6 answers
George
Student
Accra, Greater Accra Region, Ghana
1
Question
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What's the three significant steps a guy can be come successful in business management, How can it happens What are the five major thing a business man should know no batter before starting a busine?
What's the three significant steps a guy can be come successful in business management, How can it happens
What are the five major thing a business man should know no batter before starting a business
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6 answers
Melissa Branovan
Channel Manager
14
Answers
New York, New York
Updated
Melissa’s Answer
Work with integrity! The short cuts won't last, people value good work and collaboration, best to take a long term and measured approach to build relationships and community. These people will help to propel and magnify your career. Excel at your current job before you ask for a promotion or next career move. You are as good as your current stats, become excellent at your role and then seek to expand. You'll earn respect with this route.
Rajesh Kumar Subbiah
Manager
39
Answers
Florham Park, New Jersey
Updated
Rajesh Kumar’s Answer
Five Major Things a Businessman Should Know Before Starting a Business
1. Market Research and Analysis
Target Audience: Understand who your potential customers are, what they need, and how your product or service can fulfill that need.
Competitive Landscape: Analyze your competitors to identify their strengths and weaknesses. This can help you find your unique selling proposition (USP).
Market Trends: Stay informed about industry trends, market demands, and economic factors that could impact your business.
2. Business Plan Development
Executive Summary: A concise overview of your business concept, goals, and vision.
Financial Projections: Detailed financial forecasts, including income statements, cash flow statements, and balance sheets.
Marketing Strategy: A plan for how you will attract and retain customers, including pricing, promotion, and distribution strategies.
Operational Plan: Outline the day-to-day operations, including location, facilities, equipment, and staffing.
3. Legal and Regulatory Requirements
Business Structure: Decide on the legal structure of your business (e.g., sole proprietorship, partnership, corporation) and understand the implications of each.
Licenses and Permits: Ensure you have all the necessary licenses and permits to operate legally.
Compliance: Understand and comply with local, state, and federal regulations, including labor laws, tax obligations, and industry-specific regulations.
4. Financial Management
Funding Sources: Identify potential sources of funding, such as personal savings, loans, investors, or grants.
Budgeting: Create a detailed budget to manage expenses and allocate resources effectively.
Cash Flow Management: Monitor your cash flow to ensure you have enough liquidity to cover operational costs and invest in growth opportunities.
5. Risk Management
Identify Risks: Assess potential risks that could impact your business, including market risks, operational risks, financial risks, and strategic risks.
Mitigation Strategies: Develop strategies to mitigate identified risks. This could include diversification, insurance, contingency planning, and robust internal controls.
Crisis Management: Have a crisis management plan in place to handle unexpected events or emergencies. This includes clear communication protocols and response strategies.
Conclusion
Before starting a business, it’s crucial to conduct thorough market research, develop a detailed business plan, understand legal and regulatory requirements, manage finances effectively, and have a robust risk management strategy. By focusing on these areas, you can increase your chances of building a successful and sustainable business.
1. Market Research and Analysis
Target Audience: Understand who your potential customers are, what they need, and how your product or service can fulfill that need.
Competitive Landscape: Analyze your competitors to identify their strengths and weaknesses. This can help you find your unique selling proposition (USP).
Market Trends: Stay informed about industry trends, market demands, and economic factors that could impact your business.
2. Business Plan Development
Executive Summary: A concise overview of your business concept, goals, and vision.
Financial Projections: Detailed financial forecasts, including income statements, cash flow statements, and balance sheets.
Marketing Strategy: A plan for how you will attract and retain customers, including pricing, promotion, and distribution strategies.
Operational Plan: Outline the day-to-day operations, including location, facilities, equipment, and staffing.
3. Legal and Regulatory Requirements
Business Structure: Decide on the legal structure of your business (e.g., sole proprietorship, partnership, corporation) and understand the implications of each.
Licenses and Permits: Ensure you have all the necessary licenses and permits to operate legally.
Compliance: Understand and comply with local, state, and federal regulations, including labor laws, tax obligations, and industry-specific regulations.
