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There are many reasons why an individual sets up in business. For a business to be successful that person will need appropriate skills and qualities along with suitable advice and finance.

Market research, product development, marketing and producing quality products can ensure that a customer is satisfied with the good or service provided by a business.

Businesses separate tasks into functional activities. The main functional activities can be grouped under the four main functional areas - marketing, operations, human resources and finance.

Internal factors such as the skills and motivation of employees and the impact of good financial management can have an effect on the success of a small business.

Stakeholders are organisations or individuals who have an interest or influence on the success of a business. Stakeholders can be internal or external.

External factors such as changes in legislation, the environment, competition or new technology can have an impact on the success of a small business.