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The Skills To Master Business Strategies With Runaway Ideas
By Leslie Ademola.
INTRODUCTION TO BUSINESS
What Is Business?
Basically business is the creation of wealth through the supply of goods and services. For example, you might walk around Aba Market city all you will see are different businesses – department stores, manufacturing industries, restaurants e.t.c. All these places are trying to sell you ideas (or something of value) and we can separate the things they sell into goods and services.
How To Hit Business Success And Financial Targets With Small Budgets:
How Does This Create Wealth?
It is easy to lose sight of your business. Sometimes we are so carried away we cannot see the big picture anymore. Have a foresight to see opportunity of making profits. Make it a priority. Always look after your customers’ needs if you hope to be successful. Sell them goods and services; you are helping to create wealth. Also, you are helping the business that supplied your customers’ goods and services to make profits.
How Does A Business Make Profit?
When the goods or services supplies are bought for higher price than they cost to produce when that happens regularly, the business survives and become successful. One of the main purposes of a business is to make a profit. This is necessary for its own survival, but a business has other purposes, in addition to making a profit, which you should also know about.
1. The first of these is that a business should try to grow. By growing and expanding a business creates more wealth. This increased wealth benefits and the business owners as well as the people in the area where the business operates. When a business grows it exposes hidden opportunities and increases your profit margins. Also, make you to develop new businesses. In short, your business expands.
2. The second purpose of a business is to provide its customers with goods and services they require. The more successfully it does this, the more products it will sell – and the more successful it will be. It is very important for a business to find out what goods and services its customers want and then supply them. For example, the shopkeeper who stocks the goods his customers want will be stocks his own goods. This is common sense, but you would be surprised at how many business people ignore their customers’ needs. That is one reason why so many of them fail!
3. The third purpose of business is to develop new products and services for its customers. Many large businesses spend a great deal of money on developing new products. This how they manage to grow and keep their customers satisfied, while at the same time making profits.
The Power Of Price
How To Set Up A Price: Production Costs And Competition
Business earns their profits through the permission of goods and services. The price a business can charge for its goods and services obviously has a large influence on the profits it makes.
Major Factors That Affect Prices, Production Costs – To keep your costs of production low you need to run your business effectively. This involves many skills such as managerial skill, creative skill, innovative skill e.t.c. The business owner who have all these necessary skills and make them efficient would find it easier to build the business. The more effectively one does this constantly, the more efficient and successful become.
Competition – A factor that can have a large influence on price is competition. When there are many business owners selling the same goods and services prices usually fall. This is because manufacturers and business owners will cut their own profit margins as low as possible to sell their goods and services.
Monopoly – A monopoly is when one business owner controls a particular product or service so that there is no competition. Monopoly is sometimes necessary to prevent over supply and wasteful competition.
Principles Of Business Management:
What Is Business Management?
Business management is a wide – ranging subject, however, once you understand this, you should be able to adapt them to management position you secure. Management is the art of getting things done through other people. To achieve success in a management position, you need to combine your specialist knowledge of your profession with the principles. A business manager is a leader of other people. It is their duty to organize and control people to ensure that all the necessary work is done.
How To Run A Small Business
These two veritable tools for business management - how to organize and control people is very important and relevant in running a small business. In running a small business is different from management position. Nobody will tell you what to do – you have decision for yourself. You must set your own targets and objectives. You must decide what business you are in, where you will be located and take other managerial decisions.
Ten Qualities Of Promoting Small Business
- The First Step,You Must Possess Personal Qualities
You have to be organized – this means deciding and allocating each task and controls the performance of business operations.
- Personal Motivation
Your motivation is what makes you act the way to you let the business successful. It is the driving force behind your actions. Understand the strength of your personal motivation has an enormous effect upon your whole life.
- Human Engineering (Understanding People)
The ability to get on well with your clients, employees and other people is a skill you should cultivate. It will be a great asset through out your career. It will help you to get the best for clients and others. Never underestimate the value of repeat business from satisfied customers. One good secret to develop your understanding of people is to watch how those around you behave.
- Enthusiasm
When you are fully aware of your motivation you will be more enthusiastic about your business. You will put more into your business and as a result you will receive a great deal of personal satisfaction. Enthusiasm is contagious, can be passed to those employed. A keen, enthusiastic work force achieve more than a sullen, depressed one.
