Resources a business needs to be successful
Define business. (5) points
What are the resources a business needs to be successful? Explain each resource. (20) points
Who are the stakeholders in a business? (5) points
Explain the term “visible hand”. (20) points
Explain a market economy. (10) points
Explain command economy. What are the types? (20) points
What are the common measures used to evaluate a Nation’s Economic Health? (10) points
Explain monopolistic competition. (10) points
Explain oligopoly. (10) points
Explain monopoly. (10) points
Sample Solution
Business is defined as a commercial, industrial or professional activity conducted to generate profits (My Business, 2018). There are several resources that a business needs to be successful. The most crucial of these are human resources, financial resources, physical resources, and technological resources (My Business, 2018).
Human Resources refers to the employees that work in an organization. To succeed in any business venture it is important to hire qualified personnel with relevant skills and experience who can effectively contribute towards its success (Smith & Moxon., 2014). Management must also ensure good working conditions and develop effective strategies for training staff and providing motivational rewards.
Financial Resources refer to capital and other funds needed for the functioning of a business. These include bank loans, investments from shareholders or partners as well as profits generated by the company itself (Smith & Moxon., 2014). It is essential for businesses to have proper financial management systems such as budgeting and accounting practices which help keep track of incoming revenues and expenses incurred.
Physical Resources refer to the premises used by a company for carrying out its operations along with all machinery necessary for production or services offered (My Business, 2018). Physical infrastructure such as transport systems must also be properly maintained if businesses are expected to remain competitive in their markets. Additionally certain levels of technology may be needed depending on the nature of goods or services provided by businesses which brings us onto our fourth resource: technological resources.
Technological Resources involve computers, computer networks, software applications etcetera which enable organizations within this digital age gain an advantage over competitors (My Business, 2018). This includes utilizing web-based technologies such as e-commerce sites which provide customers with convenience when ordering products online thus making them more likely return customers who will generate profit for your organization rather than going elsewhere.
Overall, there are four key elements required in order for businesses’ goals be achieved: human resources; financial resources; physical resources; and technological resources.(Smith & Moxon., 2014) If all these components are effectively managed then companies can expect greater chances of becoming successful ventures with continued growth prospects .
