What should you learn to be good in starting and managing yourown business? | Discussion Bucks

What should you learn to be good in starting and managing yourown business?

Joshua Farrell

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Successfully starting and managing a business are two almost completely different achievements requiring two almost completely different skill sets. While starting a business deals with conceptualized modelling, hypothesis testing, resource gathering and creating existence – managing a business is about controlling and allocating resources, revenue and profit growth and implementing operational efficiencies.

Either way, you are going to need all the skills you can get because unlike a specialist role in a corporation or larger business, in your own small business you need to be a generalist – i.e. to be good at everything.

The following 10 items, are what you would need to work on to best be on top of your game, when starting a business:

Business modelling, Pricing strategies, Starting Funding mix, Initial Customer acquisition, Business Domain expertise, Financial budgeting, Compliance with laws, Customer service, Human resources, Computerized accounting
 
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You need two things, create a great product and have great marketing skills. If you do not have these two things, you cannot become successful.
 
You need two things, create a great product and have great marketing skills. If you do not have these two things, you cannot become successful.
True, but i think a good management skills is also important, cause you could have a great product and even know how to market it, if there is poor management skills the work load might become overwhelming on the long run.
 
Planning is a must in business especially to beginners. Plan what services to offer, what goods to market, manpower, credibility, market place, resources , capital, assumptions, estimations and accurate sources of funding. It's best to decide the best business you can manage.
 
Planning is a must in business especially to beginners. Plan what services to offer, what goods to market, manpower, credibility, market place, resources , capital, assumptions, estimations and accurate sources of funding. It's best to decide the best business you can manage.

Planning is extremely beneficial. However, I think that when it comes to starting any kind of business, a person must have enough experience and this is one of the most crucial things. A great entrepreneur always tries to learn new things. This is also one of the most important things. When you learn new things, you get better.
 
You need two things, create a great product and have great marketing skills. If you do not have these two things, you cannot become successful.
You are absolutely right! If a businessman have good marketing skills, he can even sell bad products and make profits. Marketing skill is paramount in business. You can have a good product but without good marketing skill, you are bound to fail.
 
Planning is extremely beneficial. However, I think that when it comes to starting any kind of business, a person must have enough experience and this is one of the most crucial things. A great entrepreneur always tries to learn new things. This is also one of the most important things. When you learn new things, you get better.
In my case, I did not have experience in franchising a milk tea business, it is simply because there is training and coaching. After that, everything was set and the experience follows.
 
In my case, I did not have experience in franchising a milk tea business, it is simply because there is training and coaching. After that, everything was set and the experience follows.

Well, in case if you run food business, then you yourself do not necessarily need to have skills related to making food. You can hire a professional chef for that and they could handle things for you. You just need to possess restaurant management skills.
 
Well, in case if you run food business, then you yourself do not necessarily need to have skills related to making food. You can hire a professional chef for that and they could handle things for you. You just need to possess restaurant management skills.
The staff is trained in mixing, there is a machine that mixes the sweetened black tea, milk, and tapioca balls. I need to be good at this, no ingredient to be missed to avoid negative feedback from the consumers.
 
Yes when starting a business you need to know alot about running it if you want to succeed with it. my most for me is to know how to acquire customers or else nothing would work out.
 
What you have to learn to be good at starting and managing a business is that you have to study and master the product that will be marketed, including its advantages, disadvantages and quality, so that you will be able to determine the appropriate price, market share, potential customers, the right marketing strategy, location. business, capital requirements etc.
 
l think that knowledge is very important for all the entrepreneurs. This is because the technical know-how can help in the business sustainability.
 
When I started my own business of general store then first thing which I did was as, I didn't taken support from anyone. All money I arranged by myself, there were no loan. And when I started running it, I was trying to not to give anything on credit because some of the customers becoming habitual of it.
 
Financial budgeting can't be overlooked if someone wants to start a business. It is important because it would help in managing financial resources of the business which is more important if that business would survive for long.