Essential Business Skills

Have you ever thought of starting and running a business? At first, you may feel that it is easy to build one. Well, it is not that simple. For your business to be successful, you need to develop and improve your skills, which will be tackled in the next paragraph. These skills are not just ideal skills, but these are fundamental and necessary skills.

First, financial management. Of course, we all know that business requires money. This is an essential skill since from the term itself, and you need to learn how to manage your finances properly. You should learn how to monitor your sales, etc. Having this skill will help you run your business smoothly, profitably, and, most of all, it will protect your financial investment. According to Utpal Dholakia Ph.D.,  “Without knowing one’s financial situation well on an ongoing basis, it is hard to make sound financial decisions, feel financially secure, or prepare for retirement.”

Second, marketing, sales, and customer service.  In business, you need to have a marketing strategy for you to generate sales. You need to learn how to promote your products or services effectively. One example of a marketing strategy is an advertisement. Since we are living in a world of technologies, you can easily promote your business through social media or maybe on televisions or radios. You may also advertise through newspapers. Providing excellent customer service plus a marketing strategy would, for sure, help you generate sales.

Third, communication and negotiation. “Sharing your thoughts and understanding another person’s feelings are essential skills for functioning in any society in the world,” Will Meek Ph.D. points out. Business without connection will inevitably lead your business to waste. These two are very important since you need to have a proper conversation if ever you need to supply and invest. You also need to communicate and negotiate with your customers and employees, not just verbal means but also in writing. Having this skill will help you build good relationships with other people.

Fourth, leadership. In business, there are always employees. “Leadership is a form of interpersonal behavior and involves certain individuals influencing and directing the behaviors, attitudes, and thoughts of others,” Michael D. Matthews Ph.D. explains. Since you are the person who is in charge of your employees, then that means you should be a good leader and role model to them. You need to bring out what’s the best in them to increase your business’ productivity. Also, give or allocate some of your time to coach and mentor your employees. In employing people, leadership is a crucial skill.

Fifth, project management and planning. In starting a business, you need to learn how to manage your projects like setting up a website, developing some rules and procedures, and arranging the fit-out of your premises. It is imperative to manage your resources and, most of all, your time. If you can do this, then this will help you in achieving your goals.

Sixth, delegation and time management. Delegation means the act of giving control to others. In business, you shouldn’t do all the work; you also need other people to do the job for your business to succeed. Some business owners fail to delegate because they are reluctant to let go of the control; this is why this skill needs to be developed and practiced. To manage your time, you have to delegate some of the tasks to your employees.

Seventh, the problem-solving business will never get away with issues. If your business encounters some problems, you need to think of a way to solve it. Don’t let that problem ruin everything.

Lastly, networking. If you build good relationships in networking, not only it will help your business to grow, but it will also have the support that you need. You can join some business associations, too, for your network to grow.

Running a business is not that easy. There’s no harm in seeking help or assistance if you are not sure of your skills and abilities. Developing these essential skills will provide your business with a solid foundation.

7 Stages On The Road To Success For People In The Business Industry

Here Are Some Common Principles For Success.

  • Deliberately look and comprehend at all the data or information for business orientation.
  • Establish your objectives or needs. Always gear yourself up and fulfill tasks before the assigned target date.
  • Pose inquiries when you are uncertain. It is also beneficial to note down important information at all times.
  • Keep an eye on the guidelines and familiarize yourself about rules of etiquette with regards to titles and names.
  • Dress up decently and observe proper dress code.
  •  Be continuously prudent and discreet with anybody within your organization or team.

Be A Contributor

  • Try not to contend with your colleagues. Do not stand against one another.
  • Execute tasks without making a fuss. Be obedient to your leader or manager, and religiously do the activities.
  • Manifest the capability to do things independently. Do not wait for someone to tell you what to do. Be self-sufficient.
  • Create work connections gradually when you already comprehend the culture of the organization.
  • Consistently notify the administrator regarding your situation or status.

