Owner: Business Blog URL:http://business.blogvasion.com Join Date: Sat, 29 Sep 2007 08:11:11 -0500 Rating:0 Site Description: A blog dedicated to running your own business. Target audience for this blog are people who would like to start their own small business, existing entrepreneurs, managers as well as students of business schools. Site statistics:Click here
The Good of Running Your Own Business 2007-09-28 16:32:00 In the previous post I have tried to highlight some (but unfortunately not all) of the difficulties associated with running your own business. It's time to move to the bright side of running your own business.First, if your business becomes successful and financially healthy, it may generate considerably more income to you than what you would get by working for someone else.Second, even if you had a high salary job, you would still be limited in your annual income. This is not true when you run your own business. If your business grows, so does your fortune. Theoretically, many businesses don't have much growth limits. For example, if you have $500,000 per year, your income will be half a million no matter what you do. However, if your business makes half a million in net profits and you expand it and start making quarter a million more, then you earn $750,000 per year.Third, you are your own boss. Unfortunately, many people, especially young and inexperienced business owners see thi Read more:Business
Running Your Own Business vs. Working For Someone Else 2007-09-27 16:51:00 Running your own business is such a tempting thing that sometimes I think at some point in life everybody must try it. I'm 28 and I've been running my own business for over 8 years. I started working when I was 18 and the very first two years was the time that I worked for someone else.Starting your own business when you are a teenager and your experience is almost zero is a tough thing. The same is true when you are 55, experienced but lacking the energy that you would have at 18.If I had a possibility to go ten years back in my life, I would follow the same track and would start and run my own business. The reward outweighs all difficulties, pressure and risks. We'll talk more about this below.There is a prevailing misunderstanding among people that running your own business is always the best thing. Unfortunately, in life, nothing has only positive sides and running a business is no exception. Let me quickly mention a couple of disadvantages of running your own business.First, yo Read more:Business
Welcome 2007-09-27 10:48:00 Welcome to our Business Blog, a new member of the Blogvasion Family of blogs. As you may have already understood, main focus of this blog will be business. I will cover such topics as entrepreneurship, business planning, management, marketing, finances, negotiating, game theory and strategic thinking. Both theoretic and practical issues will be addressed. Most of the blog posts will be based on real-world experience. Here we won't talk about Mr X. or ABC Corp., rather all of the examples and case studies will be based on real people and real companies.Target audience for this blog are people who would like to start their own small business, existing entrepreneurs, managers as well as students of business schools. In order not to make the blog too dry, from time to time we will include interesting business news and funny stuff. It is my plan to publish a new article in every two days. So, stay tuned and don't forget to subscribe to this blogs' RSS feed. Read more:Welcome
Mistakes That You Can Make When Starting Your Own Business 2007-09-30 14:18:00 In this post I will speak about typical mistakes that you, as a future business owner can make. These mistakes are very common among new business founders. If you take these points into consideration, you will increase your chances of success.The first mistake is starting your own business without having adequate experience in the relevant field. It is imperative that you gain experience in the field where your business will operate. If you plan to start a software development business, it is important that you work in the industry a year or two. Even if you won't become a professional programmer, having experience in software engineering will help you. The same is true for other industries as well. Under experience I imply not only technical expertise, but knowing key players in the industry, having contacts with key people and so on, well you get the idea.The second mistake that a business founder can make is to appoint himself/herself as a CEO of the company. Usually new businesses Read more:Business
Business Nature as a Factor of Growth Potential 2007-09-29 14:24:00 Have you noticed that some businesses grow extremely fast while other businesses don't grow at all? Yet another businesses grow slowly but steadily.For example, let's take Google. The company is celebrating its 9th birthday this year. Google has demonstrated phenomenal growth, hence their owners are one of the quickest guys to become billionaires.Now let's look at pharmaceutic companies. Almost none of the well established pharmaceutic companies experiences rapid growth, yet almost all pharmaceutic companies grow slowly but steadily.Finally, let's look at a local grocery store. It has a limited growth potential. Even if it is a profitable business from year to year, still it has a very limited growth potential.You may object that Google is a big corporation and the local grocery store is a home-based business run by a family. Well, you are right if you compare today's Google to the grocery store. But please notice that 9 years ago Google was a small company as well.We can conclude Read more:Business
