FO¢U$: Factors of a Successful Business

STREET LIFE | FO¢U$ | ENTREPRENEURSHIP

“A plan shows how you’ll run your business. Without a plan, you don’t know where you’re going, and you can’t measure your progress.” ~Eugene Kleiner, Venture Capitalist

There’s a text/work book that was highly recommended, “Successful Business Plan – Secrets & Strategies” by Rhonda Abrams. This book was named by INC. and Forbes magazines as the best book for small businesses and some professors of business majors use this book in their classes.

For those adults who have made the decision to go back to college for what ever reason, cheers to you!! I have begun reading this book and from time-to-time will share my highlighted notes of what I am learning (well its best to say my refresher course). Now let’s begin with sharing my notes from chapter 1:

The factors of a successful business, I know for most of us its common sense but I will share it anyway… it’s developing a business plan. No plan = Poorly conceived & bound to fail. I am even embarrassed to admit of the many times I have been asked do you have a business plan put together, my response is – you can say that if I take the time to formally write it up by compiling all of my pieces of scrap papers, napkins, post-its etc from over the years. Hey its never too late school is in and it’s time to begin to…

*address my long-term needs

*devise strategies to enhance the overall performance of my business as well as my personal satisfaction

The following factors consist of:

    ~ business concept

     ~ understand the market

    ~ industry health & trends

    ~ clear strategic position & consistent business plan

    ~ capable management

    ~ ability to attract, motivate, and retain employees

    ~ financial control

    ~ anticipating change & adaptability

    ~ company’s value and integrity

    ~ responding to global opportunities & trends

The concept of a business begins with, Can your business meet the needs and the desires of the consumers? If not, people will not buy and it won’t sell. In reading this chapter so far, it has definitely been a re-fresher course for me. I agree and so have fellow entrepreneurs I have spoken with. When an person decides they want to go into business for themselves it’s usually inspired through earlier work experience, education/training, hobbies/their talent/personal interest, and recognizing an unanswered need in the market.

Here’s some more highlighted notes to keep in mind when refining your business concept:

~ Something New, new product, service, feature, or technology

~ Something Better, improvement on product that already exist – lower price, more features, faster speed, increased convenience and reliability

~ New Market or Underserved Market, a greater demand than your competitors can currently satisfy, an unserved location, a niche or small part of the overall market

~ New Delivery System/Distribution Channel, new technologies that allow your business to reach consumers more effectively

~ Increased Integration, a product that is manufactured & sold or offering more services/products in one location

Break time over… next in biz101… chapter 1 continues with ‘Understand the Market’.

 

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