Business Skills

Starting up and running a business requires special skills such as careful planning, research risk assessment, commitment and patience.

Skill that are important for self employment or for running a business

The following skills are important for the self-employed businessperson to possess:

 Identifying opportunities
 Formulating ideas
 Goal setting
 Developing a business plan
 Obtaining technical assistance
 Selecting the type of ownership
 Planning the marketing strategy
 Locating the business
 Financing the business
 Dealing with legal issues
 Managing human resources
 Promoting the business
 Managing sales efforts
 Problem solving

Note:

Just like assessing the entrepreneurial skills, taking the time to identify your strengths and weakness when it comes to business skills is equally important.

However someone may possess entrepreneurial characteristics and business skills but his/her business fail. What are the reasons for business failure?

There are many, many reasons for business failure but some of the most frequent ones

Are:

 Lack of experience
 Lack of sufficient capital
 Poor location
 Poor inventory management
 Excessive purchase of permanent equipment
 Faulty attitude
 Poor credit-granting practices
 Unwarranted personal expenses
 Insufficient cash flow
 Inadequate sales
 Poor marketing
 Excessive stress

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A Where do entrepreneurs come from and how do they develop?

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A THE MARKETING PLAN

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A Wise words from great thinkers and observers

Buffalos kill 7 people every year.
Lions kill 500 people every year.
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A Planning Concepts

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A How to achieve goals

Set Goals First list down all the goals that you want to accomplish. If you are not sure what you want in life, you are just bound to receive the unexpected. Nevertheless, bear in mind that goals should always be sensible and should be accomplishable. Setting unrealistic goals are of no use. Write the most important goals at the top of the list and number them accordingly. This will help you to focus more precisely. You can strike off each goal once it is accomplished. Writing down your goals will also help you to realize your priorities. Develop Strategies To Achieve Goals Once you have listed your goals, you need to evaluate and develop strategies to complete your goals. For example, if your goal is to shed some extra pounds, your broad strategy should be dieting and exercises. Nothing can be achieved straightforwardly in life. So, you need a particular strategy and dedication to pull off your goals. Have Definite Action Plans Once your broad line of attack is determined, work on your definite action plans. For instance, if dieting and exercising are your broad strategies to your weight loss goal, then your action plan should consist of a healthy diet chart; a healthy way of life, and an appropriate workout routine. Believe In Yourself If you want to accomplish your goals and become successful in life, you have to believe in yourself. All successful men and women today are doing well because they believed in themselves and were confident about their capabilities. If you believe in yourself, then you can accomplish the goals you have set for yourself. Review Your Progress Make sure you are making progress. Review your progress every week to analyze how far you have reached in accomplishing your goals. If you find you are lagging behind, hire a coach, look for help from family and friends, and above all, try to recognize why your goal is not being met. Find a solution to accomplish your goal. Be Self Motivated Self motivation is a must to achieve goals and success in life. Motivational books and CDs are great ways to keep you motivated and will help you to stay focused towards your goals. The more self motivated you are, the easier it is to work towards your objectives.

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A Interesting story for new year

Ezra and Thomas joined a company together a few months after their graduation from university.

After a few years of work, their Manager promoted Ezra to a position of Senior Sales Manager, but Thomas remained in his entry level Junior Sales Officer position.

Thomas developed a sense of jealousy and disgruntlement, but continued working anyway.

One day Thomas felt that he could not work with Ezra anymore.

He wrote his resignation letter, but before he submitted it to the Manager, he complained that Management did not value hard working staff, but only promoted only the favoured!

The Manager knew that Ezra worked very hard for the years he had spent at the company; even harder than Thomas and therefore he deserved the promotion.

So in order to help Thomas to realize this, the Manager gave Thomas a task.

β€œGo and find out if anyone is selling water melons in town?”

Thomas returned and said, "yes there is someone!"

The Manager asked, "how much per kg?"

Thomas drove back to town to ask and then returned to inform the Manager; "they are 13.50 per kg!"

The Manager told Thomas,

"I will give Ezra the same task that I gave you. Please pay close attention to his response!"

So the Manager said to Ezra, in the presence of Thomas;

β€œGo and find out if anyone is selling water melons in town?”

Ezra went to find out and on his return he said:

"Manager, there is only one person selling water melons in the whole town.

The cost is 49.00 each water melon and 32.50 for a half melon.

He sells them at 13.50 per kg when sliced. He has in his stock 93 melons, each one weighing about 7kg.

He has a farm and can supply us with melons for the next 4 months at a rate of 102 melons per day at 27.00 per melon; this includes delivery.

The melons appear fresh and red with good quality, and they taste better than the ones we sold last year.

He has his own slicing machine and is willing to slice for us free of charge.

We need to strike a deal with him before 10am tomorrow and we will be sure of beating last year's profits in melons by 223 000.00.

This will contribute positively to our overall performance as it will add a minimum of 3.78% to our current overall sales target.

I have put this information down in writing and is available on spreadsheet.
Please let me know if you need it as I can send it to you in fifteen minutes."

Thomas was very impressed and realized the difference between himself and Ezra.
He decided not to resign but to learn from Ezra.

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A How to develop ones Enterprising Tendencies?

