Business planning

Overview This chapter describes the purposes of business planning, general business planning concepts and guidelines, and the format of a comprehensive business plan. Business planning Business plans are developed for…
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Different ways to create good ideas for businesses

There are so many great business ideas around you that you need to open yourself up to these opportunities and make sure you are a winner. Start your search for dead ideas that will set the world on fire by starting your business with the resources available. An idea is everything because it starts with everything. While coming up with good business ideas may seem easy, sometimes you can’t get motivated for it. Lack of knowledge can prevent you from getting a really successful idea because all early stage entrepreneurs are very careful to share their ideas with everyone. Usually, they are afraid that someone will steal their unique idea and implement it.

Start with your family

Driving a family to big business ideas may not seem like an obvious first step. Once you’ve got ideas for money, how can your old dad or cousin add something to this business process, of course? Discuss your idea with your family and analyze suggestions that are sure to help you in all areas of your business. You can also share their life experiences that can be effective for your family.

Find new business ideas online

Web surfing is a great way to have fun and get great business ideas. Visit popular entertainment sites, question and answer platforms, popular forums, and social media trends to find out what people are saying about your business. What are the topics of discussion and popular sub-posts on social networks and which are open to change.

Involve customers in the process

Read some relevant customer reviews and suggestions, as new products often start with consumer ideas. If you think right away that adding online business groups thinks well. Front-line companies are looking for more effective insights and ideas that transcend such processes. In order to maintain its market position, it is necessary to constantly look for new technologies and design features that are ahead of others. To achieve this, you need to incorporate traditional road skills or listen directly to targeted customers.

Involve suppliers in product ideas

Journalists can be important partners in creating any business ideas, but most companies are reluctant to share information with journalists. Other barriers include cultural differences, lack of cooperation, lack of resources, and a lack of commitment to developing new business opportunities on earth. Major global buyers visited suppliers and tried to organize ideas by saying, “If you have a new idea or technology that you think you’re interested in. This approach has since encouraged suppliers’ fronts to get involved. Think of a company that some sellers were so eager to ask about. .

Build your corporate network

Building a good business network can help you work harder and be smarter. Working with business experts not only helps you understand the needs of most clients but also helps you get good advice from supervisors. Contact the right types of companies that can help you achieve big business goals. A strong corporate network ensures integrity and directly affects the success of the company. A strong business network offers new opportunities to learn, collaborate, grow and make suggestions to improve your business network.

Feel your interest

Thousands of smart people use their interests and make it a successful business. After all, it became a very expensive and time-consuming program, and the couple asked for money to cover their expenses. Finding your passion at the right time is helpful and will help you succeed. Take the time to identify your interest in taking your business to a new level. Pay attention to your interest

Monday morning at the Idea Factory

As the world changes faster, the right ideas and business forms yesterday are not enough today. The rapid pace of change and the combination of strategies in which companies rely on old ideas, traditional products and tomorrow’s visions are clearly questionable. Companies are constantly in need of new ideas in order to create an exciting and prosperous future.

Nanosatellite integration

When it is certain that each component is working properly and that it is properly integrated into the other subsystems, we reach a point where all the components need to be assembled to get complete and functional small satellites.

All this takes place in a clean room, which is a necessary installation for the integration of nanosatellites. Imagine an operating room where the entire medical staff is perfectly equipped with gloves, masks and jackets. Well, we’re talking something like that. In short, a sterile and isolated environment that is ideal for working with highly sensitive electronic components.

If the satellites are already installed, the payload will be retested under laboratory conditions to ensure that the data has been collected correctly and can be filtered and managed as planned in the previous steps. It is important to remember that payload is the most important part of CubeSat, which is why it is designed. If it does not work, the nanosatellite will lose its existence.

During this production process, we apply the European Space Agency (ESA) quality standards in Alén Space ECSS. With this method, we can achieve a 100% success rate in projects developed by our team, the highest level in the small satellite supplier market.

Environmental testing campaigns

We have reached the fifth stage and are already doing so with complete nanosatellites. It’s time to run real-world simulations for CubeSats.

