Business To Dos and To Donts
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Business To Doís and To Doníts
Starting a business has been an American dream ever since this great nation has
been established. The United States was built by men who had an idea in their head and a
goal to succeed in their heart. The thought of being your own boss, setting your own
hours, and hiring people you believe in, appeals to almost everyone. Throw into the
equation the possibility of making a lot of money and starting a business is even more
appealing. Over 800, 000 new businesses are launched annually, according to the U.S.
Department of Labor. At the same time, new business start-ups are fairly risky, with a
high percentage failing to survive more than five years. From 1990-95, the Department
of Labor reported 842,982 business bankruptcies and failures. This number does not even
include the numerous business ventures that were unhappy or unfulfilled by their owners.
When starting a new business you have to take into account that you can
lose everything you have worked for up to that point. This is something that many people
overlook before venturing into the field of business ownership. Having a clearer
understanding of business concepts can help to reduce your risk of failure. In this report,
I am going to explain to you what you need to know and do before you venture into this
To become successful, several steps are needed to prepare yourself for the
business world. The first thing is to become educated in business practices and ethics.
Once you obtain general business knowledge, you need to become educated in the field
you are entering. It is suggested that you enter into a field that you enjoy doing. This
makes the workload much easier and enjoyable for you.
Once you have obtained your education, you need to come up with a business
plan that fits your business. The business plan is the heart of the business. Once you
have come up with the business plan, you need to follow it and keep it up to date. More
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often than not, a business owner will spend a lot of time and effort writing a business plan
at the conception of the business. Then once they get the business off the ground, they
tend to put their business plan into a drawer, never to be seen again.
Many business owners fail to monitor their business plan. Since changes are
always occurring both inside and outside of your business, the business plan can be a
useful tool to assess your progress. You, as the owner, are in charge of keeping your
business plan up to date and on track. To do this, you must be aware of the changes that
are taking place in your industry, your market, and your community. Research on areas
such as customer preferences, trends, ages, and interest may help you keep your business
plan up to date. Also, be willing to share the goals of the business plan with your
employees. This keeps the employees focused and working toward the same end. Telling
the employees about the goals and what you expect from them in reaching those goals
will help propel you to your success. People that are included in on the goals of the
company feel like they are a part of making the goals happen. This can lead to higher
efficiency and productivity of your employees.
Plan that your business is going to be a success in the future. Know where you are
going and how you are going to get there. Decide where you want your company to be in
one, three, and five years and draw up the business plan to get you there. Have a set plan,
but always be ready and willing to change it. Change in your market place are inevitable,
so be ready to take full advantage of these changes. Good business owners are leaders,
not followers. It is better to make a mistake on the daring side, than to be inactive and
remain complacent. To take advantage of change you must be creative. Adapt and apply
innovative techniques from outside your specific field to increase your customer base and
Although business involves a great deal of risk, you always have to evaluate the
risk before you make them. You need to look at the consequences of your actions. Since
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you do not have a second chance to make a good impression, it is important that you
always do the right
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Marketing, Entrepreneurship, Management, Strategic management, Business plan, Venture capital, Inventory, Customer base, Business process improvement, Small business
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