Achieving Success as a Small Business
Some small business entrepreneurs measure success by profit earned, but some define success as survival (Katz & Green, 2014).
A small business cannot last if it does not make enough revenue and profit to sustain its ongoing business operation. When can you claim success, given that the business is already making enough revenue and profit to sustain its operation? Would receiving an acquisition offer for the business be a success indicator? Maybe providing three full-time employment opportunities in your local community will satisfy that goal?
- Identify and compare three critical success factors for small businesses.
- Provide your recommendation for how to achieve success based on the critical success factors that you have identified.
- Propose specific metrics for how you will measure or track how the business is doing in achieving those success factors. Explain how you will gather the required information to support these metrics.
State your rationale and justify your rationale with examples and credible references.