Good morning to you my fellow entrepreneurs. How was your weekend? I hope your businesses flourish as never before.
Mine wasn't bad at all. My business is growing every single day, and I'm so excited about it.
I want to deliberate today on what I title business management. This title sounds quite familiar to some people. I don't think there's anyone who's hearing this for the first time.
When I was in secondary school, I used to hear people talk about business management as a subject. And by the time I got admitted into a higher institution, I came across that same word again. At some point, I was asking what business management was doing in the school curriculum.
I never attended the class because it was not in our session that it was taught. According to a friend of mine, who was opportune to attain that class, she said the class was quite interesting, and she learned a lot from what she was taught.
We already know what business is all about, so I won't deliberate more on that. My major concern is on management.
What Is Management?
According to Omoile (2017): Management is the process that is undertaken by one or more individuals to coordinate the activities of others to achieve results not achievable by an individual acting alone.
It is pertinent as an entrepreneur to understand the concept of management which is the key to every business success. If you're an entrepreneur and you don't know how to manage your business, you're not doing the right thing.
You may wonder how you can manage your business as an entrepreneur; I'm here to guide you. It's not a big deal, neither is it a wrong decision to take.
Note: Some businesses are in the form of partnerships either with a family member or an outsider. In such a case certain things need to be done.
There are so many ways you can manage your business as an entrepreneur. The following are the ways:
(1) By employing skillful and experienced workers who have passed through that field of study, and not those who have given a chance to their field of study to pass through them.
There's nothing as bad as having unskilled workers as your employees. If you're able to employ skillful individuals, your business stands a better chance of experiencing a greater change, irrespective of the environment in which such a business is cited.
Having unskilled employees would result in a lack of trust in the customers. The customers would be complaining every day about the employee's dubious attitudes towards business. And, of course, that could ruin a long-standing business.
(2)In terms of family succession, a business enterprise should be handed over to someone who has the zeal to operate in that line of business and with a clear mind. Businesses should not be handed over to people because of how influential they are in the family.
Note: Someone could be influential, but yet he or she lacks business management skills. So for your business to boom, you must make sure you hand it over to someone who will do well to manage the business.
Such an individual must not be self-dependent. He or she must always consider the growth of the business as his number one priority before what concerns him or her.
(3)By rebranding your products to suit your customer's thirst. If you're fun of selling old products at the market, you might stand a better chance of losing them.
It's your right to observe what others are doing, and by so doing, you will gain more insight into what your new product should look like.
In conclusion, business management is very important as far as entrepreneurs are concerned. Let's try to make sure that we do well in managing our businesses to avoid losing everything.
Thank you for your time.
I remain your favorite girl @joyben.
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