СONDITIONS FOR SUCCESSFUL BUSINESS DEVELOPMENT - Студенческий научный форум

XIII Международная студенческая научная конференция Студенческий научный форум - 2021

СONDITIONS FOR SUCCESSFUL BUSINESS DEVELOPMENT

Ильина А.А. 1, Ермолаева Л.Д. 1
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Abstract: The article considers key performance indicators as well as the ways companies can succeed and raise funds for starting their business. The main components of companies’ performance and their importance for business have been analyzed. The examples of two companies and the reasons of their success have been presented.

Key words: business development, successful business, the quality of goods, profit, consumer preferences, information technology, credit terms, partnership agreement, professional qualities.

«Success is not the key to happiness.

Happiness is the key to success.

If you love what you are doing, you will be successful».

( Herman Cain )

How can owners achieve successful business development? If a person wants to have his/ her own business, he/ she should be strong enough to take responsibility for actions. Every organization works to build a new, strong and unusual image in the minds of their target publics. Successful business owners aren't afraid to take calculated risks with clear outcomes in mind and always try to overcome difficulties or problems if they arise. Successful business leaders understand that being in business is about managing changes or innovations, responding to them, and making first discoveries.

General information about successful business.As a matter of fact, companies that succeed embrace change, open branches in other cities, provide people with affordable products, make discounts and respond to challenges presented by the market, the competition or changes in general business conditions. Businesses are structured in different ways to meet different needs. The production, packaging, distribution of information, delivery, quality control of products and signing of a profitable contract are the elements of the company's activities. Business is a main instrument and basis of the market that forms the capitalist economy. Manufacturers seek to influence the level and structure of demand in order to achieve the organization's goals, attract more customers, increase production and sell it on foreign markets. Leaders believe that it is necessary to do more of what works and less of what is ineffective. Key performance indicators such as customer acquisition channels are essential to understanding and grow business. This concept is that any business is essentially an integrated system of cash flows that allow business leaders to make a profit. Business helps us to make our life better, produce high quality goods and make new discoveries.

The main and important components of the company's activity:

1) The quality of goods is one of the basic characteristics, which render the decisive influence on the creation of consumer preferences and the formation of competitive ability. The totality of the properties, the reflectivity of product to provide the demand of organization for the food substances are understood by quality of foodstuffs. Moreover, the ability to customize products and services has been greatly enhanced, while lead times have shrunk in the supply chain.

2) In most cases the main goal of a business is making profit. Profits are important because: -they provide a measure of success of a business which is important for new businesses; -they are the best source of finance/capital to invest in expanding the business. A business may have other goals but if they do not make profit in the business then they will have to close the business.

3) Information technology has been the key to achieving much more effective processes throughout the business world, and once they are properly selected and managed in the right direction, the processes of data access, storage, application and exchange become much easier and faster. Scientists claim that almost every day either a new technology is being invented or an old one is being improved. To stay up-to-date people keep buying newer items and that maintains demand at a high level.

4) If the company is in a difficult situation, it can take a loan from the Bank and invest this money to purchase new equipment. Credit is an important element for initial business development. Major Banks and securities firms know that their most important advantages are reputation and responsibility for their actions. The Bank can successfully continue its activities only if it maintains a trusting relationship with customers and creates favorable conditions for both parties. A loan can help the business develop better. Credit terms are a function of the competitive environment as well as of a careful assessment of the nature and creditworthiness of customers. In effect, these elements have created a very close relationship between major suppliers and major customers.Such ties allow to coordinate the schedules and receive profit on both sides.

Joining forces and sharing responsibility in the firm. If you can't start a business on your own or have a hard time making decisions then you can join forces, so you may wish to raise money from friends or business associates. Your partnership agreement will set out how management decisions are to be made and the proportion of the profits to which each partner is entitled. Your partnership agreements must be fair and always affect the interests of each company owner. The partners then pay personal income tax on their share of profits. If the business runs into financial difficulties, each partner has unlimited liability for all the business’s debts, not just his or her share. The distribution of responsibility helps to direct forces to specific areas and facilitates the production process in the company.

What qualities should a business owner have? Business likes only those who are able to overcome difficulties. It demands a high concentration and energy 24 hours per day and night. Also, primary aims are to become a leader and persuade the others that you are the bestat everything. In my opinion, we are free to do good things for other people. Of course, there can be mistakes, because business is not only money, it’s also risk, hard work and a lot of efforts.

Examples of successful business development.In my article, I would like to give examples from the history to see what makes people think so. Henry Ford was an inventor and successful American businessman. Ford was the founder of the still popular motor company which had its first success with the Model T Ford car that was released in 1908. Henry Ford revolutionized the way new cars were designed and built introducing assembly line factories for producing mass amounts of vehicles that led to lower prices for consumers and success of car ownership throughout the United States

Manage your dream is the motto of Toyota. Toyota is one of the largest automakers in the world. The company expanded its operationsin 1924 with the sale of looms and for almost a century of history has become a global auto giant. In addition to manufacturing and selling cars, the company does business in several areas. Toyota Motors Corporation owns a financial structure, an insurance company. The success of the Toyota brand brought 14 commandments of doing business, which with true Japanese responsibility reflected all areas of life of a large Corporation. "Take your time, look at everything with your own eyes, and educate your leaders," said the workers. In 2016, more than 8 million cars were sold – an absolute world record. For example, according to the scheme we can see an increase in auto sales in Toyota which have a positive impact on the overall dynamics of the market.

Conclusion. To sum up, the most important thing is not to miss the wave of luck. Then events will develop in a high speed, and you will be a witness of your own going up. I think that the course of ”Business ” gives us the great possibility to master all the necessary professional qualities and skills of the modern generation.

« The business has a clear task:

Be profitable and grow every year,

So success in it means a lot,

And everyone can come to this decision ».

Literature:

1) Principles of Marketing - Philip Kotler, Gary Armstrong- p. 36-40, p.164- 168, p. 260- 267.

2)  Financial Analysis Tools and Techniques: A Guide for Managers, ERICH A. HELFERT, D.B.A.- p. 15-16, p. 191-193.

3) Marketing Management, PHILIP KOTLER Northwestern University KEVIN LANE KELLER Dartmouth College –p. 567-568, p. 573- 577, p.203-205.

4)  Madura J. (2012), Financial Markets and Institutions

5) Marketing Management: A Relationship Approach Svend Hollensen- p. 363-366.

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