Business and Sport

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Starting a business could be challenging, daunting, and above all an exciting and rewarding experience. Let us suppose that you have a promising idea, and the entrepreneurial attributes to launch a new business. What factors must be considered? To start a business requires careful reflection and decision making about the following:

Business planningBusiness financingCustomer orientation (Marketing)Employees managementKeeping records

All of these factors, though, are important in starting and growing a successful business, but the first two factors (planning and financing) are of primary concern (especially) during the start-up phase. The rest three are at the core of actual running and managing of the on-going business.  A number of professional literatures extensively treat this subject, for example, Understanding Business.  The section that follows briefly sheds light on these factors.

Business Planning

It is an often cited remark that ‘‘He who fails to plan, is planning to fail.’’ Yet, it is surprising how many aspiring entrepreneurs are anxious to start a small business   but have only a vague notion of what they want to do.  Simply put, planning your business means thinking ahead, and relating the possibilities of the future to the realities of the present and past things. The work of thinking things through  is expressed in a final document called a business plan.  It forms a framework for you to start and grow your business.

Most scholars and practitioners have agreed that ideas are a person’s greatest asset.   And it is common experience, among entrepreneurs, to come up with ideas for business and start sharing the ideas with friends and other business people as well as with Professors.  Joseph Cossman, a celebrated entrepreneur, cautions that:

Most of our products are the result of our own ideas. In the long run you are on your own, so let your judgments be your guide. But keep this in mind…. A new idea is a delicate thing. It can be killed by a sneer or worried to death with a frown. Treat your own idea like children – coddle them, keep them away from the chill of adverse criticism, have faith in them and – they’ll grow up into strong, mature products to support you in your old age.

The idea generation/formulation phase is crucial to successful business planning as it is with other human activities. Ideas are man’s greatest asset more valuable than even capital and experience.

We have emphasized that planning your business is of primary concern in starting and growing a successful business. The primacy of idea was underscored. 

Financing your business is also of importance.

Business Financing

Entrepreneurs, like most people, require money in starting and growing successful businesses. Sources of business finance include – personal savings, bank financing, relatives, former employers, government agencies, and lease-purchase agreements. Investors such as Venture Capitalists and Angels may also fund your project. Entrepreneurs must not only be well informed in identifying and securing start-up capital, but they must also nurture a profit-orientation.

Ability to balance profits and expenses to attract customers is vital to business success.

Customers Orientation (Marketing)

In business, opportunities exist in the market. And one of the most important elements of starting and growing a successful business is:  knowing the market. A market comprises people with unsatisfied wants and needs who possess both the wherewithal (resources) and the desire (willingness) to buy.  In marketing terms, the key to spotting or perceiving a potentially successful venture is to find a need in the market, and look for ways to meet that need.

For an entrepreneur to spot a genuine need, he has to listen to people (potential customer) for obstacles that prevent them from completing specific tasks, and listening to what potential customers say frustrate them.  These are first hand avenues to learn what people really need and might potentially buy.  

Another means for an entrepreneur to meet the customers’ needs is to offer top quality products or services.  Concerted efforts should be aimed at meeting or exceeding the customers’ satisfaction. This way, you not only win customers but also keep them. This translates into repeat purchases and attendant profits.       

Employees Management

In the course of business growth or expansion, it becomes imperative that the entrepreneur can no longer go solo, and sustain growth and profits. It becomes impossible for him to oversee all details, regardless of the entrepreneur’s commitment in time (resource).  Consequently, he has to recruit, retain and reward employees.  Managing employees, the most valuable of all organizational resources, is tough.  People have varied orientation and backgrounds, among others.

In recruiting, the entrepreneur should consider promising individuals whose visions are aligned or as close as possible, to the enterprise’s vision. We suggest some attributes to look for:  honesty, willingness to learn (as opposed to corporate hubris), and commitment.

It is not enough to hire top talents, qualified or trainable individuals; employee’s relation is important. The entrepreneur should endeavor to make his employees’ work more challenging; their ideas more accepted, and above all, treat employees more respectfully. This way, they are more often satisfied in their work.  Employee satisfaction with their job almost always brings about improved performance/productivity. The entrepreneur will also do well if he influences the discretionary effortsof his employees.  In addition, Nickels and his colleagues argue that entrepreneurs can best serve themselves and the business if they gradually recruit and groom employees for management positions. This will foster loyalty between the manager and other employees, and among themselves.

Keeping Records

The importance of records keeping to the effective operation of businesses – small or large cannot be over-emphasized. It is good for the entrepreneur to follow good financial procedures. This means you must know something about accounting to understand the language of business. The entrepreneur should follow the rules of business; have control over financial standards, cash flow, return on investment, among others. The point here is that nurturing an effective accounting system early will check against probably losses or failures later.

The entrepreneur might hire the services of a good accountant who sets up such effective accounting systems and shows the entrepreneur how to keep the system operating unhindered.  It is also important that the entrepreneur, as with other business persons, is able to read, understand, and analyse accounting reports and financial statements, so as to run the business effectively.  

The aforementioned success factors necessary for starting and growing a traditional (brick– and –mortar enterprise) also apply to internet business or web-based enterprise.  This would be considered in a future post.

Article by Deepak kulkarni

Finding specific information about starting small business might not be easy but we have gathered very helpful and relevant information about the general subject matter, with the ultimate aim of helping you out. Even if your search is about other starting small business information, such as restaurant business plans, salon business plans, small home based business or even small business tax, this article will prove very helpful, to say the least.