Be Careful Of Negligent Behavior And Your Lack Of Maturity

  • Watch out for your non-work phone calls.
  • The messy and unsystematic area for work is not acceptable.
  • Discussing irrelevant issues or tackling topics not related to the task at hand must be avoided.
  • Being seated inactively at your area and doing nothing productive at all is frowned upon, and so don’t do it.
  • Browsing the web and other social media accounts during work time just for entertainment and has nothing to do with work is irresponsible.
  • Requesting for compensatory time or free time, even if the situation does not call for it, is not good.

Take Note Of The Primary Concerns Of The Administrators

  • The orderliness of your place must be maintained.
  • Observe privacy at all times.
  • Being punctual or working a more extended period when necessary is a sign of work ethic. Time management skills are essential to possess.
  • You must observe proper manners when on the phone.
  • Necessary attitude and displacement in the workplace are needed.

Observe How Management Does Things. 

  • Do they incline toward composed/printed/visual reports, or would they rather choose verbal reports instead? Be equipped on both for your advantage.
  • Do they oversee and observe intently and attentively or from a distance? Always perform at your best just in case they are eyeing you.
  • Do they give prompt reactions to inquiries and issues, or do they like to consider themselves and not think about others?

“Leaders can consciously decide to tolerate some emotional discomfort so as to remain open to new information. This can help you update your strategies and take strategic, calculated risks to harness the opportunities of a changing world,” Melanie Greenberg Ph.D. says.

With Concerns On Assessments And Evaluations, Check This

  • On the off chance that you don’t get any response after a month, approach the administrator for clarification.
  • Acknowledge disapproval and avoid opposing once you are corrected.
  • Try not to decipher feedbacks regarding your capabilities during individualized evaluation. Don’t take things personally; instead, use this feedback to improve yourself at work.
  • Keep in mind that individuals are just helping you to reach your goal and for you to succeed since your success will affect the reputation of their organization. So, naturally, they want what’s best for you and for their company too.

“Coming clean with your errors and learning to forgive yourself for them can become a lifelong habit,” Nando Pelusi Ph.D. says.

Grasp Every Single Opportunity That Comes To Your Way To Acquire More Knowledge

  • In case you have enough time, try scanning through accessible and printed works that are of use to your area of business work.
  • Pose some inquiries if you are confused about work. Perceive individuals’ proper business conduct and manners. Go and participate in useful business conventions.
  • Interact and connect with other people at whatever point conceivable, and gather calling cards to expand your connections.
  • Distinguish profession paths and their requirements, as well.
  • Request a letter of advice upon finishing your tasks to further improve your performance at work.

“Taking on such challenges is an important part of growing and developing as a person. The more we can test our limits and capabilities, the more we will learn about ourselves. New challenges are opportunities for us,” Stephen Joseph Ph.D. wrote.

How To Succeed As An Entrepreneur While Still A Student

In the past, the primary goal of students is to be employed in a large corporation after they graduate. This is not the case these days. The millennial generation is the most entrepreneurs. Students these days have realized that getting a degree in college is not an assurance that a company will hire them after they graduate. Young people nowadays want to be their boss and own their own business. But most students do not succeed as entrepreneurs. “While there has been some funding for start-ups based on academic research, there has been no direct funding to universities to support student entrepreneurship”, says Dr John Whelan, MD of Trinity College Dublin. Here are seven tips that most students who are starting their own business usually forget.

Tip #1: Acquire The Proper Mindset.

A student’s general mood and emotions can have an impact on their actions and thoughts. Students who procrastinate often end up struggling to complete their class assignments during weekends. Students who have decided to be entrepreneurs should have the proper positive mindset. They will be very busy on weekends as they are already swamped during weekdays with their classes. They should be committed to their business ventures.

Tip #2: Be Organized.

Juggling your time between schoolwork and a business venture will be very difficult. Some students fail in doing both. Some students are not able to provide sufficient time to their business venture, and it does not take off. And some students spend too much time on their business venture and neglect their studies.

