Essay
P3
- Module
- BTEC Business Level 2 Unit 1
- Institution
- Undefined
Essay of 2 pages for the course BTEC Business Level 2 Unit 1 at undefined (P3)
[Show more]
3 reviews
By: juliamdavid • 7 year ago
By: shanigwolla • 7 year ago
By: paulmcconaghie • 7 year ago
Content preview
Unit 1: Enterprise in the business worldP3 features of a successful business
In the following task I’ll be stating features of a successful
business and giving relevant examples
The key features of a successful business are; is for the business to have a crystal clear vision, to plan,
to set short and long term goals, to satisfy the customers, be great marketers, to be able to adapt to
the changing business environment and most importantly be different find gaps in the market.
Dyson with its bag less vacuum cleaners is a great example of a very successful business. James Dyson
the founder engineer who reinvented the vacuum cleaner. James didn’t just become an overnight
success. He said in an interview with the BBC that "Each failure, the 5,126 failures taught me so
much” and went on to say “Success teaches you nothing. Failures teach you everything, making
mistakes is the most important thing you can do." James Dyson teaches us that key to successful
business is to not quit at the first hurdle but to try and try again in fact he failed 5,126 times as is now
an owner of a firm worth £1 billion. Dyson had the idea of using cyclonic separation to create a
vacuum cleaner that would not lose suction as it picked up dirt. He became frustrated with his Hoover.
The dust bag kept becoming clogged with loads of dust, which reduced suction. He found a gap in the
market and started inventing. From hearing James Dyson’s story we find that key to success is to
learn from your mistakes and to have a unique product by finding a gap in the market.
Mark Zuckerberg the founder of facebook a revolutionary social networking site is a great example of
successful online business, which have been growing in recent years. Mark Zuckerberg is said to be
worth $35 billion. Together with fellow class mates in the college rooms introduced facebook to the
world. Mark Zukerberg in his book said “partnership is secret to success in business” goes on to say
there are “phenomenally successful entrepreneurial partnerships over the years” and refers to
Steve Jobs and Steve Wozniak. This is also a great example of finding a gap in the market he found
that there was no way to communicate between friends online and wanted to change that. So Mark
had great entrepreneurial skills.
Both James and Mark had a strong vision and overcame problems to follow it through.
Looking at the success of Dyson financially profits of £382million in 2013 and facebook has
generated $2 billion in revenue.
Facebook is used by half billion of people in day to day life. To youngsters it seems ridiculous to live
without it. Families use the site to communicate over continents and many businesses use the site to
advertise. Dyson vacuums are now used in many families across the world due to its versatile mobility
and easy to use. Now selling at affordable prices.
A customer review on one of Dysons product: “As expected this machine is excellent. I thought my
previous machine could not be bettered. It too was a Dyson but I was wrong. The DC54 is an extremely
powerful suction and takes no prisoners. Is easy to handle and of course looks good too.”
I clarify that both Dyson and Facebook found a gap in the market and even with bumps they still stuck
with their ideas.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller govindersingh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £3.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now