Entrepreneurs and small business owners know that it’s not an easy ride. In fact, it can be downright excruciating. Yet, it doesn’t have to be this way. There are several things small business owners can do to leverage their marketing budgets and increase their chances of success. Here are a few of our favorites:
Finance: The advent of the Internet has greatly increased financing possibilities for small businesses. One common complaint of small business owners is that they cannot obtain traditional financing because of credit risk. Credit risk means that the lender thinks the business has little chance of profiting from new loans. On the other hand, there are some excellent nontraditional financing options available for small businesses. In particular, many lenders are offering protection against credit errors and lawsuits, so that lenders are more willing to provide small business loans.
Accounting Concepts: There are several excellent books on finance and accounting concepts. Two examples are “Profitable Entrepreneurs”, by Jack Collins and “The Five Basic Business Concepts” by Robert Kiyosaki. My own personal favorite is “etusional Wealth”, which helps entrepreneurs outline various strategies for generating wealth. These books are both very detailed and very affordable. As a prerequisite to reading these books, you will need to have a rudimentary understanding of accounting concepts.
Economics: For many of us, economics means economic activity in the domestic economy. ” Economics 101″ is a good introductory course for deciding whether you want to devote time and effort to economics. “Commerce and Society” is another excellent choice. This course examines various topics – including marketing, entrepreneurship, government regulation, and economic history – in depth and provides a good foundation for understanding economics. A prerequisite for reading this book is an understanding of how market prices and production functions.
Business Communications: As a prerequisite for reading this course, you will need an understanding of basic business communications. I suggest learning about “verbal and non-verbal communications.” You can learn about business communications techniques through “abyssystems” and “behavioural finance.” I also suggest learning about “processes” and “finance.” Examples of these techniques are “cycles,” “cyclical economics,” and “behavioral finance.” In fact, if you want to learn business communications, this is a prerequisite because communicating is such an important part of the business world.
International Trade: International trade is another topic that can be covered in a MBA program. “International Business and Customer Development” are a good introduction to the world of international trade and the concepts involved. As with the previous topic, this course will require at least some familiarity with business finance and the borrowing techniques involved. Again, international trade is very important to a business and the way it is conducted has profound implications for the countries involved.
Business Development: This course is a prerequisite for all students pursuing a PhD in Business Administration. The concepts covered in this class are marketing, supply chain management, business development, entrepreneurship, and operations research and analysis. The topics are complex and very important to the health of a business. For example, “business development” is a prerequisite to help students understand “business strategies.”
Marketing: The emphasis in marketing is on the customer. There are four components to marketing and they are the identification of a target audience, creating a product or service, advertising and promoting the product or service. Marketing also focuses on the financial aspects of the business. This includes pricing, promotion, and control of cost. The marketing concepts presented in this class are important to the success of any business and include basic business communications concepts as well as more advanced financial concepts.