This consists of three basic controls:

Environmental test for each satellite. Here it is necessary to check that CubeSats can withstand startup and startup. Some of these tests are contractually necessary for launchers (vibrations), and others are used to ensure that Smallsats is able to support conditions in space (heat pump).
Function test of each satellite. It verifies that CubeSats communicates properly with ground stations, that the downloaded software works in a series of scenarios … In short, it verifies that nanosatellites perform the task for which they were designed in space.
Operational tests to build a nanosatellite. Not only is it necessary to check the communication between each satellite and the ground station, but also to check that the constellation as a whole can be performed correctly, efficiently and in a coordinated manner.

Start support

Five, four, three, two, one … If there’s one iconic image we’re all connecting to space, it’s probably a countdown.

At this point in the process, the CubeSats are complete and the next step is to place them in the chamber. Therefore, the launch is one inevitable point in any small satellite project.

As part of the integrated service we offer at Alén Space, there is also a start-up support that manages all the necessary procedures (negotiations on prices, technical requirements, inspections …) to bring nanosatellites into orbit. Either way, this is a step that customers may want to manage independently.

This whole 8-step process may seem a bit linear, but it is important to understand that some of these steps overlap. In fact, you start managing your entire startup calendar from scratch. What is being done at this stage is the delivery of nanosatellites for inspection and launch.


The satellites are already in space, and now everything has to fit together perfectly. The control and operation of CubeSats depend on whether everything is working properly and is in the intended trajectory and position.

This phase consists of two important moments:

LEOP (start and start phase). When placed in orbit, the constellation of small satellites is supposed to place them where they should be. During startup, CubeSats are disabled, and when enabled, they must be placed in a specific location on a specific path. This process takes a few days after startup.
IOCP (deployment phase). The satellites are already in space and everyone is in place. At this stage, it is checked that they are doing their job properly and that there are no problems with operation, hardware or communication, including the payload itself. This step can take several weeks, although the exact time depends on the nature of the project. .


Steps to develop business ideas for the aerospace industry in the new space age

When we talk about a new space-time, every second counts. If they talked about the “space race” between the United States and the Soviet Union a few decades ago, nothing today has changed the need to be first … or to achieve a place before the race. The difference is that what was once a tug of war between two great powers (and no one else) is now much more open competition, including many other countries and private companies that can put their space business ideas into orbit.

Your company’s contribution

We are talking about the starting point for each project, which requires the remaining 7 steps. This step can be summarized in six words: What do you want to do? Defining your space company idea is everything. If that doesn’t work, the rest of the project can break down like a house of cards. You need to clearly state what your business is doing, what type of information you want to receive, and what your needs and goals are.

If necessary, at Alén Space, we also offer a previous consulting service that will help complete all the necessary details to start the project.

Platform and space operation design

This discusses the architectural and design of the project. If we asked you to answer the question “What do you want to do” in the previous step, now is the time to decide how to do it.

At this point, we perform a detailed analysis and design of the task and the nanosatellite constellation. That is a purely theoretical part. Keep in mind that each project needs to consider how the space department, the base segment, and the user segment work, as we discussed in detail earlier in this second article on IoT services in space.

One of Alén Space’s strengths is related to this, as we are independent of suppliers of hardware, software and components. Because we do not have exclusive rights to other manufacturers, we can see the products on the market and select the best components based on their performance, cost and delivery times. In this way, we can best meet the wishes and requirements of the project.

Simulations also play an important role in this second phase, especially in terms of the constellation of satellites and the composition of the network of ground stations. There are software tools that allow testing at different orbits (e.g. equatorial or polar), altitudes, number of nanosatellites, location of earth stations, etc. This allows different scenarios to be analyzed to make comparisons between simulations to see which options are more efficient and best match the features of the project.

Approval and full assessment of the subsystem

Here we move from theory to practice. Don’t forget to build a house. Now that you have the architect’s plans and know what materials will be used on the site, it’s time for workers (in this case, engineers) to get to work. And as in this example, the quality of the work process and the know-how of the supplier determine the quality of the final product, whether it is a home or a nanosatellite.

At this point, the components that make up the nanosatellites are purchased and tested one at a time to ensure that neither the manufacturer nor your own team made any mistakes that could jeopardize the task.

This is to ensure that each subsystem complies with the specifications at mechanical, electrical and functional level.

