What will you do?
When planning to start your own business the first thing you ask yourself is “What will I do?” Will your business be a service or will you be selling products on the internet? Finding the right business for you is crucial. Here are some steps to take when deciding what kind of business to start:
Make a list of the things you’re good at and describe how others would benefit
How are your services valuable?
Is there competition; others offering your services in the area?
Learn from the success and failures of others
Believe in what you have to offer
Consider the risk involved and plan for success
What do you need to begin?
When you decide what you want to do, the next step is to plan how to go about it. Do you possess the necessary skills to run your business? Is this something you can do by yourself or will you need to hire help?
Make a list of the items your business needs and what is required for you to be successful, including knowledge, skills, certifications, equipment and supplies.
What are the legal requirements?
You will need to be sure to meet the government requirements needed to operate your business. Go to your County Courthouse or City Hall and ask about requirements for starting your business.
The Secretary of State’s website will have information about starting a business in your state, including licenses and permits.
Business Plan
Serious entrepreneurs start with a solid business plan. Many industries require special licenses and permits. You may need liability insurance. Even if you do not require much in start up costs, you may want to see if you an secure a line of credit, just in case.
You business plan should cover anticipated income and expenses. Make sure you are competitive with the market on what you are charging for your products and services and be sure you are considering all expenses.
Start up costs
How much money do you need to start your business? Do some research on the internet; look for sample business plans. Talk to others who are in business for themselves; ask them how they got started. Maybe you can borrow start up money from friends, family or investors.
You may need to start small to build revenue and a customer base, and then think about expanding. Get to know area vendors who offer supplies and services your business needs; they may be willing to extend credit to help you get started. Eventually, you will build equity in your business which can be used to obtain a business line of credit.
Advertising
One of the worst mistakes new business owners make is thinking they will have customers immediately. Many online entrepreneurs have launched a website just to experience the disappointment of no sales for months. It is critical that you know your target market and how to reach them.
Internet marketing is the least expensive and the most effective in getting the word out. Think about who needs your product or service and develop a marketing plan with a catchy slogan to draw attention to what you are offering.
Technology
A good computer system might be valuable to improving your productivity. There is software available for many applications that can make operating your business easier. The time saved on automating certain tasks allows you to focus on marketing and improving your products and services.
The Future
Are you starting your business with the intention of selling it when you retire? Are you hoping your children will take over one day? Many business owners do not think this far. If you plan to sell the business in the future, you must build something that will be attractive to investors.
Starting and managing your business takes dedication, motivation and talent. It requires a lot of planning and research to help minimize risk and prepare you for what is ahead. Lack of planning is one of the leading cause of business failure.
Bill Bartmann has owned several businesses; he understands the rewards of entrepreneurship and the pitfalls. Bill Bartmann offers online business courses so people can develop the necessary basic business management skills to be successful. Bill Bartmann’s Billionaire Business Systems has helped thousands of entrepreneurs reach their goals by showing them how to strengthen their business even during times of economic uncertainty. Bring out the Billionaire in you; visit http://www.billionaireu.com/
Watch the video related to business management
An overview of Theory Of Constraints’s Chain Theory, and part of the Drum-Buffer-Rope scheduling system.
Help answer the question about business management
How good is the Business Management degree in Middlesex University?One of my friends is looking forward to study in Middlesex Uni next year. I just wanted to know if their teaching methods/the degree in whole is just average or the best of the rest… anything regarding their business management degree will be helpful.
Thanks in advance!
My friend will be based in UK. Other options are Kingston and University of Hertfordshire…
Hiiiiiii..
I think you have to choose the Marketing section in Human Resource Management(HRM) because in marketing you get the nice job in the good reputed company on a high post..
Government or private should not matter. Understand the purpose of this organization and its customer. Understand what this customer needs and considers of value. Help workers understand this and have them do more of what is valuable and less of what is waste.