- Power Of Concentration
One quality that all successful business owners need is that of concentration.You habit of closing your mind to everything except the job you are doing until it is completed. Concentrate on it fully. Improve your ability to concentrate as much as you can. It is a quality which will help you not only with your immediate needs but for the rest of your life.
- Initiative
This is the ability to begin something yourself without being instructed or compelled by another person. It also involves deciding how to go about your business operation or which best way to overcome problems efficiently. Initiative is a quality every business owner must possess. If you run a small business, then you will have to show even more initiative.
- Perseverance
Perseverance is another quality a business owner needs. This quality comes from a combination of your determination, motivation and ability to concentrate. Throughout your working life you will meet difficulties and problems. Perseverance is particularly important to anyone running a business. A small business often fails because the owner does not try hard enough. Never let this happen to you. The time when you need the greatest perseverance is when things are at their most difficult.
- Self – Discipline
If you are to control and discipline other people, then you must discipline yourself. You must be set and prepared to show example to others. This is exactly what a serious business owner should do because whatever example you set – good o r bad your employees will tend to follow you. You will need to exercise self – discipline to use this freedom responsibly.
- Faith In God
Before you can expect to succeed in business, you must be able to believe and have faith in God. He controls your business, we need to be focused and possess that positive approach to your business and life. This attitude creates optimism all the time based on faith. We should learn to work hard to realize our goals and potential.
- Healthy And Fit
Take more interest in your health and general health care. Possibly, make it a habit of going for a medical check – up and regular exercise. I believe is every business owner’s desire to be healthy and fit to carry up any business activity. The good news is that business owners can begin to take charge now by taking the decision to live healthy.
Entrepreneurial Development
How To Manage A Successful Running Business - Accepting The Challenge:
How It Works For Successful Business Owners
Doing what successful business owner do is your mindset. One of the reasons they become successful, so many of them have “to – do” attitude. The “to – do” we have discovered that what keeps them going – is the challenge faces everyday. You have to consider the character of:
1. Critical thinking skill
2. Creative skill
3. Innovative skill ( manipulation)
4. Imaginative ability
When we have confronted with great challenge, you need to try these approaches is fast in achieving result. • Critical thinking greatly influenced the direction of your life. There is a good reason why Napoleon Hill titled his book “Think And Grow Rich”. And not “Hard Work And Grow Rich” or “Get A Good Job And Grow Rich”. The fact is people who work the hardest do not wind up rich. If you want to be successful and rich, you need “think critically”. Think independently rather than go along with the crowd. In my opinion, one great asset of successful business owners is they think differently from everyone else.
• Discover your creative skill, master it. You will become a business leader because your business needs creativity. In any inception of creativity you need thinking ability to harness possibility and making it reality. • Allow your innovative mind to outshine and enhance your passion and enthusiasm. You may recall that the secret to wealth when building up business is simply innovative.
• These set of people have ideas to build up a small business. They spend every time to imagine on a regular basis and their ideas of success is imagining becoming a reality. Allow your deepest resources – imagination to come up with creative solutions. It creates a clear goal in your mind that work to make vision realistic.
How To Start Your Own Business
Many people tend to believe that the way to financial security and happiness is to do what they love or passionate for or develop a product no one else has done. It is important to focus on product or system of your own business. Business owners top priority is achieve maximum profit. All you have to do come with a prepared mind. In starting up any business, idea is a very important resource, though is intangible (We do not see with our naked eyes). It will help you stay focus and get the money rolling. Do not go into business because of pressure or mere interest but prepare your mind (have a lot of energy to resist shock, have a stomach for risks have the capacity to persevere and have a balance sense for persistence). If you want your business to grow, you need to evolve your sets of ideas constantly and rapidly. Ideas provides an ever – increasing advantage. Now, you understand why they said ideas rule the world – solve problems faster, which only make you on top.
Proven Strategies From Successful Business:
Consolidate Your Business
Firstly you have to be equipped to know your competition. It would effectively challenge your competitors. Consolidation usually results in greater overall efficiency for a running business, which affect the different means of business such as advertising, administrative charges and lowering your expenses by ordering bulk materials. Some benefits of consolidation that have been proven successful with this strategy require different kinds of skills.