Nanosatellite integration

When it is certain that each component is working properly and that it is properly integrated into the other subsystems, we reach a point where all the components need to be assembled to get complete and functional small satellites.

All this takes place in a clean room, which is a necessary installation for the integration of nanosatellites. Imagine an operating room where the entire medical staff is perfectly equipped with gloves, masks and jackets. Well, we’re talking something like that. In short, a sterile and isolated environment that is ideal for working with highly sensitive electronic components.


Make your business plan realistic

The first draft of a business plan is never realistic. When an entrepreneur writes a plan, it inevitably changes as new information is gathered. Another factor that makes the original draft unrealistic is that it is difficult to ensure that the written part – in front of the plan, as well as the operational, personnel and marketing plans – tells exactly the same story as the financial part. At this stage of the work, it is necessary to make the necessary changes to the plan to make it as realistic as possible.

There are two possible feedback loops in the “realistic business plan” phase. The first returns to the original concept phase of the business plan if the original business plan needs to be significantly modified before it can be made realistic. The second feedback loop returns to the business model phase, where the business developer must re-evaluate the business model. As shown in Figure 8, the developer of a business plan needs to adapt to a progressive research framework, he may need to conduct further research before completing the “Make the Business Plan Realistic” phase and move on. The plan attracts stakeholders.

Design for attractiveness to stakeholders and desirable for the entrepreneur

A business plan can be realistic without contacting potential investors and other external stakeholders such as employees, suppliers, and necessary business partners. It can also be realistic (and potentially attractive to stakeholders) without being desirable to the entrepreneur. At this point, the entrepreneur considers the business plan realistic and adapts the plans to attract potential investors and themselves.

For example, if investors are required to finance start-ups, some adjustments should be relatively comprehensive in order to meet the needs of potential investors in terms of the exit strategy of the company, taking into account the expected return on investment and giving them confidence. ensure that the entrepreneur can achieve everything promised in the plan. In these and other cases, the entrepreneur also needs to get what he wants from his business, so it is worth striving to start and run it. So this step in adapting to a changing business plan can be quite extensive and they need to be better informed by understanding what investors need from a business proposal before investing. You should also be told about clear goals that will make the business profitable for the entrepreneur.

Caution at this stage is to weigh the need to make realistic plans for the desire to achieve the entrepreneur’s goal, while avoiding being prevented from abandoning the idea of ​​continuing to implement the business idea. When an entrepreneur believes that a proposed company meets a qualified market need, there is often a way to raise the necessary funding to set up and run a business while achieving the entrepreneur’s main goals. However, this can lead to significant changes in the business model.

One of the feedback loops in Figure 8 shows that the business plan developer needs to adapt the concept of the business plan while ensuring that it remains realistic before it can be made attractive to stakeholders and desirable to the entrepreneur. The second feedback loop suggests that it may be necessary to return to the business model phase to restore the framework and plans needed to develop a realistic, compelling, and desirable business plan. In addition, placing this phase in a progressive research box suggests that the business plan developer may need further research.

Completion of business plan

In the last step, the business plan gets the final touch so that it is presented correctly to (potential) investors. It is important to ensure that the links between mathematics and the written and financial part are correct. In addition, it must be ensured that all necessary corrections in spelling, grammar and formatting are made. Final goals should be written to appeal to intended readers and reflect the words of the business plan.

Preparing Your Slot Machine Business Plan – Hiring a Consultant

Preparing a slot machine business plan is a crucial first step before you start gambling, but some people are afraid of the actual planning process. They fear that the process will involve a long and arduous process, or they just don’t have the time to devote to it properly. What they do not realize is that preparing a business plan for any type of business is an essential part of being successful. You cannot succeed unless you put in the necessary time, effort, and money into preparing a great scheme.

Preparing business plans for casinos, slot machines, or any other type of business planning involves a few simple steps. The first of these steps is to decide which type of business you want to go into. For example, if you have decided that you want to open a casino-type Jammin jars of business , then your preparation has already begun. You have identified the type of location you want, the kind of machines you want to run, the marketing you plan to use, and even how you intend to pay each employee. Once you know what you want to do, all you need to do next is to figure out how you will go about doing it.

