Chapter one
Secret behind the success of every businessman/woman
Introduction
Determination, flexibility, financial knowledge, learning’s and strategies. Do you know what are the connections of these words to each other are in order to become a successful businessman/woman? Do you want to know how business people handle all the hassles that they are encountering every day? On how they manage their time to their family and work and most of them spend a lot of time and energy for their work.
Being an entrepreneur is not an easy task it requires all the skills and knowledge to master the market. In addition, entrepreneur plans their work seriously they will make sure that everything is going on even the small details. They will make decisions …show more content…
Allan (2004) assessed that Business is making activities that was undertaken to create a way to develop and transform the services that a customer’s deserve.
Abrugar (2011) stated the 3 major types of Business.
Service business is the one who provides services to customers. It usually provides profit by charging for labor or other services gives to customers, government or other companies. Example: (Hotels and restaurants, Telecommunication companies, Security and janitorial services)
Merchandising business is purchasing product from other businesses or manufacturers and sells it to customers. Merchandising companies having an inventory in their current assets account. They usually generate profit by providing markup price on their goods and avail it for sale. Example: (Grocery stores, Distributors, Car dealers)
Manufacturing business converts raw materials, labors and others into finished products that are available for sale to customers. Example: (Car manufacturers, Electronic parts manufacturers, Producers of drugs and other medical …show more content…
They used this strategy as an advantage to their competitive, such as superior services. Companies use this kind of strategy to set themselves apart from key competitors. This strategy also help a company build brand loyalty,
Price-Skimming Strategy is charging high prices for a product. Small company used this kind of strategy for them to quickly recover its product and advertising cost. However there must be something special that other company doesn’t have that kind of product for consumers to pay high prices product. But using this kind of strategy has one disadvantage that tends to attract competition relatively quickly, according to the Small Business Administration.
Acquisition Strategy small company used this strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company. For example, a small grocery retailer purchases a comparable grocery chain in the Midwest to expand its
Secret behind the success of every businessman/woman
Introduction
Determination, flexibility, financial knowledge, learning’s and strategies. Do you know what are the connections of these words to each other are in order to become a successful businessman/woman? Do you want to know how business people handle all the hassles that they are encountering every day? On how they manage their time to their family and work and most of them spend a lot of time and energy for their work.
Being an entrepreneur is not an easy task it requires all the skills and knowledge to master the market. In addition, entrepreneur plans their work seriously they will make sure that everything is going on even the small details. They will make decisions …show more content…
Allan (2004) assessed that Business is making activities that was undertaken to create a way to develop and transform the services that a customer’s deserve.
Abrugar (2011) stated the 3 major types of Business.
Service business is the one who provides services to customers. It usually provides profit by charging for labor or other services gives to customers, government or other companies. Example: (Hotels and restaurants, Telecommunication companies, Security and janitorial services)
Merchandising business is purchasing product from other businesses or manufacturers and sells it to customers. Merchandising companies having an inventory in their current assets account. They usually generate profit by providing markup price on their goods and avail it for sale. Example: (Grocery stores, Distributors, Car dealers)
Manufacturing business converts raw materials, labors and others into finished products that are available for sale to customers. Example: (Car manufacturers, Electronic parts manufacturers, Producers of drugs and other medical …show more content…
They used this strategy as an advantage to their competitive, such as superior services. Companies use this kind of strategy to set themselves apart from key competitors. This strategy also help a company build brand loyalty,
Price-Skimming Strategy is charging high prices for a product. Small company used this kind of strategy for them to quickly recover its product and advertising cost. However there must be something special that other company doesn’t have that kind of product for consumers to pay high prices product. But using this kind of strategy has one disadvantage that tends to attract competition relatively quickly, according to the Small Business Administration.
Acquisition Strategy small company used this strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company. For example, a small grocery retailer purchases a comparable grocery chain in the Midwest to expand its