Hinhalagoda lekamalage pulsi kavindya sandeepani ariyarathna

 
Question 10 
What do you think the key element /s to become a successful businessman in your field? 
(See figure 2.12) 
There is no one-size-fits-all approach to launching a successful small business.Many 
tiny and micro businesses fail within the first few years.Although business owners cannot 
control everything, they may improve their chances of success by studying what separates 
successful businesses from those that fail.Small business owners have an especially crucial role 
in their firm because they frequently have to fill many responsibilities and their actions can 
affect the company's success.Starting a business necessitates research, and owners may need to 
consistently invest in their own knowledge as they run and build their companies..Successful 
entrepreneurs are aware of the risks and benefits of beginning a firm.They apply what they've 
learned and continue to learn from their achievements and disappointments. 
It takes time to build a devoted customer base, but it's a sign of a successful firm.Recurring 
revenue and word-of-mouth recommendations are two excellent perks of loyal customers.This 
question was asked from the selected group to understand what they believe is most important 
out of the given choices that will make their SMEs a successful Business and the voting result 
was as follows. 

---

46 
 
Figure 2.12 Response to Question 10 (Author Construction) 
As the question was designed as a voting question, everyone could vote to any element 
as they think it is important.But out of the choices, most votes were given to the fact of “Having 
more customers” for their business.As the second most popular option it has “having less 
competition”, and at third position they have voted “having trained Employees” and as fourth 
position both “low tax rates” and “cheap raw ingredients” were voted.These results show what 
the selected group gives priority when they are considering what must be done when they think 
to expand their business and what they are expecting most from the community they live 
in.While most of factors are uncontrollable, they can control some factors such as having trained 
employees and having good customer service, thus brings more customer etc.