Another factor in preparing a business plan for either a casino slot machine, or even a restaurant is hiring a consultant. Hiring a consultant is probably one of the most important things that you can do while preparing a business plan. Without a consultant, you will be working blind. A good consultant will be able to help you analyze the competition, show you good marketing ideas, and help you determine how you will go about financing the business. So if you’re ready to get started, make sure that you take the time to prepare a really good business plan – especially hiring a consultant!


Significant initial research

The author of a business plan must analyze the environment in which he expects to work at all social, industrial, market, and corporate levels (see pages 51-60). This design phase, an essential initial study, is a necessary first step to better understand the trends and decisions you make affecting your business so that you can lay the foundation for it and increase your chances of success.

In some cases, much of the necessary initial research needs to be included in the evolving business plan as a separate part in itself so that readers understand that there is a market need for that company and that it is likely to be activated. very.

In other cases, the business plan is stronger if parts of the original key research are distributed across the business plan to support the plans and strategies presented in the business plan. For example, a large initial research industry or market segment could outline the pricing strategies used by identified competitors that best fit into the pricing strategy of the business plan to assist in the decision to use a particular pricing strategy.

Business model

Any business plan includes a description of the business model that the entrepreneur has chosen as the model from which he or she best ensures success. Based on their basic basic research on the environment in which they are expected to start their business (first stage analysis), the entrepreneur must determine how each component of their business model – including revenue streams, cost structure, customer segments, value propositions, key operations, key partners, etc. – can work together to improve their business. Chapter 4 – Business Models).

For some types of companies, an entrepreneur can create a lean startup at this stage (see page 68) and grow their business by constantly changing or adapting their business model based on the real-time signals they receive from market responses to their company. In many cases, however, the entrepreneur needs a business plan. In these cases, the original business model is the basis of this plan.

Of course, the entrepreneur must constantly and throughout the process constantly strive to gather information and adapt his plans to the new information he receives. As shown in Figure 8 of the Annex to the Progressive Research Framework, the business plan developer may need to conduct additional research before completing the business model and moving on to the original concept of the business plan.

Original design of the business plan

The concept phase of a business plan involves the transformation of the information and ideas developed in the first two phases into a business plan format. One approach that many prefer is to create a complete concept for the business plan in all sections, including the front with a business description, vision, mission, values, value propositions, preliminary goals, and possibly even a table of contents and tables. and numbers, they have all the software features that allow automatic creation. Writing all operational, personnel, marketing, and financial plans as part of the original draft will ensure that all of these elements can be included correctly and necessarily. A business plan tells you how to set up a planned business in two ways, mainly words and some charts and diagrams in your operational, personnel and marketing plans, and another way through your financial plan. Both paths must tell the same story.

The feedback loop in Figure 8 indicates that the business developer may need to review the business model. In addition, the developer of a business plan, as indicated in his case in the context of a progressive study, must carry out further research before the first stage of drawing up a business plan and move on to making the business plan realistic.


Developing a highly effective business plan

The business plan development process described below has been thoroughly tested with entrepreneurs and has proven to be a guide for entrepreneurs to develop a business plan according to their needs. strong business plan.

Development stages

There are six steps involved in creating an effective business plan. These steps can be compared to the dinner process of a few friends. A host who wants to make a good impression with expected guests could analyze the situation on several levels to gather information about new options for healthy ingredients, which ingredients are best priced and likely to be available at certain times of the year, new trends at parties, what food allergies expected guests may have, celebrations and so on. This analysis is a significant early stage of the study.

In the business model, the host can create a menu of products to accompany the meal, as well as a list of decorations to order, music to play, and costume themes to present to guests. The combination of these elements chosen by the host is important to the success of the party.

In the first draft of the business plan, the host rolls up his sleeve and starts collecting, buying, making decorations, sending invitations, and usually starting everything for the party.

During this phase, the host realizes that some plans are not feasible and that changes are needed. The changes required can be significant, such as the need to postpone the entire party and start over in a few months or less drastically, such as the need to change the menu if an invited customer says they don’t contain gluten-free food to eat. These changes have been incorporated into the plan to make it realistic and feasible in the Make Realistic phase.