Make sure that time spent on the small business partnership is dedicated to the business, and time spent together away from the small business partnership is not a forum to discuss business matters. If you’re going to spend time together away from the small business partnership, really spend time away from the business.

A very popular proverb goes like Money makes money. So, if one wants to make money through a business, the first step is definitely to invest money. Whether a business is small or big, the basic requirements are the same. You need to have a strong financial base to meet those umpteen business needs, such as purchasing raw materials and equipments, setting up the workplace, paying wages to the employees, maintenance, overhead charges and so on. Often, it happens that the savings, retained earnings or sale of business assets is insufficient for an entrepreneur to start a business or are insufficient to maintain the required cash flow for an existing business.

A shrewd business entrepreneur will use unsecured small business loan to let his business achieve new heights. Even though unsecured small business loans involve a little higher rate of interest, still such loans are appropriate for business starters who do not have plentiful resources at their disposal. These loans will not only save business entrepreneurs from the risk of repossession but will also provide them quick money to counter business urgencies.

As detailed as this article is, don’t forget that you can find more information about starting small business or any such information from any of the search engines out there such as MSN dot com. Commit yourself to finding specific information therein about starting small business and you will.

In other words, the small business loan is not being granted on the status of your business; it’s being granted on your personal financial status. That’s why it’s important that your personal financial house is in order before you apply for a small business loan.

Other loans include commercial real estate loans, merchant cash advance, international trade loans, equipment loans for professionals and pollution control loans.

The business card should be designed in conformity with the business you are in. An undertaker with comic fonts and cartoon characters on his business cards should not expect many responses. Whereas, a small animation firm can display as many creativity and color as possible on their business cards to make a lasting impact. If corporate clients are the targets, it would be prudent to avoid adding your photo to the business card. Too many words on the business cards confuse people. Similarly, faint fonts do not register well in the minds. All such factors should be considered before ordering business cards, because a well-designed business card can be a ticket to business success.

We discovered that many people who were also searching for information related to starting small business also searched online for related information such as small business book, free domain names, and even marketing strategies.

Article by ASJ Business

I don’t know how many of you really understand the potential of starting an online business since it can open up doors to immense business opportunities where you can make lots and lots of money for leading a comfortable and respectable life. Money is really important and nothing would be better than earning the same from your own business. There are a number of companies out there which give you an opportunity to get associated with them and offer a chance to become an entrepreneur and earn income -as per their efforts. It could be a good option to scourge for the right company which could take you to the path of success. Finding the path to success is quite difficult and in case you come across a company which offers you a brilliant idea to start a new business it would be a good option to pounce upon it and start earning a decent amount of income.

Starting a business of your own can never be easy but there are companies out there in the online world who would like you to become a part of their growth process so that you too can benefit from it at the end of the day and all you need to do is become a part of their growth plans and contribute towards it in the best possible manner. Companies offer their branded goods and services which you are required to sell to your prospective client and in the process you can earn handsome commissions on the sale of the product which can set the ball rolling for you. What else you even get entitled to commissions on sales undertaken by people hired by you. It might seem like a dream but it’s true to the core that online business has enabled hundreds and thousands of people to leave their jobs and move away from the monotonous cycle to do something different. You would be excited to know that a number of people have even moved on to become millionaires in this business.

While searching the internet for such opportunity I came across ASJ Business which I really liked in the sense that it gives you an opportunity to be the master of your own destiny. They have a two tier business model offering attractive package products which you would be able to sell quite easily and earn handsome commission enabling you to earn decent amount of income. Since I have myself got associated with it I thought that it would be a good option to share it with you so that all of you could benefit from such sources where you could earn handsome income and lead your own life independently.

Should you start a small business

 Does the idea of being your own boss appeal to you? If so, you are not alone! The idea  of starting a small business does appeal to a lot of people. Of course, while many of them just dream of it and leave it at that, some do go on and actually take the plunge into starting a small business. So, is starting a small business right for you? More and more people are asking themselves this, and more so, in these days of economic recession and hugejob layoffs all over.

A small business can be extremely satisfying and rewarding. But a small business is not really for everyone. And statistics show that a large proportion of small businesses fold up pretty early.

Now, should you start a small business? Well, you know  best, and the answer is within you. But then you may like to reflect on the following questions.

1. What have you to offer?

 Do you have a great product that can fulfill someone’s need or aspiration or solve some problem? Is there a gap for a service that you can fill?

2. Does the product have a market you can tap?

Yes, you got that brainwave for that really nifty product. But does there exist  a market for your product  and at your price? And is there an easy and affordable way for you to reach this market?

3. Do you know your product inside-out?

 How well do you know  your product?  Do you know it inside out. Does it really, really excite you?

 4. Do you have the starting capital?

 Even small businesses need starting capital. Do you know how much capital you will need? When will you make your first sale and receive your first payment? When will you break even? Do you have or can you raise enough capital to sustain the business until then?

5. Can you work long hours?

 As chief cook and bottle washer of your new business, do you have the capacity and energy to work long hours? Are you comfortable with learning new things and doing many different types of tasks each day?

6. Can you afford to lose the regular monthly pay check

 When can your business afford to pay you? Do you have enough funds to meet your essential financial requirements until your business can afford to pay you?

7. Can your business afford to fail?

 Hopefully, it will not happen. But what will happen if things don’t go well with the business?

Disclaimer: The above article only represents the personal views of the author, who doesn’t claim to be an expert in this field. This is in no way a subsititute for professional legal, business or accounting advise. You should take advise from a qualified professional when required. The author disclaims specifically any responsibility for any action or decision taken on the basis of this article.