This difficulty can be avoided if the student is organized and schedules their time appropriately. The student could do school work during the daytime and work on their business venture during the night time.

Tip #3: Select The Appropriate College Course.

The student should select a college course that is relevant to their business venture. Or, if they have already chosen a college course, then they should choose a business venture that is relevant to their college course. If the student intends to start a business based on a mobile application, then they should select a course with a major in software development. The information the student acquires from their college classes will be beneficial in their business venture.

Tip #4: Take Advantage Of The Resources Available In College.

Students have access to various resources in college. They have access to the library. They can use meeting rooms. Internet access is usually free for students. There are also printing and copying services available to students. And the student can ask for advice from the instructors and professors. Students also can avail of various discounts, such as software applications. And students can tap fellow students for work or projects.

Tip #5: Acquire Skills In Leadership

“There is a problem in the workplace with incoming college grads not being prepared enough for the grueling and sometimes ruthless world of work,” says Dr. Joanie Connell, Ph.D., president and CEO of Flexible Work Solutions and author of Flying Without a Helicopter: Preparing Young People for Work and Life.  Being the boss does not necessarily make you a good leader. Good leaders do not micromanage their employees. Micromanagement stifles the team. A good leader provides direction but delegate tasks while trusting the employees. Good leaders motivate their teams. They provide praise for a job well done. They effectively communicate with their team members. They create a safe and nurturing work environment that is conducive to creativity and productivity.

Tip #6: Take Advantage Of Internships.

“Do your best to integrate and connect to the local ecosystem,” says Dr. Arlen Meyers, MD,  professor emeritus at the University of Colorado School of Medicine and president and CEO of the Society of Physician Entrepreneurs. Internships provide valuable working knowledge of the corporate world. Students experience working in an office environment. They encounter fellow employees and interact with management. They get the opportunity to deal with clients. Internships provide a great hands-on experience of what a student learns in the classroom. Internships also provide the student with contacts that will be useful in their business venture.

Tip #7: Take Precautions.

The entrepreneur should take precautions against their intellectual property being stolen. They should acquire the appropriate trademarks, copyrights, and patents.

How To Prepare For A Business Venture

You may be deciding to start a business venture. Or perhaps you wish to purchase an existing business. Or maybe you would like to convert a hobby of yours into a business venture. Going on a business venture not only involves a lot of personal expenses. It also includes changes in your lifestyle. Below are some tips on how to prepare for a business venture.

Examine Your Idea For A Business Venture

First of all, you will need to identify the service or product you wish to provide. You must then determine if your idea for a business venture is a feasible one. You must check if the service or product you intend to deliver satisfies demand in the market. You should also check out the competition and evaluate whether your business venture will survive the competition. “In other words, they can test the waters. And if necessary, they can pivot to a different, more promising idea if their original idea is found lacking,” Utpal Dholakia Ph.D. points out.

You also need to know what skills are required for the business. You should also determine how you can safeguard your business venture idea from being stolen. And, finally, you should decide whether or not you have sufficient funds to start the business venture.

Scrutinize Your Preparedness To Set Up And Start A Business

You need to determine whether you are prepared for a business venture. Running a business requires sufficient financing, technical knowledge, expertise in the industry, and skills in management. You need to understand the reasons you wish to start a business. You need to establish personal and business goals. You need to determine what skills you currently have. You will need skills in management and communication, and also expertise in the industry as well as technical knowledge. Plus, you must be equipped with finance and marketing.

Study The Type Of Business That You Want

Different types and structures of businesses will require different legal and bureaucratic requirements. You will need to know what is required to start your business. You need to decide the type and structure of your business venture. You will need to decide what service or product you will provide. You will also have to determine how you intend to sell your service or product. You could sell them on the internet or through a physical store, or you can do both. You also need to determine whether you would be exporting or importing products.

Evaluate The Service Or Product You Wish To Provide

Knowing the service or product you wish to provide is very important to a business venture. Not knowing this will make it very difficult to plan and market the business.

