Category: Business

Coming Up With a Good Business Idea

We are all there but we came through very different routes. Some of us wanted to be there right from the start, some had no other option for survival and others are there because from what they have seen, it seems to be a good venture.

The place is “The Entrepreneurial World”.

No matter what route led us there, most of us reading this article are either wannabe or true entrepreneurs. Now comes the all-important question for those looking to start a business of their own-What Do I sell or provide. Without wasting your time, let me walk you quickly through steps you can take to help you generate business ideas.

What Do You Know?

Starting a business based on what he knows is one of the best assets and advantages a to-be entrepreneur can have when thinking of starting a business. The truth is, “The more you know, the more you can know”. Starting a business you know a lot about will save you costs in form of consultation fees and it can also help you reduce losses and failure of the business.

What Do You Love?

Search yourself. What things do you enjoy doing and how viable are they business-wise? Starting a business based on a hobby could be a good thing. You would have vigour and passion with which to push the business on.

A potential setback is that hobbies that are converted to businesses might end up being what they weren’t intended to be-chores. So think over it very well so that you don’t have both a ruined hobby as well as a ruined business.

It’s Not Compulsory To Go For The Hypey Trend

The business everyone is talking about is probably not one to delve into. Chances are the market is saturated and unless you have a deep pocket at your disposal you will face a very stiff competition to survive in such a market. This takes me to the next point where I would stop.

Love Competition

One of the very few cases where competition can be helpful is in researching a successful niche. If businesses in that niche are still afloat, then such a business could be profitable.

Conclusion

Starting a real world business is not as easy as people perceive it to be. It requires a lot of thoughtful planning, man management, cashflow management, tax payments and many other things. Businesses also require as much time as money. Therefore, research and plan your business very well before you set out.

Effective Communication is Good Business

In tough times every business is looking for that special edge, the one that puts it in a more competitive position. Many executives are focused on such topics as customer satisfaction, more effective procedures or even down sizing to remain in budget.

But I bet very few have considered improving the one thing that is at the core of all these problems. However, it is a simple fact that effective communication skills are extremely good for business.

Worried about customer satisfaction? Then a staff with improved communication skills will have an immediate effect in this area. Frustrated that you have to spend so much time in repeating requests; re-stating statements and fixing up the results of miscommunication? Just think how much more effective time you would have with improved personal communication skills.

There are three simple rules which, if followed, will improve your ability to communicate.

Learn to Listen. Communication is a two way process, but if you start with focusing on your listening skills you will have a much better understanding of what people actually say to you.

People do not listen very well. They are more concerned with what they are going to say as soon as they can get a word in edgeways, than actually giving attention and interest to what is being received. Change your focus and become a listener; and that means concentrating on what is being said without judgement or bias.

Listen with movement; which means encourage the speaker with gestures. Nod in agreement; use eye contact to maintain interest.

And finally if you do not understand something take the time to clarify it. A simple question such as “I am not sure I understand what you meant, can you explain it again to me.” will allow the speaker to rephrase it.

When you have listened, you are in a better position to undertake clear communication yourself.

Organise your thoughts. To be able to be understood you need to have a clear outline of what you are speaking about. We think very much faster than we speak, so taking a few moments out to organise what we want to say will not impact on our communication, it will improve it.

We need to know quite clearly in our own mind what our main aim is going to be. If we are not clear on this our communication is going to be erratic, unfocused and ineffective. We should ask ourselves what do I want this person to know or to do. This is the key to clear and effective communication.

Once we have it clearly in our mind, the next thing we should consider is what are the most important things my listener needs to know for me to achieve this aim. Three pieces of information at one time is all that your listeners can absorb. So quickly select the three most potent points you can use and you’re done.

Monitor the feedback. While you are speaking to your three main points watch your listeners for feedback. You may notice that they are looking confused. Stop! You may need to rephrase the statement, or restate the information in another way. You might find that your listeners clearly do not agree with what you are saying, and you have the opportunity to allow them to voice their opinions. Being able to address concerns immediately usually has a very positive effect on your listeners.

You will also be able to see the nod, the smile and the positive body language which will indicate that you have agreement.

In business today, there is very little activity at any level which does not depend on good communication skills. And yet when considering what can be done to improve a company’s position in the market, it very rarely even gets a mention.

So why not make this personal. Try improving your personal communication; I am sure that you will notice a vast improvement in the way in which your instructions, your ideas or your suggestions are received. And that has got to be good for your business.

Importance of Keeping Good Business Manners

The main rule for online marketing is to keep good coordination with the other person. The understanding and cooperation with both the customer and the businesses is a vital part in online business. If there is a change happened in this then the business will become an utter failure.