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A What is agribusiness

(i) supplying of inputs needed for farming and
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A Assessing the Viability of the business Idea

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A How to become smarter

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A Interesting facts from beans

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A This is the sad story

πŸƒπŸŒΉπŸƒπŸŒΉπŸƒπŸŒΉπŸƒπŸŒΉπŸƒπŸŒΉ

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A What is a Business Plan?

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A How to overcome fear

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A story is told about a young Thomas Edison who came home one day with a paper for his mother.

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A Take this lesson for a poor young man

A very poor newly wedded, young couple lived in a small farm. One day the husband made the following proposal to his wife:
Honey, I will leave the house: I will travel faraway, get a job and work hard in order to come back and give you the comfortable life that you deserve. I do not know how long I will stay away, I only ask one thing, please wait for me, and while I am away, you should be faithful to me, because I will be faithful to you. His wife agreed, so the young man left. He walked many days until he found a farmer who was in need of someone to help him. The young man offered his services. He was accepted. Therefore he discussed the terms with his boss:
Let me work for as long as I want and when I think I should go home, please relieve me of my duties. I do not want to receive my salary. I ask you to save it for me, until the day I leave. The day I decide to go, please give me the money and I will go my way. They agreed on that. So, the young man worked for twenty years without holiday and without rest. After twenty years, he came to his boss and said:
Boss, I want my money, because I am returning to my home. The boss replied:
All right, after all, I made a deal with you and I will stick to it. However, before you go I want to offer you something new: I will give you all your money and send you away; or I will give you 3 pieces of advice and send you away. If I give you money, you lose the 3 pieces of advice. If I give you the 3 pieces of advice, you lose the money. Now, go to your room and think about your answer. He thought for two days. Then he went to the boss and told him:
I want the 3 pieces of advice. The boss stressed again, if I give you the 3 pieces of advice, I will not give you the money, and the man replied:
I want the 3 pieces of advice. The boss then told him:
No. 1: Never take shortcuts in your life, shorter and unknown paths can cost your life. No. 2: Never be too curious, for curiosity towards evil can be deadly. No. 3: Never make decisions in moments of anger or pain, because when you repent, it could be too late. After giving these 3 pieces of advice, the boss said to him:
Here, you have 3 loaves of bread, 2 are for you to eat during the journey and the last is for you to eat with your wife when you get home. So, the man went his way, after twenty years away from home and from his wife, whom he loved so much. After the first day of travel, he found a man who greeted him and asked:
Where are you going? He replied:
To a distant place which is about 20 days away if I continue walking. The man said to him:
Ol' boy, this path is too long! I know a shortcut that is very safe and you will arrive in 5 days only. The man began to follow the path suggested until he remembered the first piece of advice. Then, he returned and followed the long path. Days later he learned that the shortcut led to an ambush.
After a few more days of travel, he found an inn by the roadside, where he could rest. He paid for a room and after taking a bath he lay down to sleep. During the night he woke up as he heard a terrifying scream. He rose to his feet and went to the door to check what happened. As he was opening the door, he remembered the second piece of advice. Therefore he returned, lay down again and slept. At dawn, after breakfast, the owner of the lodging asked him if he had not heard the scream at night. He affirmed that he heard. Then, the host said:
Were you not curious to see what happened? And he replied:
No, I was not. Then the host said:
You are the first guest to leave this inn alive. My neighbour is completely crazy. He usually shouts at night to call someone’s attention. When some of the guests come out, he kills them and buries their bodies in the backyard. The man continued his long journey, eager to arrive soon.
After many days and nights walking, he was very tired, but he finally saw his house far away. It was night. He saw some light coming out of the window of his house and was able to see the silhouette of his wife. But he also saw that she was not alone. He came closer and saw there was a man with her. She softly caressed his hair. When he saw that scene, his heart was filled with hatred and bitterness. He decided to rush at and kill them both mercilessly. However, he took a deep breath and he remembered the third piece of advice. Then he stopped, reflected and decided to sleep outside that night. He slept in the midst of the bushes, determined to make a decision the next day. At dawn, he was calmer and thought:
I will not kill my wife and her lover. I am going back to my boss to ask him to take me back. But before I go, I want to tell my wife that I have always been faithful to her.
He went to the front door and knocked. When his wife opened the door and recognized him, she cried and embraced him warmly. He tried to push her away, but he
was not able. Then, with tears in his eyes he told her:
I was faithful to you but you betrayed me.
She was shocked, so she replied:
How did I betray you? I have never betrayed you. I waited patiently for you for twenty good years. Then he asked:
How about the man that you were caressing yesterday? And she said:
That man is your son. When you left, I discovered I was pregnant. Today he is twenty years old. Hearing that, the man asked her forgiveness. He met and hugged his son. Then he told them all the things he had experienced while away. Meanwhile, his wife prepared some coffee for them to eat together, the last bread given by his boss. After a prayer of thanksgiving, he broke the bread. When he looked at it, he found all his money inside. In fact, there was even more than the right payment for his twenty years of dedication and hard work.
Friends, our God is like this boss. When he asks us to make a sacrifice, he wants to give us more than what we give Him. He wants us to have His unique wisdom as well as the material blessings.

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