The book could use a few more visuals for students to relate to the material. Some of the visuals could use improvement, but as for the written material, it is clear and written well for beginners understanding business.
What Are the Basics of Business Development?
In the simplest terms, business development can be summarized as the ideas, initiatives, and activities that help make a business better. This includes increasing revenues, growth in terms of business expansion, increasing profitability by building strategic partnerships, and making strategic business decisions.
“Business Development Executive,” “Manager of Business Development,” and “VP, Business Development” are all impressive job titles often heard in business organizations. Sales, strategic initiatives, business partnerships, market development, business expansion, and marketing—all of these fields are involved in business development but are often mixed up and mistakenly viewed as the sole function of business development.
John Flow, an expert in company formation, business analyst, and owner of LLC.services states, that every entrepreneur should have practical thinking and be sufficiently flexible since these skills are the main and necessary for long-term business. This means that every entrepreneur should be equipped with skills that are essential for a long-lasting business. Thus, practical thinking serves an important role in choosing the right decision for any situation. Business opportunities don’t come very often. This is precisely why being a one-trick pony has no place in the business world.
Management is a crucial basic skill for businesses. It is what allows you to foresee upcoming situations and organize things needed. Without proper management, everything else falls because your business would have no direction. Consequently, having no direction for your business plans will undoubtedly result in bankruptcy, and you wouldn’t like that.
Managing a business doesn’t have to be difficult when you have a strategic plan laid out. You can delegate tasks to specific people. But ensure that you only delegate tasks to capable people. Doing so will help you guarantee the quality of the output and optimize time. It is why you should be able to have a good relationship with your team and know them well, so you know whom to trust with vital things for your success.
Practical thinking is important for every situation possible precisely because it allows you to be decisive in choosing the best course of action for the best outcome possible without a big risk of losing something. Surely, some decisions require you to risk something. However, being practical allows you to decide intelligently while being calculated.
One aspect of practical thinking is knowing when to cut corners smartly without sacrificing your products and operations. Controllable expenses are named as such because you can ultimately control them. And when you accomplish this, you will be able to see an increase in your bottom line or your revenue.
For a good entrepreneur to be GREAT, long-term thinking is a skill that is definitely needed. As a business owner, you want to know what is a real necessity, and what is only trending at the present time. An interesting example is how entrepreneurs often skip out on protecting their startup’s intellectual property which more often than not, leads to theft or misuse of the same, thus resulting in the business getting destroyed. Choosing long-term decisions allows your business to grow even further and evolve through the years, and that is precisely what a good business demands for it to last long. Inability to choose decisions for long-term plans will risk consumers losing interest as item needs change.
Consideration for the customer’s changing needs is something that every good business must keep in mind. If you are not able to adapt, then your company risks becoming outdated and obsolete. In recent times, many businesses have been forced to adapt due to crisis. For example, the manufacturing industry has faced global supply chain challenges and some have chosen to pivot their businesses. This has helped them stay afloat for the short-term and possibly become more robust and profitable for the long-term.
Business opportunities require on-point decisions, and on-point decision-making requires a practical approach. Basic business strategy is essential for every starting entrepreneur, it allows you to think thoroughly before any action and act according to any situation. Strategic thinking, along with practical thinking, is essential for your business to grow, last long, and expand. Additionally, strategic planning can win hearts and minds of the team you will build. The team will have more trust in the leadership if they know that people who maneuver the company make intelligent decisions for their long-term stability.
Learn your market.
It is essential to learn your market. It allows you to be knowledgeable about what your target market is in need of. With this, having full knowledge of what your target market wants gives you all the information you need to adjust what is needed for your product or service. Without the understanding of what your target market needs, you would not be able to bring out the best in your products or services that your customers are looking for. You need to be able to solve the problems of your target market. Your products should aim at making their lives easy and manageable. When you can identify this, you can create more products aligned with your objectives, thus expanding your product line and brand integrity.
Quality over quantity
Quality is one of the most important things when it comes to the basics of business. Customers will choose quality over quantity 10 times out of ten. It is important to ensure that your products or services are top quality. This will then leave your customers wanting more. Focusing on the consistency of quality rather than quantity holds great importance, particularly on the longevity of your product and how well it is made.