The newbie’s in internet marketing doesn’t know on how to get appropriate business partnerships for their business. Still they are eager to get one and will find one which is not suitable for their business. This will make the partner to lose trust on your company.

There are many things that you need to take care while sending emails to customers. You should use your creative skills while manipulating mails. Don’t do unnecessary colorings’ or styling. Just write your matter in normal white background with normal fonts. Check twice for any grammatical or structural abnormalities. Try to keep the length of the articles as short as possible. Before sending a mail think whether it’s interesting to read or not. If so change it accordingly.

If you are recommending some other company through your newsletters then always try to give reason for that. If you have any doubts or you are not sure about something then you can ask to your partners.

However if you want to ask doubts to an anonymous person then you should be bit careful. First of all tell him your profile. Tell your need for the advice. To make him happy and thereby helpful try to tell something good about him or his company that attracted you. Even if the person doesn’t know the answer he may introduce you to someone or some other companies that have the solution for your question. Never share service of another company or business without an agreement or contract. Before asking something to someone you should think what he feel if you ask.

The Result of Good Business Reputation

The importance of dignity and honesty in the business world cannot be over rated. Individuals that want to grow and progress in their career should cultivate a good reputation. Each individual has to mold him or herself to be the kind of person that everyone expects them to be, someone that completes tasks on time and someone that can be trusted with confidential projects. Individuals do not have to make themselves indispensable, but they do have to give their best as efficiently and quickly as possible and always be in the lookout for ways to improve business processes. As long as an individual is as a company expects him or her to be, someone that can be relied upon, the doors will always be open for promotion and growth. Individuals have to be trusted not only by their superiors but also by their peers and the people under them.

Employees have to be treated well. Satisfied employees will spread the word about what a great company they work for. Companies that build their reputation have a better chance of recruiting excellent applicants for their vacancies. If a company takes care of their employees, they will automatically take better care of the clients and of the business. Employees that feel respected and that take pride in their uniform are invaluable elements for any business. Employees that trust and respect their company will be the first to recommend potential candidates for vacancies.

Being a can-do business is a way of keeping up the company’s reputation. When a company embraces new ideas and new technology, they open the door to the development of new products and services. Companies need to be constantly pushing the boundaries, investing in research and development and involving employees in the whole process. Encouraging innovation will improve business growth and generate more sales and prospects for their products and / or services. Companies that grow and develop will not stay behind and competitors will always be in the look out to follow and not stay behind.

Maintaining the pride in any business brings trust as a consequence. Insiders and outsiders need to trust a company so that it can expand and grow, these includes employees, clients and investors, who at all times are expecting new and exciting developments. Clients and investors will always be looking for companies that they can trust and respect, either to purchase products and services, or to consider them as an option to invest or make loans.

Companies and individuals should not play around with their reputation and jeopardize all their possibilities of success. It’s always easier and better to do business with dignity and honesty.

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Finding A Good Business To Invest In

A good business is a business which you can more or less predict with confidence that over the long term, its going to increase its earnings, its profits every year.

As a result, increase in shareholder value and hence the share price. In
other words, the share price will go up not because of speculation but because the company is worth more.

Look at past historical performance. If you look at a company records for the last 10 years, and if earnings have been increasing steadily and consistently, then its more likely they continue to do that in the future. Its not a guarantee, but it’s more likely to do so.

Rather than a company who has had erratic profits in the past, look for a company which is consistently increasing in earnings.

The next thing is to look out for is the USP or unique selling proposition. It’s the same for private businesses, same for listed companies. Does the company have a strong unique selling proposition that gives it a competitive advantage?

That when even if rivals and competitors come in to cut prices, they can maintain their margins because they’ve got a unique positioning. The unique positioning could be due to a patent they hold. It could come from the brand they have.

Take for example, Nike. If 10 other companies were to start and compete with Nike and they come up with a brand called Niko, instead of Nike. Will Nike lose all their market share? No, they won’t. Why? Because people buy because its Nike. Because it’s a USP.

One question to ask yourself, “Does this company have room for growth? Can it continue to grow? Are there new markets it has not explored yet?”

So lets say it’s a fantastic education program that has been working in the States, could it work in China? And that gives you growth prospects. Does the company have conservative debt financing, alright. Can it pay back all its long term debt in 3 years?

The next thing is the management that’s in place. For the management, do they hold a lot of shares in the business? If they do hold a lot of shares in the business, they are more likely to hold a vested interest in making sure the company works, rather than siphoning off money for their salary which could happen.