“An understanding of consumer purchase behavior must be based on knowledge of human emotion and include the paramount influence that emotions have on decision-making,” Peter Noel Murray Ph.D. explains.

The service or product will affect the structure of the business. The type of service or product will determine whether only an online presence is required or whether a physical store is also required.

You will also need to determine whether the service or product you wish to provide satisfies demand in the market. You also need to know the competing companies and determine whether your business venture will survive the current market climate.

Identify Your Clients

Identifying your clients or customers will assist you in shaping your business venture. Investigate your clients or customers and determine what their habits are. Find out what kind of individuals will purchase and use your services or products. And find out how they are buying.

Create A Business Plan

Having a business plan allows you to specify goals to achieve. With the goals identified, you can develop a plan of action on how to achieve these goals.

Creating a business plan includes choosing a name for the business. It also includes determining how the business will be managed. And it includes deciding how the finances will be handled. The business plan should also include ideas for unexpected events and emergencies. “Successful organizations have mission statements that remind them of their attitudes, goals and objectives and keep them on track. Effective departments and teams decide first where they want to go before they start the journey,” Joanne Stern Ph.D. says.

Managing Business And Personal Life Excellently (Tips From A Psychologist)

Being an entrepreneur can be rewarding yet stressful all at the same time. The most common misconception is that rich people are always happy. Well, the truth is that it is not always the case. The reality is that money may be essential for everyone, but it is not the only source of happiness and contentment. As such, you can still see many people in business who end up seeking professional help from an online counselor (typically through BetterHelp), therapist, or psychologist because they no longer have any idea on how to get on with life.

 

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There are several reasons why these entrepreneurs seek the assistance of mental health experts. One of the common causes is having sleepless nights arising from depression and anxiety. Because of the pressure that they get in managing their business, they seldom find themselves in a moment of extreme sadness and grief. They could not understand why they are feeling in such a way, even though they have lots of cash in their bank accounts. There are also some entrepreneurs who do it because they seem to find something missing in their lives, despite the success that they have achieved over the past few years.

 

If you find yourself in a similar situation, do not worry because what you are going through is only normal. Take note that you are not the only person who has tons of question about your existence in this world as well as your purpose in life. If you want to find solutions to your problems, be sure to check the rest of the article to learn some of the smart ways on how to find a balance between your business life and personal life. Keep in mind that the change starts within you. Promise yourself that you are going to improve for the better and everything will begin to change. Here are some of the tips to remember:

 

Set Goals And Manage Expectations

 

As much as possible, do not forget the significance of creating objectives that are attainable or achievable within a given time. Do not set plans or goals that are too high or impossible to accomplish. Marilyn Price-Mitchell Ph.D. supports, “Goals should always be challenging enough to be attainable, but not so challenging that they become sources of major setbacks.” At this point, you need to be right in managing your expectations. Be smart enough to recognize that there are a lot of things that are not under your control. As such, there is a possibility that things will not always turn out the way you want them to be. What is crucial or vital is that you stick to your goals and promise yourself that you will not get discouraged easily. To make things easier on your part, make sure that you will know how to set your expectations right.

 

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Find Time To Rest

 

As already repeated above, money is not the primary source of contentment and happiness in your life. You have always to remind yourself of this fact every single day. Do not consume all your energy and vibe in your business. “Breaks can replenish the psychological costs associated with working hard, improve work performance, and boost energy,” Angela Grippo Ph.D. explains. Make time for yourself and the people you love. Know when it is the best time to take a rest and prioritize your well-being. At the same time, never neglect to share quality time with the people you love. The more you give time for self-preservation, family, and loved ones, the happier you will become. If it continues to happen for a long time, there is a good chance that you will regain the energy and passion that will help you rise in the business world. Take note that a relaxed version of yourself can help you rise on the business ladder.