Furthermore, the quality of your product can be your sole marketing strategy because a great product will do its job of spreading positive words to others through feedback, testimonials, and positive reviews. In the case of services, a quality service entails a great performance done by the workers. And excellent training with your team focusing on the importance of customer experience should be a top priority. Your entire workforce should be your brand ambassadors every time they wear your logo or emblem, especially outside work.
Social media and online marketing
Social media and online selling provide a huge opportunity for businesses, especially starting businesses. This is primarily because the modern world is more dependent on the use of the internet to browse about particular needs and wants. Marketing through online ads or websites will undoubtedly attract your customers. Especially, as your products or services create an enticing impact once they see that it is indeed top quality.
Personalizing the customer experience goes a long way to creating repeat customers. These customers will give you their business over and over and over again. You can use the online brochure maker to create digital marketing materials such as brochures, catalogs, or eBooks with a smooth page-flipping effect that resembles a real publication. Then you can share it via email or on your social media profiles to build brand awareness and market your products.
Brands predominantly utilize digital marketing to increase brand recognition and establish a presence in their industry. A large percentage of the world’s population is online. Reaching out to them has become seamless with a few taps of your finger. You need to use this medium effectively to make your business prosper.
Business ethics and manpower
One of the most important basics of business is the proper care for your workers. Guidance and care for manpower must be a priority above all, as everyone has equal rights. This means providing the best workplace for your workforce to motivate them and ensure they are comfortable. Ensuring your workers are fit and healthy also helps to boost their morale.
With an encouraging environment and a group of fit individuals, it is without a doubt that your business will grow further. Keeping track of their metabolism can help them stay healthy. The article at https://totalshape.com/equipment/lumen-review/ talks about a specific device that might be useful for your and your business. Helping them to remain fit like this article, whether physically or mentally is a business skill that should not be taken for granted.
Now that you’ve learned about some of the key factors of basics for business, it is time for you to start creating business strategies. Start to explore things that will benefit your business in different aspects. Now that you know how being a jack of all trades is a benefit in the business world, you should master different techniques and strategies to grow your business.
Fundamentals of Business – 3rd Edition
I must first state that I am a Doctor of Physical Therapy educator who holds a PhD in Business which is not a common combination of degree paths. I was intrigued by the possibility of adding more business theory to my health service administration. read more
I must first state that I am a Doctor of Physical Therapy educator who holds a PhD in Business which is not a common combination of degree paths. I was intrigued by the possibility of adding more business theory to my health service administration courses, but the cost has been historically prohibitive to the students in my experience. We utilize a niche health care admin textbook which misses some of the greater foundational business skills. When this opportunity presented to review materials that I could add to my course without adding cost, I was very pleased. I find Skripak to be comprehensive with the added bonus of my favorite chapter #18 Personal Finances which for Physical Therapy students who typically leave school with great debt to be invaluable!
As this is the second edition with a 2018 publish date it was very current, however, I noticed after I began reading the 2nds edition that a 3rd edition (2020) has been released which updates figures, graphs, and some of the recent law changes. Having the book turn over that quickly makes it even a greater value to me as the instructor and to the student. I appreciate the relevance of being able to submit suggestions or corrections to the author and that they are making a test bank available in support of this material! Doesn’t get much better than that!
Table of Contents
- Chapter 1: Teamwork in Business
- Chapter 2: The Foundations of Business
- Chapter 3: Economics and Business
- Chapter 4: Ethics and Social Responsibility
- Chapter 5: Business in a Global Environment
- Chapter 6: Forms of Business Ownership
- Chapter 7: Entrepreneurship: Starting a Business
- Chapter 8: Management and Leadership
- Chapter 9: Structuring Organizations
- Chapter 10: Operations Management
- Chapter 11: Motivating Employees
- Chapter 12: Managing Human Resources
- Chapter 13: Union/Management Issues
- Chapter 14: Marketing: Providing Value to Customers
- Chapter 15: Pricing Strategy
- Chapter 16: Hospitality and Tourism
- Chapter 17: Accounting and Financial Information
- Chapter 18: Personal Finances
Fundamentals of Business, third edition (2020) is an 370-page open education resource intended to serve as a no-cost, faculty customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, and personal finances. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Non-Commercial ShareAlike 4.0 license.