• You need to posses solid financial mindset.
• You need to generate large amounts of capital from your business.
• You need to have the knowledge of business administration and management.
Dominate Your Market
To use this strategy, you have to develop a “thick skin”. This is one of the most effective means of becoming successful in business is to have market dominance (i.e. lead your competitors). When you are in a position to gain market dominance, put your effort and energy to sustain the approach. Relatively it increases your level of innovation and you win more the customers than your competitors. Alternatively to gain market dominance you have to become the biggest producer of a product. The more units you produce, the lower the cost per item and the greater the profit margin for the same item. You must start to dominate your market is an opportunity for your business to grow. Businesses which do not embrace it will die naturally.
• Buy Your Goods At A Low Price
When you buy goods at a low price and selling higher is simple a wealth formula, you have to be proactive to make profits. It streamlines the unnecessary expenses and operates with cost price. Allow to fully utilize the maximum profits, which is effective in business engagements.
• Have A Strong Foundation In Business
Establishing effective business that stands out in the market is not just the performance but have to possess the knowledge. It is the secret that make business flourish and keep them unique. The knowledge easily motivate you to take risk, make you to be on top and lead you to thoroughly understand how these elements work together becoming a successful business owner.
• Power Of Leadership And Technical Skill
Leadership is one of the skills that are often hard for everyone to possess. It is the ability that is capable of influencing others around you in a positive way, which allows you to achieve your goals. How to become effective business leader? Business leader must cultivate the traits and views that successful business owners have. Here are some of them
• Decision making • Power of discipline • Power of persuasion • Communication skill • Emotion intelligence • Power and influence • Priorities • Character •
Organized Most people get successes from their businesses based on technical skill. The business that are engaged in tradition technical jobs such as software programmers, machinist and others include webmaster, beauty consultant, fashion designer e.t.c. It may require a degree or just a job on – the – job training. Today’s businesses have an abundance of technical knowledge like develop a sophisticated marketing plan, specialized expertise such as supply chain management, accounting using computer software. They are technically oriented but lack the interpersonal and social skills necessary to lead people.
Cash Flow Management
How To Generate Income From Your Running Business
The cash flow management represents the method by which income or profit is generated. For example, a business owner makes profit from the running business. Understand it; self – employed people earn money working for themselves. Business owner owns business that generates money and investors earns money from their various investments – in other words, money generating money.
Cash Flow System Based On Rate Of Return
Most of us have the potential to generate income from your running business. All you need is initiating the cash flow management. The way you are responsible of creating money from that business has something to do with the money you used to purchase and the items sold to make profit.
Business Model And Plan
Business model is a strategic plan structure in which result in running your business successfully. This business model set up a plan for the business financial future. When running a business without it you struggle more to survive in the business.
How To Create A Business Plan
Is information that focuses on what you do in business you own and operate, with a business plan it forces your thought to write out the strategies in all areas of the business. Importantly, converts those great ideas into writing, which make it easily executed.
Two Types Of Business Plan
• Business plan for a new business
• Business plan for an established business
Why Is It Important?
Firstly, converting ideas that are packed in your head and pulling them to paper make you focus and really think critically. It makes your idea clear and makes perfect sense in your mind. It completely changes your perspectives. Secondly, make it writing, easily allow you identify the problems and manage your thought, which flow that idea. Thirdly, it allows you to communicate the original idea of business in writing in a professional style and approach that make your business successful. Business plan make you want to plan for the future sales of your business turning your existing desire into a start up business.
Checklists Of 100 Business Ideas
#001: Laundry Services #008: Hiring Services
#002: Consultancy Services #009: Indoor & Outdoor Services
#003: Printing/ Publishing Services #010: Real Estate Services
#004: Event organizing Services #011: Car Wash Services
#005: Ushering Services #012: Educational Services
#006: Mentoring/ Coaching Services #013: Designing/Decoration Services
#007: Recharging Cards supply Services #014: Internet/Online marketing Services
No day can be better as the day you desire. I see business as an inter-relationship activity - wisdom and knowledge are big TOOLS business management and strategies. If you are going to invest in BUSINESS, value self-discipline, priority,and organisation that will make you SUCCESS...
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