real picture of the situation. The business owners should therefore, aim at running their enterprises carefully. They should not base their performance on research results. Otherwise, they should blame the government and other financial institutions for their failure (Hutt, Michael, and Speh 110). As businesses grow, the owners should now turn their plans on how to maximize their profits by trying to achieve economies of scale and how best one can achieve it. By this level, the business owners have usually established the products that are on demand and should therefore, set a price that is affordable to the buyer and is favorable to the seller (Czinkota et al 87). On addition, for one ensure they satisfy the changing demands of customers in an effective way, they should be flexible and be ready to face conflicting interests and also other risks in the business. They should be ready to listen to customer opinions, adjust, and avoid repetition of same mistakes. Research showed that, most of the entrepreneurs who prosper are those listen to advice, complains from their consumers, and therefore, adjust for their durability in the market, and attain their long-term aim of earning profits (Gitman, Lawrence, and McDaniel 348). Business owners should also exercise proper accounting of their finances. The finances are crucial, close
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The results of this report suggest that firms which are proactively dedicated and committed to ethical and social activities gain advantages in terms of acquiring and exclusively enjoying reputational capital. Furthermore, firms can not only foster stakeholder loyalty, approval and trust through proactive CSR engagement but also quell future reputational risk.
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