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a. Ability to manage people that is
I. Hiring – process of acquiring and letting out people out of employment
II. Assigning duties – allocation of staff as per their qualifications
III. Supervising – ensuring that employees carry out the tasks that are assigned to them
IV. Training – ensuring that employees acquire knowledge and skills necessary to perform duties
V. Motivating – giving employees inducement to perform their duties best
b. Proper location / availability of customers – the business should be located in a place convenient for its operations
c. Availability of raw materials or stocks – this is to avoid stocks out and therefore meet the needs of the customers.
d. Adequate finance – money needed to acquired others resources that are required by the business like land, building, labor, raw materials and furniture.
e. Lack of competition – if competition is low the business is likely to succeed.
f. Commitment to the business – one should focus on the business to make it work well.
g. Proper management of finances – this ensures that money is available to run the business and is used for the intended purpose. This involves the following activities
I. Acquisition of finances – money is raised through loans and contribution from people.
II. Managing cash – this ensures that the available money is used for activities that are beneficial to the well being of the business.
III. Proper record keeping – this involves having a record of finances raised and how they are used.
h. Good public relations – this is necessary for attraction and retention of customers.
i. Proper debt management- debt should be given who can pat back and should be collected when due and on time.
j. Being creative and innovative this is finding news uses of a product, new channels of communication and new ways of doing things.
k. Proper market research – this involves the study of customers’ preferences, tastes, spending patterns, income levels, competitors’ behavior and substitute products.
OR
(a) Good management on part of the owners. This goes along with total commitment and willing-ness to work long and odd hours.
(b) Good leadership which means responsibility, honesty and willingness to work with others.
(c) In case of partnerships, partners should have good interpersonal relationships, i.e. they should be able to get along and to agree over decision making.
(d) Proper use and application of business funds. Owners should avoid giving too much credit
or using business funds for other purposes especially prematurely.
(e) Good planning especially on the products, location, organization and promotion of the business.
(f) Constant checks by independent parties will help pinpoint any problem areas.
(g) Owners/managers seek help especially technical help from experts.
(h) They should ensure continuity by training somebody to take over.
joseph rimiru answered the question on November 24, 2017 at 18:04
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