Stakeholder resistance plan design includes other changes to the party plan to make it more attractive to guests and a fun experience for the host. For example. Can the host be told that some individual guests want to arrange meetings and that others need to bring their children to attend. The host may be able to respond to these wishes or needs in a way that makes the party more enjoyable for them as well – perhaps by accepting some guests to bring offers, food or games, or perhaps even by bringing a babysitter. Rent to entertain and care for them. children.

In the final stage – the completion of the business plan – the host has to put the party in the final touch to prepare the guests.

General instructions for the business plan

Many companies need a business plan to achieve their goals. Below are some basic guidelines for developing a business plan.

The standard format helps the reader understand that the entrepreneur has thought about it thoroughly and that the return justifies the risk. By binding a document, readers can easily browse through it without breaking it down. Be 100% sure everything is fully integrated: the written part has to say exactly the same as the economic part
all financial statements are fully linked and valid (make sure all financial statements are valid) The document is well-formed (the layout makes the documents easy to read and understand – including all diagrams, charts, instructions and other additions) everything is correct (NOT CORRECT spelling, grammar, sentence structure, references or mathematical errors) the document is easy to read and understand because it is clear without unnecessary repetition
Most of the time, it is not necessary – and even harmful – to say the same thing more than once. To avoid adding unnecessary data, merge partitions and reduce or eliminate duplication as much as possible. All the necessary information is included so that all the information in the document can be easily understood
The terms you want to use in your plan are clear For example, if your plan says something like “100,000 units are missing and competitors are currently producing 25,000 units. We can help fill this huge demand gap with the ability to produce 5,000 units,” the reader is completely confused.


Business planning


This chapter describes the purposes of business planning, general business planning concepts and guidelines, and the format of a comprehensive business plan.

Business planning

Business plans are developed for both internal and external purposes. Internally, entrepreneurs develop business plans to get a share of their business. The most common external purpose of a business plan is to raise capital.

Internal purposes

  • A business plan is a roadmap for business development because it
    defines the company’s vision
    determines the company’s strategy
    describes how the strategy is implemented
    provides a framework for analyzing important issues
    a plan for the development of the company
    is a measuring and control tool
    helps the entrepreneur to be realistic and test theories
    External purposes

A business plan is often the most important way to describe a company to external target groups, such as B. Potential sources of funding and recruitment of key personnel. It should help third parties understand the current state of the company, its capabilities and the need for resources such as capital and human resources. It also provides the most comprehensive source of information for business evaluation.

Principles of business planning

As Hindle and Mainprize (2006) say, business plan writers should seek to express their expectations of the uncertain nature of the future. However, news obligations make it difficult for new companies (even more than existing ones) to communicate the expected future. You present five communication principles:

  • expectations
    Translate your view of the company and how it fits into a format that meets readers ’expectations
    Tell me about it
    You have identified and understood the key success factors and risks
    the expected market is large and you expect good market share
    You have a strategy for commercialization, profitability, and dominance
    You can build and protect your owned and competitive position
  • Milestones
    Anchor key events in the plan with specific economic and quantitative values
    Tell me about it
    Your main goals are in the form of financial goals
    You have twice as much design requirements and flexibility
    They understand the dangers of ignoring the connections between certain events
    You understand the importance of quantitative values ​​(and not just chronological data)
  • potential
    Nothing lasts forever – things can change to affect opportunities: taste, preferences, technological innovation, competitiveness
    Tell us about these four perspectives to differentiate between a business concept, different competencies, and sustainable benefits:
    the new combination on which the company is built
    Opportunity size or market size
    Market growth trends
    Market value of the company (as a percentage of the proposed market share or Dessamsine in dollars)
    Four important aspects that describe the operating environment of the new company (internal and external environment)
    how the context helps or prevents the proposal
    how the context can change and affect the firm and the extent of the firm’s built-in flexibility or response
    what management can or will do if the context proves unfavorable
    what management can do to positively influence the context
    Business model
    A brief and clear description of how the idea really becomes a value-creating company

Who pays how much and how often?

