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How to be successful in business. Student: Bâlbâe Ioana ROMANIA.

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Presentation on theme: "How to be successful in business. Student: Bâlbâe Ioana ROMANIA."— Presentation transcript:

1 How to be successful in business. Student: Bâlbâe Ioana ROMANIA

2 Getting Started  Is business ownership right for you?  An “entrepreneur” is a person who starts his or her own business  Self-assessment questions: Are you a self-starter? How well do you plan and organize? Can you work long hours? How will the business affect your family?

3 What Type of Business Do You Want?  A startup: Follow your own dream  Buying an existing business: You will have current customers and a known track record of performance  Franchising: Brand recognition reduces marketing costs

4 Questions to Ask When Starting Up A New Business  Does the idea suit your personality and interests?  Will you use your own name to brand the business?  Will it be financially viable?  Do you have startup money to invest?  What will your monthly expenses be?  Is there a current need in the marketplace?  Who are you competing with?

5 The Business Plan o A “business plan” is a roadmap that describes where you’re going and how you’re going to get there o A guide to achieving your goals o A tool to spark investor interest o A document that helps employees understand the company mission

6 Key Elements of the Business Plan  Description of your products and services  Market and industry analysis that demonstrates the need for your business  List of competitors, including their strengths and weaknesses  Marketing strategy (sales approach)  Management team and operations plan  Financial analysis: the investment needed

7 Necessary resources It is well know that starting a business requires a bunch of resources: - human resources - material resources - financial resources. Those last ones, the financial resources, we can acquire it by getting a loan from the bank.

8 The Five “C’s” of Credit How banks determine whether to loan you money:  Character: Credit history is very important!  Capacity: What is your track record of debt repayment?  Capital: How long will personal resources support both you and the business?  Conditions: Current economic conditions  Collateral: Assets the company pledges as a source of repayment for the loan

9 Secured and Unsecured Lines of Credit If you have trouble getting financing, a “secured line of credit” can be used to purchase equipment o Property or equipment is used as collateral, which guarantees repayment An “unsecured line of credit” does not require collateral o This is given as a personal loan to the company’s officers, based on the individuals’ credit histories

10 Effective marketing A “marketing plan” serves as a blue print for you to follow to get your products and services known and recognized. It has: Competitor and issue analysis: challenges and opportunities facing the business Objectives: What do you want to achieve? Action program: A “to-do” list Budget: Detail expenses Strategy: The Four “P’s”

11 The Four P’s of Marketing  Product: Describes features and benefits  Price: Lists prices and pricing strategy  Promotion: Tools or tactics to achieve marketing objectives  Placement: Sales philosophies and methods

12 Licensing Licenses or permits are require to operate certain types of businesses. One or more licenses may be required from the city, State, county, and/or Federal Government. Failure to obtain the proper licenses can result in fines or the loss of your business. The application process varies according to jurisdiction; research the requirements in your area.

13 Bonding “Bonding” guarantees that a business will perform its assigned tasks. A bond is issued by a bonding company after the business is thoroughly investigated Surety bonds: The surety company agrees to compensate the customer if the business fails to pay a debt or meet an obligation Fidelity bonds: Protect against the actions of employees (such as embezzlement) You must have an agent or broker to guide you through the application process;

14 Zoning “Zoning” specifies where residential, industrial, recreational or commercial activities can take place Business owners must check on local zoning ordinances (e.g., a business may not be allowed in your home) A variance is a request to make an exception to current zoning requirements

15 Copyrights, trademarks, and patents Copyrights, trademarks, and patents all deal with intellectual property and how to protect it “Intellectual property” is a product based on an idea and it has some type of commercial value Intellectual property includes a wide range of products, such as books, musical compositions, and works of art.

16 Accounting Sound accounting and bookkeeping practices are essential to any business Many businesses rely on an accountant to handle financial recordkeeping

17 Human Resources The Human Resources function deals with hiring and managing employees Be specific when interviewing candidates Avoid inappropriate and illegal questions during the interview Provide competitive compensation and benefits Maintain detailed employee records

18 Getting on Web A Website can attract customers and boost earnings Sales through the Internet can take place internationally, 24 hours a day A professional Website designer can develop your site at a relatively low cost Promote your site through major search engines or a link exchange program

19 Final Thoughts Build on every success Learn from your mistakes Take time to relax and reduce stress!

20 Thank you for attention!

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