4. Financial Management
Funding Sources: Identify potential sources of funding, such as personal savings, loans, investors, or grants.
Budgeting: Create a detailed budget to manage expenses and allocate resources effectively.
Cash Flow Management: Monitor your cash flow to ensure you have enough liquidity to cover operational costs and invest in growth opportunities.
5. Risk Management
Identify Risks: Assess potential risks that could impact your business, including market risks, operational risks, financial risks, and strategic risks.
Mitigation Strategies: Develop strategies to mitigate identified risks. This could include diversification, insurance, contingency planning, and robust internal controls.
Crisis Management: Have a crisis management plan in place to handle unexpected events or emergencies. This includes clear communication protocols and response strategies.
Conclusion
Before starting a business, it’s crucial to conduct thorough market research, develop a detailed business plan, understand legal and regulatory requirements, manage finances effectively, and have a robust risk management strategy. By focusing on these areas, you can increase your chances of building a successful and sustainable business.
Bob Burton
Consultant
75
Answers
Austin, Texas
Updated
Bob’s Answer
The five major things to know before starting a business.
-The first is to know yourself, your patience, your temperament, your ability to learn, areas of passionate interest, an ability to handle failure, to be a team player, to lead, to sacrifice, to have purpose, to focus, to be humble, to work ceaselessly, Are you comfortable with yourself and your ability to lead?
-The second is the ability to serve others, a service leader. As a business entrepreneur you must be able to define and serve the needs of your customers, clients and share holders. Do you have the ability to servce the needs of customers with unrealistic expectations? Can you work with and serve the needs of clients or third parties you need in order to reach the final customer? Can you work with and serve the needs of partners, lenders or co-owners?
-The third area is to be able to define the problems of the population or customers you intend to serve. Many prospective customers do not have the ability to define that which once addressed will greatly enhance their business. Without understanding and communicating the problem you perceive, you will be unable to establish a need for your solution. Think inventions-Air B&B, E-mail, Cell phones, Eye glasses on line, et cetera.
-Fourth, are you creative? Can you envision an unmet product or service that you can provide. A solution that you can offer that is significantly better than any other way of solving the customer's needs?
-Fifth, can you and your team focus? Once you have customers willing to use your service, software or product. You will need to be able to have laser focus on creaating, building, updating, servicing and maintaining the greatest capabilities possible to meet your customer's needs. And, you cannot do it alone. That focus must be shared by others who will complement your efforts.
-The first is to know yourself, your patience, your temperament, your ability to learn, areas of passionate interest, an ability to handle failure, to be a team player, to lead, to sacrifice, to have purpose, to focus, to be humble, to work ceaselessly, Are you comfortable with yourself and your ability to lead?
-The second is the ability to serve others, a service leader. As a business entrepreneur you must be able to define and serve the needs of your customers, clients and share holders. Do you have the ability to servce the needs of customers with unrealistic expectations? Can you work with and serve the needs of clients or third parties you need in order to reach the final customer? Can you work with and serve the needs of partners, lenders or co-owners?
-The third area is to be able to define the problems of the population or customers you intend to serve. Many prospective customers do not have the ability to define that which once addressed will greatly enhance their business. Without understanding and communicating the problem you perceive, you will be unable to establish a need for your solution. Think inventions-Air B&B, E-mail, Cell phones, Eye glasses on line, et cetera.
-Fourth, are you creative? Can you envision an unmet product or service that you can provide. A solution that you can offer that is significantly better than any other way of solving the customer's needs?
-Fifth, can you and your team focus? Once you have customers willing to use your service, software or product. You will need to be able to have laser focus on creaating, building, updating, servicing and maintaining the greatest capabilities possible to meet your customer's needs. And, you cannot do it alone. That focus must be shared by others who will complement your efforts.
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
175
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hello!
Please, note the following, concerning how to become successful in business management, in three steps :-
1. Thorough KNOWLEDGE in the study of BUSINESS.
2. Identify the type of business, there is MORE INTEREST, and the extent of the ABILITY to work, and working WELL.
3. Proper MANAGEMENT practices. For example, better financial control, approachable, better relationship with Staff, honesty and faithfulness at all times.