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Managing Your Own Business - Part I 2007-10-06 12:57:00 In the previous post I described some of the mistakes that you can make when starting your own business. I mentioned that usually, the founder of the business appoints himself/herself as a manager or the boss of the company. This is a critical moment for a new company, which may determine whether your company becomes successful or becomes doomed for failure.There is a prevailing opinion among people that management is required in medium and large organizations only. Unfortunately, this is an extremely false assumption, which goes contrary to empirical facts. The size of an organization has nothing to do with the need for management. Management is required if your company has hundreds of thousands of employees and management is required if your organization consists of only you and your companion. Whenever we have two or more persons engaged in a process of achieving some goals, we have an organization and thus we there is a need for management. However, it must be noted that there is a Read more:Business
Slogans and Mottos 2008-03-03 07:21:00 In one of the previous posts I have talked about missions statements. We have defined a mission statement as a brief but at the same time broad declaration describing the overall purpose of the organization. I have also reviewed missions statements of some of the well known companies. As it was noted, missions statements can be several paragraphs long.It is not always practical to advertise a mission statement. That's why, companies have slogans and mottos - a short distinctive phrase used to identify a company or organization or its goals. In effect, a slogan can be viewed as a short version of a mission statement.It is very interesting to know that the word slogan comes from Gaelic sluagh-ghairm (pronounced slua-gherum), which means war cry. A good slogan is as important in business as i Read more:Slogans
B2B vs. B2C - The Nature of Your Business 2008-02-21 01:30:00 The terms B2B and B2C were coined to differentiate e-commerce companies that sold primarily to consumers from those whose market are other businesses. Some people involved in business can't even see differences between B2B and B2C marketing. After all, selling is selling and marketing is marketing. No matter if you sell your products or services to a national corporation or to John down the street, you ultimately sell to humans.While certain marketing techniques work equally well both in B2B and in B2C contexts, it is politically incorrect to assume that there are no differences between B2B and B2C marketing. Differences are deep and complex and if you ignore them, your business will be doomed for failure.But let's make things simple. In order to analyze those differences, let's look at so Read more:Business
Real-world Examples of Mission Statements 2008-01-24 02:28:00 In this post I will analyze and compare mission statements of real companies. I will mostly review mission statements of some of the Fortune 500 companies. Here we go.The Walt Disney CompanyThe mission of The Walt Disney Company is to be one of the world's leadingproducers and providers of entertainment and information. Using our portfolio ofbrands to differentiate our content, services and consumer products, we seek todevelop the most creative, innovative and profitable entertainment experiencesand related products in the world. As you can see, this mission statement emphasizes geographic locations (...the world's leading producers…), products (...entertainment experiences and related products...) and quality (...the most creative, innovative and profitable...).Nike, Inc.To Bring Inspir Read more:Examples
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What is a Mission Statement? 2008-01-15 10:51:00 A mission statement is a brief but at the same time broad declaration describing the overall purpose of the organization. The mission statement defines the organization's reason for existence in one or more paragraphs. The mission statement is a declaration of what an organization aspires to be.A mission statement usually embodies the organization's philosophies, goals, ambitions and values. A mission statement can be focused on the organization's employees, customers and other stakeholders, as well as geographic locations, technology, etc.A mission statement outlines what the organization is now and/or what it wants to become in the future. In respect of the future, for managers, the mission statement becomes a good benchmark against to which to evaluate performance. Very often, mission s Read more:Mission
Business Blog Is Back 2008-01-14 09:31:00 After quite a long pause, I am glad to announce that the Business
Blog is back. There have been some objective reasons to this break. However, I'd been getting quite many e-mails from our readers all of them asking whether the blog would continue or not.I would like to thank our readers for their patience and support. Stay tuned and don't forget to subscribe to our RSS feed. Some reaaallly cool posts are coming up.
Managing Your Time 2008-04-30 10:49:00 Most of the smartphones today have powerful built-in tools to aid us in managing our time. Powerful software packages are available for computers as well. Nevertheless, efficient time management still remains one of the most difficult aspects of human activity. Moreover, efficient time management is necessary not only for business people and managers, but for everyone. Simply, time is something that you cannot buy, alter, slow down or otherwise affect (well someone may argue that if you own a jet, you can seriously save time but again there are only 24 hours per day strictly for everybody). So, the only way to use time efficiently is to adopt some simple but important methods. In this post I will provide you with 9 important rules for managing your time efficiently. In the end of this post
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