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Effective Small Business Management 10th Edition by Norman Scarborough
Edition 10ISBN: 978-0132157469Effective Small Business Management 10th Edition by Norman Scarborough
Edition 10ISBN: 978-0132157469 Exercise 2
What advice would you offer an entrepreneurial friend who has just suffered a business failure
Explanation
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Advices for successful business:
Failure is always a possibility in case of being creative or innovative. Successful entrepreneurs should not be afraid of the failures rather they should learn a lesson from their failures. They should find the pitfalls in their work and try to remove the pitfalls and achieve success.
So, the suggestions made to an individual who has recently suffered a business failure might be the following:
• Confidence: The person needs to regain confidence in him as well as the business.
• Self-reliability and perseverance: The individual needs to inculcate self-reliability and perseverance.
• Desire feedback : The individual should look forward to feedbacks from all sides.
• Energetic: The individual should once again feel energetic about the business and plan out new initiatives.
• Exhibition of competitive behaviour: The individual should not get demotivated and maintain a competitive behaviour.
• Orientation about their future : The individual should make more future oriented decisions.
• Flexibility and tenacity: The individual should be more flexible to the changing demands of customers.
• Knowing the business depth: The most important thing is to gather as much information possible about rejuvenating ones business using trade journals, business periodicals, books and web pages.
• Preparation of business plan: The individual should make a proper business plan from the information gathered. Most businesses fail because of poor planning.
• Management of financial resources: Lack of proper finance is one of the drawbacks of small business. So, the financial resources must be managed properly. The individual should have adequate capital to start the business again.
• True understanding of financial statements: The individual must be able to understand the basics of financial statements of the business. The financial statements must represent the true and fair view of the business.
• Effective management of people: The business can run effectively with the collective and channelized efforts of all the staffs working. So, the owner must be able to motivate the employees and be able to use the human resources well.
• Ability to make the business stand separate from competitors: For making the business successful the individual must be able to convince the customers in the way different from the competitors and create a separate footprint in the business market.
• Positive attitude: The individual must have a positive attitude for the business for making it successful because business suffers many ups and downs and the positive attitude helps in performing in the adverse situations.
Failure is always a possibility in case of being creative or innovative. Successful entrepreneurs should not be afraid of the failures rather they should learn a lesson from their failures. They should find the pitfalls in their work and try to remove the pitfalls and achieve success.
So, the suggestions made to an individual who has recently suffered a business failure might be the following:
• Confidence: The person needs to regain confidence in him as well as the business.
• Self-reliability and perseverance: The individual needs to inculcate self-reliability and perseverance.
• Desire feedback : The individual should look forward to feedbacks from all sides.
• Energetic: The individual should once again feel energetic about the business and plan out new initiatives.
• Exhibition of competitive behaviour: The individual should not get demotivated and maintain a competitive behaviour.
• Orientation about their future : The individual should make more future oriented decisions.
• Flexibility and tenacity: The individual should be more flexible to the changing demands of customers.
• Knowing the business depth: The most important thing is to gather as much information possible about rejuvenating ones business using trade journals, business periodicals, books and web pages.
• Preparation of business plan: The individual should make a proper business plan from the information gathered. Most businesses fail because of poor planning.
• Management of financial resources: Lack of proper finance is one of the drawbacks of small business. So, the financial resources must be managed properly. The individual should have adequate capital to start the business again.
• True understanding of financial statements: The individual must be able to understand the basics of financial statements of the business. The financial statements must represent the true and fair view of the business.
• Effective management of people: The business can run effectively with the collective and channelized efforts of all the staffs working. So, the owner must be able to motivate the employees and be able to use the human resources well.
• Ability to make the business stand separate from competitors: For making the business successful the individual must be able to convince the customers in the way different from the competitors and create a separate footprint in the business market.
• Positive attitude: The individual must have a positive attitude for the business for making it successful because business suffers many ups and downs and the positive attitude helps in performing in the adverse situations.
Effective Small Business Management 10th Edition by Norman Scarborough
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