ENTREPRENEURSHIP

EGO DRIVE

Every business owner must possess a strong ego drive to succeed in business. In psychological terms the ego is the part of the psyche that experiences the outside. The quest of one individual to persuade others to a particular point of view and feel satisfaction in having done so is a critical part of business. This in actual sense lead to a high feelings of fulfillment and accomplishment.  

ENTREPRENEURSHIP

GOOD JUDGEMENT
A good business man must have good judgement. Judgement is used when a decision is taken or about to be taken.The ability to use good judgement when making decisions is one of the most powerful skills a man can possess to succeed in life. We might be at cross road and confused when a sensitive business decision is about to be made. Making good decisions applies to multiple aspect of life but as a business owner, wrong choice can lead to:

• Loss of investment
• Staff
• Assets and
• Goodwill 

Using good judgement might require a healthy mental state, a willingness to think through issues and confident in yourself.

ENTREPRENEURSHIP

LEADERSHIP SKILLS

No one is born to lead, though some have special leadership attributes but every one can make a good leader if he or she learn the key principles of leadership. Many people have spent fortune to learn the principles of leadership. All leaders are followers but not all followers are leaders.

ENTREPRENEURSHIP

TEAM MANAGEMENT

No one can be successful in isolation. To succeed as a business owner you need to manage team of people who are directly or indirectly involved in your business. The followings are responsible for the success of your business:

• Your Staff
• Your Customers
• Your Investors
• Those in the same line of business
• And YOU

ENTREPRENEURSHIP

Time Management

Over time what business owners manage is time and not money. When time is properly managed, this will naturally translate to financial management.Time management involves the following:

• Meeting the need of your customers in timely and consistent manner.
• Resolving any issues and answering any questions on time.
• Deliver goods and services on time and in good condition.
• Pay your workers at the agreed date if that is a company policy and inform them if their will be any change in time.
• Plan and attend your meeting and assign staff who will be participating in the meeting. 
• Refrain from been rigid with your plans. Be flexible!!!
• Refrain from performing all office task alone and delegate responsibilities.
• Follow up on task given to staff.
• Give feedback to staff.  

Note that Thomas Edison managed his time very well, he learnt 9,999 time of how not to make electric bob and on the 10,000 time, he came up with electric bob.

 

ENTREPRENEURSHIP

Time Management

Over time what business owners manage is time and not money. When time is properly managed, this will naturally translate to financial management.Time management involves the following:

• Meeting the need of your customers in timely and consistent manner.
• Resolving any issues and answering any questions on time.
• Deliver goods and services on time and in good condition.
• Pay your workers at the agreed date if that is a company policy and inform them if their will be any change in time.
• Plan and attend your meeting and assign staff who will be participating in the meeting. 
• Refrain from been rigid with your plans. Be flexible!!!
• Refrain from performing all office task alone and delegate responsibilities.
• Follow up on task given to staff.
• Give feedback to staff.     

ENTREPRENEURSHIP

Qualities of a Business Man
A good business man should possess the following attributes:

• Time management
• Good judgement
• Ego Drive
• Financial Management
• Leadership Skills
• Empathy
• Team Management

Most successful business men have used these qualities effectively to succeed.
 

FOR YOUR INFORMATION (FYI)

Dear Associate Readers, CMSP team has not change the pattern of posting, we treat one topic per week, if at any time information provided for one week is not exhausted, it will be continued in the subsequent week. Thank you for your understanding.

CMSP Team