Honestly, Its everything. So I choose
e. All the above
Although it is predominantly done by the owners or senior management of a business, business management comprises of all the points u had mentioned.
You are god! You explained it in 6 minutes what my lecturer couldn’t in a whole semester! You are my quickfire exams cheat sheet!
Thank you so much i wish i had seen your video’s way earlier thank you.
Yep, most degrees are NOT confined to just one area of careers. With that business degree and depending on the school system, you might be able to teach in some of their schools.
wow!!! superb!!!
u did some great job dude! its so clear to me now!
I have a Business Management degree and have worked at a non-profit. My choices were not as broad as yours, but here is what I did. I choose general management. Choices were supply chain, general, finance and one other that I can't remember. I went back later on and got a second degree in marketing. Marketing really helped me because all business basics are covered but marketing is always necessary in whatever you do. You have to be able to keep your client happy, you have to be able to attract them into doing business with you. My second degree has actually been favorably looked upon. Maybe you can try something like that.
Excellent video. Can you do one on empirical demand function ?
All business associate degree will give you a foundation in business management including accounting, marketing, sales economics etc…
When you pick a focus like marketing, human resources etc… you will then take 3-5 courses that go deeper into that concentration.
A business management concentration will go deeper into managing people (HR), processes (IT, operations), money (finance/accounting) ..All the knowledge one would need to Supervise and manage a business as a whole.
A marketing management concentrartion will go deeper into educating tthe public about a company's products and persuading them to buy those products. You will learn more about sales, advertising, public relations, consumer behavior and media.
In terms of business administration, there isn't really that much of a difference. A hotel is a company selling a product. Big chain hotels function as multinational companies just like any other.
Hotels as companies follow the same business laws but have some specific industry laws (reimbursement, accounting, VAT breakdown, insurance, etc.) However, every sector has its specific laws.
The main difference is that a hotel sells services to clients that come into the hotel to consume the product (roomnight, seminar, dinner, etc). A "non service" company will sell a product to a customer who will take the product somewhere else to consume (car, washing machine, etc.). So the selling/marketing process works differently. But that doesn't concern management that much.
In order to build on your hotel experience you should try a school that has less marketing and more human resources and accounting studies. Most of the good hotel managers I know, have been front office or revenue managers (former sales managers have the people skills but not always the operations experience). But that's only my own experience.
If, on the other hand, you want to leave hotel business completely, than you should try a sales orientation. If there is one thing you learn in hotels, it's dealing with people. So there you could try marketing, sales, PR studies and get your foot into business through customer service/care.
I hope I answered some bits
I NEVER leave feedback on youtube videos, even the ones I watch for entertainment. You have a gift period; Thanks you so much! Haha my teacher called our class “f$ucking idiots” today, and I must say that i do not feel like one anymore ; )
As to whether it is necessary to have the degree, the answer is no. The only time it is truly necessary to have a degree is when you wish to be hired by an existing company that requires a degree, or when you wish to be credentialed for for some practice that requires a degree, such as medicine or engineering.
The things you should get from the degree include business computing skills, business communication, a bit of human resources, possibly a good internship, and maybe some other things like marketing and job seeking skills. I would get ahold of their catalog and read the course description for every course in the curriculum. If the descriptions sound like things that could be useful to you then you might give it a shot.
Alternatively, you might just take only the classes you're most interested in. It's likely that the community college offers a one year certificate with many of the same courses, so you might think of doing that instead.
I will offer one caveat – what if your plan doesn't work out and you decide you'd be better off with a bachelors or masters degree, like an MBA or MBF? The problem with the degree you're considering is that it is probably not a good choice should you decide to try to transfer. If you think you may eventually be interested in a four year degree or beyond, you might look into your community college's general studies curriculum. Also, check out to see whether this college has a career center. Those folks should be able to help you out. If not, speak to an advisor from the business program.
Good luck!
AMAZING lesson you are so good at explaining.
can you use blue chalk in more of your videos i like it. thanks!
i like fast company
thank you, great lecture