Business

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"The business of America is business." - Calvin Coolidge

Business generally refers to an activity producing revenue, sustenance, or subsistence. All sources of income for individuals and governments are in one way or another directly the result of business activity.

Economics

Business is a term with a multitude of economic meanings, varying distinctly in scope. As a broad field, "business" can be used to refer to a field of social science aimed at achieving particular economic goals, typically service, gain, or profit.

Less generally, "business" can be used to refer to a specific industry or market sector in an economy. Examples include the "fast food business" and the "automobile business".

"Business" can also be used as a synonym for a specific business entity, a.k.a. corporation, company, etc.

Key factors for success in business

See also: Organizational skills and Planning and Communication and Collaboration and Teamwork skills and Achievement orientation

Key factors for success in various business industries/sectors

Key business skills

Business plan

See also: Business plan

A solid and realistic business plan is the basis of a successful business.[1]

According to Investopedia:

“ A solid and realistic business plan is the basis of a successful business. In the plan, you will outline achievable goals for your business, how your business can meet those goals, and possible problems and solutions. The plan will figure out if there's a need for the business through research and surveys; it will figure out the costs and inputs needed for the business, and it will outline strategies and timelines that should be implemented and met.

Once you have the plan, you should follow it. If you start doubling your spending or changing your strategies whimsically, you are asking for failure. Unless you have found that your business plan is overwhelmingly inaccurate, stick with it. If it is inaccurate, it's best to find out what's wrong with it, fix it, and follow the new plan rather than change how you do business based on quick observations.

The more mistakes you make, the more expensive your business will become and the greater the chance of failure. You may also be called to pivot when market conditions change drastically and impact negatively the chances of success based on the initial business plan. In this case, you revisit your plan and edit it fully based on the decided pivot.[2]

”

How to write a business plan

Management

Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."[3]

See also: Management

Management is a process of planning, decision making, organizing, leading, motivation and controlling the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively."[4]

Sales

See also: Sales

Sales are business activities related to selling or the number of goods or services sold in a given targeted time period.

Recruitment

See also: Recruitment

Recruitment is the process of finding (identifying and sourcing) screening, shortlisting, and interviewing candidates for jobs/positions (either permanent/temporary) within an organization.

Business networking

See also: Business networking

According to Investopedia, "Networking is the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting."[5] Business networking is networking for business purposes.

Revenue diversification for a business

See also: Revenue diversification and businesses

Diversification is a risk-reduction strategy for a business involving adding products, services, locations, customers and markets to your business's portfolio.[6]

Articles on revenue diversification for a business:


"Don't put all your eggs in one basket" - Popular saying.

Entrepreneurship

Elon Musk is an American entrepreneur.

See also: Entrepreneurship

Entrepreneurship is the creativity of individuals to dream up and create new products that people knew they wanted or needed. It is an essential part of capitalism.[7] It is this ability that leads to the creating of a profitable new business venture. Someone skilled in entrepreneurship is called an entrepreneur. Innovation is also a big part of entrepreneurship. In a highly competitive world innovative ideas are what will separate the entrepreneurs from the rest. As innovation is key to create an outstanding product, strong brand and to build a customer network. [8]

Top reasons businesses fail

See also

Business concepts:

Business functional areas:

Business skills:

Other:

References

  1. ↑ Top 6 Reasons New Businesses Fail, Investopedia
  2. ↑ Top 6 Reasons New Businesses Fail, Investopedia
  3. ↑ What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR
  4. ↑ What is Management? Definition, Concept, Features. LECTURE NOTES ON MANAGEMENT CONCEPTS FOR STUDENTS ACADEMICS USE BY-DR.NEHA MATHUR
  5. ↑ Networking: What It Is and How to Do It Successfully, Investopedia
  6. ↑ Spotlight – Market Diversification
  7. ↑ https://www.prageru.com/video/if-you-hate-poverty-you-should-love-capitalism/
  8. ↑ https://startupistanbul.com/blog/2015/03/the-importance-of-innovation-in-entrepreneurship/
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