The activity that a company must perform to produce, deliver to its customers and products
And be able to defend claims that a company is attractive, sustainable and has a competitive advantage

Credibility principles in the business plan

The authors of a business plan should strive for the credibility of the project (Hindle & Mainprize, 2006), so the needs of the entrepreneurial group (resource seekers) and the expectations of the investors (resource providers) should be in line with their criteria. The “take it or leave it” principle (i.e. financial forecasts made by an entrepreneurial team) has a good chance that resources will not be available. Hindle and Mainprize (2006) present five principles that help entrepreneurs reflect their credibility:


Simple steps to a successful branding process

Make no mistake about it: a recognizable and loved brand is one of a company’s most valuable commodities. According to a study by Nielson, 59% of consumers prefer new products from well-known brands.

As a small business, you can compete with big brands with loyal customers and an unlimited marketing budget. That’s why you need to find ways to stand out – through a solid branding process. My favorite piece of advice for any business owner is to build a brand, not just a company. This will give you huge growth and enthusiastic fans.

How to build a brand?

Use our step-by-step workbook with tips, templates and guides to build a brand for your business! Find your target audience, research competitors … and more.

What is a brand?

In short, a brand is determined by the customer’s overall perception of your business.

Amazon founder Jeff Bezos puts it even better: “Your brand is what others say about you when you’re not in space.” Your brand is your reputation! In today’s marketplace, a successful brand must be consistent in communication and experience across many applications:

  • Environment (showcase or office)
    Print signage, signage, packaging
    Website and online advertising
    Publish content
    Sales and customer service
    Internally (with employees)
    Is branding easy? The truth is, branding doesn’t happen overnight … or even in a few months.

Firefighting is definitely a process and requires strategy. However, constant work leads to long-term relationships with your customers. This can lead to leads and sales, word of mouth and advocacy for your product or service.

What is branding?

The definition of a brand is through strategies and campaigns to raise awareness of your business with the goal of creating a unique and lasting image in the market.

Positive image + excellent = brand success.

Branding can be divided into three stages:

  • Brand strategy
    Brand marketing
    A brand strategy shows how different, reliable, memorable and personal you are to your ideal customer. It gets your purpose, your promise and how to solve problems for people.

This is the first step you should take when building a brand from scratch (Whether you are just starting out or already established). Wouldn’t you build a house without a plan or plans The same goes for your brand. You can think of a branding strategy as a plan for how you want the world to see your business. An effective and comprehensive branding strategy should include the following elements as part of the process:

  • Fire detection
    Competitive research
    The voice of the brand
    Fire message and history
    Brand strategy is a crucial and essential part of building a successful brand. This is one of the areas that most companies ignore when moving directly to design and marketing.

A brand is the way you communicate this to your audience with photos, messages, and experiences. Brand strategy affects how you present your identity and align it with your goal of making the most impact. Your brand identity elements must be used consistently across all channels. This is the way your business is identified.

This includes:

  • logo
    Colors and fonts,
    Website design,
    Printing or packaging
    and more.
    Brand marketing is the way companies or organizations pay attention to products or services and increase awareness by combining values ​​and language through strategic communication with the right target audience.

In 2020, you can effectively strengthen your brand image with various digital marketing functions:

  • User experience (i.e. your site)
    SEO and content marketing
    Social media marketing
    Email advertising
    Paid Advertising (PPC)

Together, these channels are essential to building brand awareness and growth. We will dive into these elements later!

I have simplified the path below to assist the process of achieving a comprehensive brand your business or personal trademark being faithful to your partner. Investigate competing brands in your industry. You should never emulate exactly what the big brands in your industry do. But you need to know what they are doing well (or where they are failing).



Top 15 Skills That Every Entrepreneur Should Develop

Venturing the world of business is both an excitement and a challenge. It’s a dream come true for entrepreneurs and people who really wanted to start a business. However, it is really a risk. Along the way, you will encounter a lot of challenges and different circumstances. With all of these, you need to be prepared for everything that may come.


Before you invest for your business, you better invest in yourself first. Build “you” as an entrepreneur. There are a lot of skills that you should develop and strategies to learn. Every entrepreneur should also have the necessary traits and characteristics needed for the success of the business.


