Talk about BUSINESS

“The business of business is Business”. Though the phrase is not new, but it truly indicates the real meaning of Business. Owning and running a business can be rewarding only if we know the nuances of Business and understand the Business terms, rules and what it takes to be a successful businessman. Well, being a Management student, I would like to use the word “Entrepreneur” rather than a “Businessman”.

PECS of Business:

Profit: No matter what business you do, ultimate aim is to make profits.
Expenses: When you run a business, you have certain expenses, which is unavoidable.
Cost of Goods: Whether it’s a product or service you sell, there is a cost to everything.
Sales: And, if you want your business to run, sales are of utter importance.

And then when we want to be an entrepreneur, we need to answer certain questions:

1.Do I understand the financial basics of Business: Assets, Liabilities, Accounts Payable, Accounts Receivable, Cash Flow, and Net Worth.
2.Who all will be involved in my business and is there a sync and proper flow of information among all the entities.
3.Do I possess all the technical skills and soft skills to conduct the business?
4.Do I have the necessary funds to have business and if not who are the potential sources?
5.What shall I sell? Why should I sell? Whom Should I sell? Where should I sell?? How should I sell?
6.How to differentiate myself from the herd? Why will people come to me?
7.Within how many years, I will be able to achieve the breakeven point?
8.Who are my stakeholders?
9.How to achieve success?
10.Do I have all the qualities to become a successful businessman?


Now, the question arises, how best you can answer the above questions. There are some ways to find the politically correct answers:
1.Do a SWOT analysis. Measure yourself on parameters like knowledge, leadership skills, communication, creativity etc.
2.How best you understand others needs?
3.Are you specific or general? If specific, then on what situations and if general, then on what situations.
4.What kind of people interests you the most? The people who share same qualities with you or the exact opposite people interest you the most.
5.Consider yourself as a product and try to sell yourself. Plan a strategy on what things you would do to sell yourself to people.
6.Consider others as Customers and try to ask relevant questions about yourself. Feedback is one of the most important things in Business.