critical success factor.. ?
Monday, August 30th, 2010 at
2:55 pm
i dont understand what critical success factors are in a business.. i’ve googled it but i dont understand the definitions.. could someone please explain it in a simpler way? .. i have to go on this website: http://www.smallbiz.nsw.gov.au/smallbusiness/Resources/Success+Stories/Starting+Up+Success+Stories/ and identify the critical success factor and how each entrepreneur overcame the challenge for all 6 of these businesses, and i was just wondering if someone could help me identify it just the 1st one so i get the idea of what a critical success factor is.
Tagged with: Critical • factor.. • Success
Filed under: Entrepreneur Resources
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It does not really mean anything. Everyone who opens a business has to become profitable. If you don’t make a profit , you keep emptying your bank account until you have to close the business. Each person tries to explain the “critical success factor” that allowed them to make a profit. But it is almost impossible to put that “factor” into words.
For some, it was advertising. But many businesspeople advertise and feel like they wasted their money. For others it was hiring great employees. But if you don’t have a great product to sell, employees can’t help much. For most owners, the number one “factor” was having enuf money in the bank to get thru long periods of “bad times”. Every business has to endure periods where no money is coming in..