Here’s a final tip, a company can make a lot of money in profits, but you may never see the profits, because it is channelled back to sustain current operations to renewing and refurbishing plant and equipment.

So I always advise investing in businesses where, in which you they don’t have to maintain plant and machinery. Take for example, insurance businesses. Another example, Nike, doesn’t even own their factories.

Good Business Practice

Anyone can own a business. The trick is to not only own your own business but to actually make it thrive- all of which is easier said than done. However, you cannot own a business and expect to run it successfully if you don’t have in place good business ethics. What do I mean by this? It is more than simply thinking that you are treating your employees and co-workers well. Rather, being ethical means that you make decisions with other people in mind- that you aren’t cheating them out of money somehow or being untruthful

In this day and age, running a business can sort of be like riding a bicycle. You get to a point where things are comfortable, and then you don’t really notice when the chain slips until you are pedaling and pedaling but not actually going anywhere. The same thing applies to businesses. How can you expect to get ahead when you mistreat others? Any successful business that you look closely at, you will be able to see that part of the reason for their success is based purely on how they treat other people within their industry- whether they are business associates, competitors or customers. For those who fail to follow good business practices, they may experience quick growth; but it is only a matter of time before they will fail.

In the current downed economy, it can be extremely tempting to over-charge customers or even tell an outright lie to someone regarding the price of a good or service all so that you can pick up a few extra dollars; but in the end was it worth it? How would you, a business owner, feel if you knew that someone had purposely cheated you out of money? Would you trust them again with your business? Would you send others their way to do business with them? Or, would you write a negative review about what that person did and then parade it all over town? If you were angry enough, you just might do the latter; but one thing can be sure- you certainly would not be recommending them to anyone that you know.

While there are some who hardly pay attention to it, being ethical is a serious consideration for those business-minded individuals who are looking to get ahead. More important than much of anything else, when you are ethical and fair, you actually help your business or company gain credibility. Soon, you should start to see the results of practicing ethical business ideals. When news spreads by word of mouth or otherwise about your business practice, people will learn to trust you as a reliable source for whatever goods or services you are selling. It is when we are greedy that we sometimes fail to realize the value of hard work and ethics. Often times, we confuse ‘being ethical’ and being ‘hard working’ with focusing too much on money. We forget that in order to make money and succeed in our individual business practices, it first takes hard work and ethics. More importantly, even after you have achieved success in the area that you practice in, you should still continue to employ the basic principles of ethics and learn to incorporate that even more into your current and future business practices, making sure that you hire employees who are more than informed and fluent on the subject.

Good Business is Good Relationships

Since the start of time sales folks have frequently been looked down on. You know, the used auto sales rep type. They’d chase you round the lot, promising you everything, and coming through with nothing. Folk always felt that if you purchased your new car from anybody, other then a new car showroom floor sales person, you were getting ripped off.

Direct sales have changed. Or I should say are gradually changing over a period. Really this has been about for one or two years, although not to lots of folk use it. It’s called attraction promoting. People buy from folks that they know and trust. They don’t buy from corporations. I know we receive awfully cold in the way we try to do business today. We talk with PCs, send emails, but there is no human face attached to the person on the other end of the telephone or computer. That is what still makes direct sales what it has always been. Direct head to head and eye to eye contact.

Now I’m not lessening web marketing. I am a Net marketer. My promotional system is a lead generation, and continual income producer for me. If you do not have an internet presence, you’ll soon be left behind. But we still need to get on the phonephone and talk to people. That’s where the sale is closed. The human component still has to exist and be there for that closing to take place.

A person moved into the new house that he and his better half had just purchased. They were extraordinarily excited. All of the grasslands and landscaping of all of the homes in the area, were stunning. He got right to work on his.

After months of fertilizing and and watering, his grass still had weeds and looked frightful. He finally got the nerve up to ask his neighbor for some pointers on how he could get his lawn to look like his. The person was more than happy to help with all his landscaping wishes.

Soon the man’s new yard started to take on a fresh look. Everything was looking fantastic. He ultimately asked his new neighbour how he knew so much about landscaping. He answered, I own my own landscaping business. He hired the neighbour on the spot for all his landscaping wants.

This story explains what attraction promoting is. You lead by giving out value, not by pitching some company or product. The moment you do that, folk will understand you as a leader and someone who is able to say what they are doing. You are separating yourself from the thousands of peddlers out their who are selling a company and chasing folk around shoving their product down their throats.

The most vital thing you do, is you are building relationships. Remember, folk buy from folks, not firms. Once the person in our story found out that his neighbour knew something about landscaping, and he had formed a relationship with him, he was prepared to buy what ever he was selling. Good business is good relations.