Business Concepts For Beginners

Business Concepts For Beginners – You don’t need an MBA or business school to succeed in business. Almost all the knowledge and information you need to start and succeed with your small business is available for free in the real world.

In this article, I will share with you five basic but very important concepts that you need to understand if you want to succeed as an entrepreneur or entrepreneur.

Business Concepts For Beginners

These concepts will help you easily digest business opportunities and enable you to start making smart, informed and practical business decisions.

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The best part is that these concepts will help you think, speak and act like a modern entrepreneur. All the concepts you will learn here are important. I guess I think it’s basic, a mini crash course in economics and business rolled into one.

Today’s world is a fast and rapidly changing world. We live in an era where information is everything.

But what good is information if you don’t understand it? With terms like GDP, ROI, customer segmentation and a few others floating around in the news and on business websites, I can’t imagine the struggle entrepreneurs face when they try to understand all the economic and business jargon we’re constantly bombarded with. . bombarded with

To survive in today’s modern business world, you need to understand basic concepts and speak the language.

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In addition to the personal benefits of understanding these concepts, they will also help you in the short and long term as you move forward in your entrepreneurial journey.

Will you stand there cleaning like you saw a ghost or impress him with your knowledge?

Whatever you do can mean the difference between getting the capital you need to start your business or losing potential investors and regretting your lack of knowledge.

No one expects every entrepreneur to have an MBA or business background. But everyone will expect you to know the basics of business.

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In my opinion, this concept will be more useful for entrepreneurs in writing a business plan and understanding it.

A business plan is not an essay or a piece of English literature. It should be written in a language that will excite and convince potential investors, banks, customers, etc. Whether you use business plan software, hire a business plan consultant, or use a business plan template, you need to understand the language in which your plan is written.

The term “customer” (or “consumer”) is used so often these days that few people still understand what it means.

Like it or not, the customer is and always will be the MOST IMPORTANT part of any business. It doesn’t matter if you rent a nice glass office, hire MBA employees and produce a good product. If no customers buy the product or service you sell, you don’t have a business. period!

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If the customer is the most important element in any business, what do you think should be the first step every entrepreneur should take before opening a business?

Who are the customers for the product or service business you are starting? What does she want? How, where and when he wants? What does he not like about the current product or service he is using? Where does he live and work? How much can he charge for this product you are going to start selling? Will he be more sensitive to the price or quality of your product?

The more accurate your answers to these questions, the more successful and profitable your business will be.

Understanding your customer means you always look at your business from the perspective of your target customer. It doesn’t matter what your likes, tastes and personal preferences are, if the customer doesn’t want or like what you’re selling, they won’t buy it. And if they don’t buy, your business will die!

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Hassan is an entrepreneur who wants to start an ice cream business. Fortunately for him, he recently discovered (through this article) that he needs to identify and understand his target customers if he wants his business to succeed.

Her clients are inner-city schoolchildren who attend daycare and elementary school, five days a week (Monday through Friday). They close for the day in the hot afternoon and are always looking for something cool, tasty and refreshing to offset thirst and heat. Current options are cold water and CocaCola.

While cold water is cheap and refreshing, kids want something tasty that they can enjoy. On the other hand, CocaCola is delicious, but more expensive and only some children can afford it. Chocolate, vanilla, and strawberry flavors are kids’ top three choices of ice cream, and they usually like them in small bowls so they don’t melt. These children are also happy to buy ice cream from friendly vendors and are more likely to remain loyal customers.

By identifying his customers, Hassan has set himself up for success because he now knows what to do to please them.

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The next morning, as soon as the school door opened, Hasan was in front of the little boy handing over his ice cream truck with a smile.

You don’t have to be a prophet to predict that Hassan’s business will thrive and succeed as long as he continues to give his customers what they want, how they want it, where they want it and when they want it.

In any market, there are two main groups of people: buyers (demand) and sellers (supply). Providers alone cannot create markets; can’t buy.

If you are in business, you must be supplying (selling) things; products (such as fruit, vegetables, electronics) or services (such as consulting or taxi business). For a supplier to make money and stay in business, customers must be willing to buy the products or services they sell.

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The concept of ‘demand’ describes the consumer’s desire and willingness to pay a price for the product you sell. Request is clearly different from “desire” and “desire”. Everyone wants and wants something, but if they’re not willing to open their wallet and pay for it, it’s not a request.

Suppose I have a shop in the university campus and I am in the soap business. Each of my soaps sells for $1 and the students love buying them because of the sweet scent and beautiful packaging. Most importantly, students like to buy my soap because they can afford it. Yes, my soap is in great demand.

Imagine that I suddenly raised the price of each bar of soap to $50, what do you think would happen? Although there is still a demand for soap, I can assure you that I will not be able to sell the soap!

Although students still need soap (to wash, wash, etc.), they are not willing to pay for it because the price is beyond their means. They still miss the scent and color of my soap, but they don’t hold back. What I feel with soap is no longer ‘demand’. Soap has become a desire or desire.

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Let’s imagine that there are other stores like mine on a university campus that sell soap, and we all sell soap bars for $1 each. The problem is that there are only 100 students in the school, but we have more than 1000 soaps to sell. If we assume that students only buy soap bars, what do you think will happen in this market?

Some sellers will start lowering their prices to attract more customers. On the other hand, if there are more students than soap, the sellers can easily get away with the price.

This brings us to one of the most basic but very important principles of Economics. It is called the Principle of Supply and Demand. This principle states that when supply is higher than demand, prices usually fall. And when demand is greater than supply, prices are likely to rise.

Lesson: Understand the nature of supply and demand in your market. It can help you plan, price and make the best profit in your business.

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This means you can sell any type of phone you want, at any price you want. You may decide to only sell red phones because red is your favorite color.

Who cares what the customer wants? If you are not happy with the quality, color or price of your phone, what other options do they have? You are the only business they can buy from. They may hate, blame and whine about your terrible customer service, but it will not affect your business. As long as they need a cell phone to communicate, you will always be in business!

Unfortunately, most of the world today runs a ‘free market economy’ where anyone with money can start a business and the price of goods and services is determined, not by a single business or individual, but by the interaction of supply and demand. the market

Simply put, the market is a race and each business is trying to outdo the other to win more customers.

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Every day you wake up as a business owner,