The fate of a small business depends on the foundation it was built upon. The most important factor during the start up phase is the owner; for he lays his vision as the foundation, and his values serve as the cement that binds the corporate culture. However, having good vision and values do not ensure the success of a venture. Both are only concepts and will remain as concepts unless it is being acted upon. Continue reading →
Passion can be interpreted in many ways. It can mean love to a teenager who sees a beautiful girl or handsome boy, or it can mean anger to a basketball coach who is frustrated about the outcome of a tournament. For the entrepreneur, Passion is the key to success. Passion is what drives the entrepreneur to take action and to last long. Passion is what makes him do things for the sake of it. Passion is what gives him the positive side of things when situations get bad. Continue reading →
Risk is something that is avoided by many people. Some even do not get into business because they are afraid of risks. Risks have been known to be the cause of business downfall, but very little is known that risks can also serve as a catalyst for business growth. When risks arise, businesses are put in a disruptive and uncertain environment. At times like these, the capacity of an entrepreneur to manage risks is tested.
An understanding of the basic labor laws will prevent the business from the effects of lawsuits. Lawsuits can be financially, operationally and emotionally draining, sometimes it may even lead to the demise of the company. So therefore, one of your roles as a small business entrepreneur is to learn and follow the law.
Being ahead means leaving your competitor behind. In business, of course, we want to be ahead because there are many benefits like leadership and profitability. Its funny how my experience yesterday made me think of how to put a business ahead of its competitors. Continue reading →