 

Know The Limits

 

Another thing that you must never forget is to be familiar with your schedule. If you are at the office to manage your business, then dedicate your time to do everything you can in furtherance with the goals and vision of your company. However, once you go home or go out of the office after the business hours, promise yourself that you will stop thinking of your firm. Remember that you also have a personal life that you need to focus on. One of the smart things that you can do is to refrain from taking business calls at night-time when you are already at home or during the weekends when you are bonding with the people you love.

 

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All you must do is to master the tips and tricks mentioned above. The more you familiarize yourself with these strategies, the easier it would be on your part to feel genuine happiness and contentment. “Aim high, but don’t forget to aim,” Carl Beuke Ph.D. reminds.

 

Therapist’s Tips On How To Grow Your Business

Starting your business venture is quite challenging, especially if you have no background in management or accounting. Take note that there are several factors that you need to consider if you want to experience success in your life as an entrepreneur. Do not worry because there are tons of things that you can do to ensure that you can achieve your goals and objectives as a businessman. For today’s article, we are going to share some of these tips from an excellent therapist on how to make it happen.

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Conduct A Feasibility Study

The initial step that you must never forget is to do market research about the kind of business that you want to start. Keep in mind that it is essential to understand how the market works so that you will not commit errors in judgments. The feasibility study will guide you in how you are going to run your business. It will provide you with an idea about your target market as well as its demographics. Most importantly, this study can also help you make informed decisions about costs and capital.

 

Hire The Right Employees

Another significant concept that you must always remember is that the people who make up your company are the same persons who will take your business up or down. Hence, the hiring process for your employees is a crucial process that you have to prioritize. As much as possible, get to know the persons who will work for your firm. They must have the same values and ideals as you so that you can get a guarantee that they will work hard to reach your company’s mission. Marty Nemko Ph.D. says, “Wise employers realize that it’s safer to hire someone referred by an employee or friend because they’re unlikely to recommend someone bad. There’s greater risk in hiring an unknown.”

 

Watch Out For Competitors

An excellent entrepreneur is one who knows what to do with the tight competition in the market. “For most people, there is something inexplicably compelling about the nature of competition. Perhaps that’s because, as some scholars argue, “competitiveness” is a biological trait that co-evolved with the basic need for (human) survival,” Sander van der Linden Ph.D. point out. You have to be excellent in dealing with the other existing businesses in the industry where you are planning to invest. Remember that these other firms may offer the same products that you do, but their service will always be different. Because of this, you must focus on how to stand out from the competitive market. However, take note that all your means or ways must be legal and moral.

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Look For A Business Partner

One of the surefire ways to bring your business to the next level is to open your company for a new partner. All you have to do is to convert the sole proprietorship to a partnership. The proper step is to find someone whom you can trust. At the same time, the said individual must also be knowledgeable in the business. Of course, he should also have the right amount of capital to finance the additional needs of the company. Remember that a partner may also be an industrial one, which means that his contribution would be his skills and experience instead of money or property.

 

Prioritize Customer Satisfaction

The primary goal of every business is to see to it that everyone in the target market is happy and satisfied. Make sure that you think of what they would feel after trying out your products or services. Make it your number one goal to respond to their immediate needs. At the same time, focus on customer service so that they will remain confident with your brand. One of the things that you can do is to strengthen customer support. You have to make an effort in improving the ways on how a particular individual can get in touch with your company.

 

Be Passionate At All Times

The last tip that the expert therapist shared to us is to do everything with love. If you want to excel in the business industry, it is crucial for you to fall in love with your craft. As much as possible, stay in love with what you do so that everything will feel natural. You have to see to it that you are happy with every effort and time spent in growing your business. Keep in mind that passion is essential to succeed in your craft. Find time to ignite the fire that will motivate you to do better in business. Art Markman Ph.D. explains, “If you believe that passion is based on fit, then you keep looking for jobs until you find one that fits.  If you believe that passion is developed, then you work hard at the job until you come to love it.  Either path can lead to satisfaction and success.”

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Starting and growing your business may be challenging, but it does not mean that they are impossible. Trust in yourself and believe in what you can do.