In this article, we will discuss the top skills that every entrepreneur should develop:



Every person who is determined to pursue their dreams and passion in life should have focus. Focus requires both discipline and consistency. An entrepreneur should be disciplined in every step she takes. Moreover, she should be consistent in maintaining the discipline. Together with these two, she will be able to gradually accomplish her business goals.


Good leader

Running a business requires employees to work hand-in-hand with you in reaching your business goals. Of course, you should set a good example for your people. If you do not know how to lead, your employees will work astray. They will become inefficient and unproductive. It is a must that you know how to manage people effectively.



Empathy is a very important skill for an entrepreneur. She should have a heart for her customers. A good entrepreneur thinks about the consumers more than her business, her products or services. Why? Without the customers, a business would fail. The people you serve keeps your business alive. It is important that you put your customers on top of your priority.



Being strategic comes in many forms. You have to be both smart and critical in handling certain circumstances. Basically, you should have your own unique strategy in running a business. But it doesn’t mean that you have to stick to it. You have to adapt to the trends and the changes in the market. Make sure that you undergo careful research and planning before moving further.



Authenticity is very important. You do not want to be labeled as a copycat. Apparently, some businesses may inspire your idea and concept. But you need to challenge yourself. Think of something that will differentiate your businesses to the ones that are already established. Be original in a sense that you re-create something existent and make it unique. For sure, this will help build the brand of your company.



Our imagination has no limits. Just like you. You have no limits in reaching your goals for the business. When we say imaginative, you should be creative in innovating ways and strategies in your business. You need to think out of the box and explore what’s on the horizon.


Good at money

This is one of the most important skills that every entrepreneur should develop. Financial management is important. According to Success Harbor, poor financial management is one of the reasons why businesses fail. Entrepreneurs should realize the importance of keeping financial records of all the profits and costs. This will determine whether the business is really moving up rather than failing.



Some entrepreneurs are so full of themselves to the point that they don’t listen to others. It is very important that you are open to some ideas, thoughts, and suggestions that may be helpful in the growth and development of your business. Find some time seeking the wisdom of some successful entrepreneurs. Moreover, always listen to your people and your consumers. They hold the best words that will help your business thrive.


Thinks long-term

A successful entrepreneur thinks about the future of her business. If I do this, what will happen to my business in the next 10 years? Every entrepreneur wishes nothing but the success of the business. Success does not take place overnight. It is built every day for the future. Do not be afraid to take risks, but, think about these risks that you are entering.



Being resourceful helps you to reduce costs for your business. One of the major reasons why businesses lose profitability is that they spend too much money purchasing brand new materials and equipment. If you are resourceful enough, you know other alternatives which may be helpful in running the business.


As mentioned earlier, you shouldn’t be afraid of taking risks. Be brave! If you think it will benefit your business, then do not hesitate. If you believe it will hurt your business, find some time to prepare your business. Bravery is also important in facing various battles that your business will encounter along the way.



Unexpected events are inevitable. Your business may experience ups and downs. During downtimes, you should be resilient. According to Forbes, resiliency enables the entrepreneur to keep going despite certain circumstances. Hard times are normal. But what’s not normal is giving up. Always be strong to carry on.



Persuasion is always important in marketing. If you are not confident enough to promote your business to potential clients and customers, then you are not yet ready. Make sure that you know how to communicate your vision and goals to the people. In content writing, being persuasive means knowing how to write the right ‘copy’. In marketing, persuasion is next to increased sales.



Integrity is always important in all aspects. If you do not know how to play the game honestly, then you are increasing your risk of failure. Every entrepreneur should value the virtue of integrity. Who wants to work with someone who lacks integrity?

Good network

Lastly, make sure that you have a good network of people. Widen your connections. Reach out to clients, consumers and other stakeholders who are essential for your growth as an entrepreneur and the growth of the business.


9 Basic Steps for Employers to Choose the Best Employee

Hiring the best people to help you in achieving your goals for your business is crucial. Of course, every employer is after for the applicant that is most-skilled, goal-oriented, and versatile in various tasks and responsibilities that are given. According to statistics, 50 percent of businesses fail after four years of operating. Among the leading reasons why businesses don’t work are incompetence and lack of experience of employees.