Best regards.
Please, note the following, concerning how to become successful in business management, in three steps :-
1. Thorough KNOWLEDGE in the study of BUSINESS.
2. Identify the type of business, there is MORE INTEREST, and the extent of the ABILITY to work, and working WELL.
3. Proper MANAGEMENT practices. For example, better financial control, approachable, better relationship with Staff, honesty and faithfulness at all times.
Best regards.
Aydil Ayber
Digital Innovation Consultant
9
Answers
Eindhoven, North Brabant, Netherlands
Updated
Aydil’s Answer
Greetings George!
Here's an unconventional approach that I personally used to transition my career from engineering to business management:
Learn more about entrepreneurship. This is the new age of business. Best businessmen around are entrepreneurs.
There are great online education opportunities to learn about business strategy. That is the essential of everything. I would recommend Harvard Business School 'Disruptive Strategy' online program.
After strategy, you also need to learn basic finance. Well, it should be a little more than basic. You can have more extensive education woth CORe kind of courses in Harvard Business Online as well.
Get your hands dirty: Create a startup! The far best way to learn by practice.
Be accepted in a good acceleration program with your startup such as Plug & Play or YCombinator. Even if you give up the entrepreneurship as a career, this will be a very strong reference being a businessman.
Here's an unconventional approach that I personally used to transition my career from engineering to business management:
Aydil recommends the following next steps:
Mbah Wai-Tanyi Aguh
Agronomist
53
Answers
New Rochelle, New York
Updated
Mbah Wai-Tanyi’s Answer
Hello George from Accra, Ghana! To become successful in business management, consider the following three significant steps:
1. Set Clear Goals and Vision: Define your business purpose, mission, and objectives. Establish a clear understanding of what you want to achieve and how you plan to get there.
2. Develop Strong Leadership and Management Skills: Focus on building effective communication, problem-solving, and decision-making skills. Learn to motivate and empower your team to achieve business objectives.
3. Continuously Learn and Adapt: Stay updated on industry trends, best practices, and new technologies. Be willing to pivot your strategy when necessary and embrace innovation to stay ahead of the competition.
As for the five major things a businessman should know before starting a business, consider the following:
1. Market Demand and Competition: Understand your target audience, their needs, and the competitive landscape.
2. Financial Management: Learn basic accounting principles, budgeting, and cash flow management to ensure sustainable business operations.
3. Business Planning and Strategy: Develop a comprehensive business plan, including marketing, sales, and revenue projections.
4. Risk Management and Resilience: Identify potential risks and develop contingency plans to mitigate them. Cultivate a resilient mindset to navigate challenges.
5. Networking and Partnerships: Build relationships with mentors, peers, and potential partners to access valuable advice, resources, and opportunities.
Remember, success in business management requires dedication, hard work, and continuous learning. Stay focused, adaptable, and committed to your goals!
1. Set Clear Goals and Vision: Define your business purpose, mission, and objectives. Establish a clear understanding of what you want to achieve and how you plan to get there.
2. Develop Strong Leadership and Management Skills: Focus on building effective communication, problem-solving, and decision-making skills. Learn to motivate and empower your team to achieve business objectives.
3. Continuously Learn and Adapt: Stay updated on industry trends, best practices, and new technologies. Be willing to pivot your strategy when necessary and embrace innovation to stay ahead of the competition.
As for the five major things a businessman should know before starting a business, consider the following:
1. Market Demand and Competition: Understand your target audience, their needs, and the competitive landscape.
2. Financial Management: Learn basic accounting principles, budgeting, and cash flow management to ensure sustainable business operations.
3. Business Planning and Strategy: Develop a comprehensive business plan, including marketing, sales, and revenue projections.
4. Risk Management and Resilience: Identify potential risks and develop contingency plans to mitigate them. Cultivate a resilient mindset to navigate challenges.
5. Networking and Partnerships: Build relationships with mentors, peers, and potential partners to access valuable advice, resources, and opportunities.
Remember, success in business management requires dedication, hard work, and continuous learning. Stay focused, adaptable, and committed to your goals!
Thank you, this is really helpful.
George