Requisites of a successful business

A successful business must bring a compromise between the conflicting objectives of providing goods and services to consumers and social responsibilities. That a business may have started purely as an economic venture for maximum profits may soon take on social and political dimensions.
To achieve its different objectives a business system should continuously strive to fulfill the following requisites:
1. Before establishing any business both long range and short range objectives should be established.
2. Planning should be given due importance. To plan is to propose a forward programming for guiding the future functioning of an enterprise.

3. Proper location and layout of the plant and suitable size of the firm contribute substantially to the success of a business system.
4. The organisation must be clearly defined. It should be adequately manned with competent personnel.
5. It must have an up-to-date knowledge of the latest developments in the field of technology.
6. Research in all aspects of business, e.g., product research for ensuring success in the long run.
7. Last but not the least is the requisite of efficient management.

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