NANTUME BARBRA

REGISTRATION NUMBER: 19/3/301/D/715

STUDENT NUMBER: 1900303468
COURSE UNIT: Entrepreneurship skills. (BED 1203)
LECTURER:
SEMSETER: SECOND (2) SEMSETER
YEAR: ONE (1)

ENTREPRENEURSHIP ASSIGNMENT:

ASSIGNMENT 1;

1. a) Explain the indicators of success in a business.

b) Discuss the factors that lead to a successful business.

c) Highlight the benefits of a successful business to an entrepreneur.

Answers;

a) Indicators are measures that can be used to assess the level of achieving goals of the
business whereby the indicators of success in business they help an entrepreneur to
measure the achievements of the set objectives and the following are the indicators of
success in business as explained below.

Increased assets, a successful business will have its production of operations increasing
signfantly over time whereby the additional assets to handle the increased volume of
operations for example, where a production machine is purchased to help increase the
volume of production to cope with new orders.

Increased profits, profitability is probably the one of the first thing people think about in
measuring business success because if your business is consistently making money and your
funds are enough to cover all money saving that will be clear sign that your business is
doing well.

The growing network, A growing customer base is clear indicator of successful business
because if a business man or a woman can retain your current customers while attracting
others, Then his or her operations are well managed example, constant network growth
shows that you are reaching your target market effectively with your marketing and
operational strategies, so as a business man or woman should do whatever it takes to keep
 your customer base delighted so that they can continue to help you make referrals and
positive reviews,

Expansion of business, this is also another indicator of success in business where by

business will have the volume of the business operations and profits growing and expanding
overtime. Examples of expansion of business operations quality of products where by a
customer when she or he finds out that the quality of products are good, he or she will keep
on buying from your business while informing other members to get good goods from your
business and others,

Team satisfaction, developing a work environment that drives your team to be more
progressive and productive which is another key indicator of success because when your
business inspires, your team members by rewarding them, it certainly attract the cream to
join your team and when members see that they are appreciated, they put more effort to
go extra mile for your business.

Recognition, how much respect and recognition on an entrepreneur and his or her business
receives from the community, other entrepreneurs and business, government, customer
and other reflects how well the business is doing.

Business owner satisfaction, this is also very important measure of business success
because when the business owner himself or herself is satisfied with the business
operations because dissatisfaction is contagious. If you find yourself unhappy with your
business operations which can also make the employees to not put their effort hence is also
an indicator of success in business.

In conclusion the above points are the indicators of success in business, network path and
others as explained above,

b) The following below are the factors that can lead to a successful business.
Personal and entrepreneurial qualities of the business owners and senior management staff,
for any business to be successful the owner and the management must possess entrepreneurial
qualities as required they will be able to provide their business with good efficient and effective
leadership and management hence enable the entrepreneurs businesses to succeed.

Clear objectives, this is another factor that can lead a successful business because it is
necessary that it should have clear and definite that the business is operating and management
guidelines set to achieve the objectives and closely followed hence making the business
expand.
Proper location and plant layout, it helps business in securing the required in puts examples
materials, labor and others at a minimum possible costs and it also helps the customers to not
move long distance to buy goods and productivity of any enterprise depends largely on
technology used in production and how well it is used so the business needs to have proper
layout of the plant, equipment, machinery and others, hence leads to as successful business.

Hard work, it also lead to a successful business because an entrepreneur if is not willing to get
hands dirty and work in the trenches he or she might as well not even start because a lot of
potential entrepreneurs have a false sense of what it’s really like to own a business. The media
likes to glorify the startup life, but it’s not all Lamborghinis and private planes hence to have a
successful business.

Availability of business support services also leads to a successful business because where
business support is services such as financial services, business information, transport; power
that can lead entrepreneur money to expand his or her business in order to succeed hence is
another factor that can lead to a successful business.

Availability of market, the production of goods and services is meaningless unless there are
customers who will buy the products at prices that will yield profits to the enterprise which also
helps in enterprise produce their goods and services to meet the needs of their customers
hence leads to the successful business.

Conducive government policies also leads to a successful business example fair taxation
controlled inflation , good security and political stabilities hence is a factor that can lead to the
successful business.

In conclusion clear objectives, hard work, proper location is some of the factors that can lead to
a successful business as explained above.

c) By running a successful business, an entrepreneur gets a lot of benefits as they are explained
below.
Self reliance and fulfillment, this whereby an entrepreneur operates a successful business he or
she gets to do things for his or her self, example, approaching the customers, cleaning the place
that customers sits not to just leave everything to the workers hence maintain self confidence
and makes independent decision in order the entrepreneur will also be in position and meet his
or her basic needs.

The increased income and further investment, a successful business generates more profits
part of which the entrepreneur can use for personal purposes whereby the profits that he or
she got from the business he or she can use it to enlarge further investments hence another
benefit of successful business to the entrepreneur.
Recognition in the community, whereby a successful business and the owner are highly
respected in the community because of the goods and services being provided which helps
further to attract more customers to the business and to an entrepreneur.

Improved standards of living, it is another benefit of a successful business to an entrepreneur

because a successful business generates a lot of profits, therefore the owner maybe in position
to meet most of his or her needs and as such improving on the standards of living.

Permanent address for both the entrepreneur and workers, this is whereby a successful
business is one well established permanent hence benefits the successful business to an
entrepreneur.

In conclusion the recognition in community, improved standard of living, increased and others
explained above are benefits of successful business to the entrepreneur.