There are billions of applicants in the pool. It is very important that an employer is keen and strategic in choosing the best people who will be part of the company. Here are the 9 basic steps in choosing the right employee:


Identify the job vacancies

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The first step of the recruitment process is simply identifying the job positions that are vacant. Vacancy happens when there are new functions in the company or simply because an employee vacated the position. Most vacancies are entry-level positions as internal hiring normally happens for senior positions.


Plan for the job recruitment

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After identifying all the vacant positions, it’s time to plan the recruitment phase. Basically, you need a human resource management team to do this. This involves the people who will draft the job description or specification; interview the applicants; choose who to hire; and the people who will organize the venue for the recruitment.


Publicize the job hiring

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After finalizing everything, it’s time to announce the company’s search for brilliant employees. There are a lot of avenues to publicize the job hiring. The most common is through posting on newspapers’ classified ads. On the other hand, the digital era has paved the way to LinkedIn and social media platforms such as Facebook and Twitter to make it easier to reach applicants. Some companies also connect with schools and organizations to outsource applicants.


Review applications

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You will know that your call for new employees is effective when your HR email is full of applications. Basically, applicants will initially send you a resume or a CV, and a cover letter. As HR manager or employer, it is your responsibility to review applications.


According to Glassdoor, a job opening attracts over 250 applications. On the other hand, only 4 to 6 candidates will be interviewed, and one will get the job. With this number of applications, a recruiter can only scan a resume for about 6 seconds, according to TheLadders report. Moreover, 87% of the recruiters will also check the LinkedIn profile of the selected candidates.


Choose the most qualified

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After reviewing all the applications, choose the candidates who will go to the interview phase. These selected applicants will initially undergo a phone interview. The phone interview’s purpose is to save the recruiter’s staff and time by eliminating candidates. The most qualified ones will receive a notification, either by phone or e-mail that they will be scheduled for a face-to-face interview.


Check the background

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The interview proper is basically performed between the applicant and the HR manager or the chief executive, herself. In this phase, the employer will ask about the candidate’s experiences, strengths and weaknesses, achievements, accomplishments, awards, and basically everything about the applicant’s background.


Make the job offer

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After much deliberation and judgment, choose the best candidate that stands out among the rest. Notify the applicant about the decision and see him or her again. This time, make the job offer and discuss the details of salary, benefits, privileges, nature of work, job specifications, and the start date of service, among others.


Notify the unsuccessful candidates

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Part of the recruitment process is informing the other candidates about their applications. Notify them politely about the company’s decision. Don’t leave them hanging. It is a bad impression for the company to just ignore the other applicants. In your notification letter, tell them to apply for the company’s other job vacancies or tell them that you will inform them in case the position they applied for is again vacant.


Welcome the new member

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The last phase of the recruitment process is apparently welcoming him or her to the company. Basically, the new hire will be brought to the department where he or she will work. The leader or the manager of the department will dedicate time to knowing the new hire. The manager will then introduce the new member to the other employees. The manager shall also brief the new hire about department rules, some facilities, utilities, specific tasks, goals, etc.


The recruitment process is never easy. You do not want to waste time and money for the wrong person. As per the side of the recruiter, you should also be mindful of the proper way of choosing the employee. Here are some of our tips:


Avoid biases and prejudices

Do not bring your biases and prejudices to the table. Physical appearance, color, sexual orientation, or even hair color are never the primary qualifications for choosing an employee. Do not judge immediately. These things do not tell about the applicant’s skills and expertise. As long as they do not violate the company’s standards, they are considered as a candidate.


Probationary period is alright

Some companies are providing a probationary period for their employees before hiring them full-time. Basically, new hires under probationary period are not entitled to benefits and privileges. Probationary period provides you an opportunity to know more about the new member if he or she is really deserving of the work. On the other hand, it is not just to prolong the probationary period for any under-the-table reasons.


Invest in behavioral tests

Some companies are really strict about behavior. As a matter of fact, personality matters. Some companies invest in supplementary behavioral screen procedures. This includes handwriting analysis, skill and aptitude tests, lie detector tests, and psychological testing. This will help greatly in selecting the best job candidates.


This is how the hiring and recruitment process takes place. Again, companies should invest time in looking for the best candidate. Avoid any rush. Remember, your people are vital to the business’ growth and success. It is best to settle for the best!