WHY BUSINESS LOCATION IS ESSENTIAL FOR SUCCESS For many businesses, business location is an essential component in its eventual success or failure. Site selection can be pivotal in all sorts of businesses, including retail, service, wholesale, and manufacturing efforts. Poor location is one of the primary causes of business failure....
Business
GUIDELINES FOR BALANCING WORK AND FAMILY IN HOME-BASED BUSINESSES Owners of home-based businesses face unique challenges in the realm of achieving a desired work/family balance. Whereas small business owners who commute to their place of business everyday are usually freed from child-rearing responsibilities for the duration of their time there,...
KEYS TO A SUCCESSFUL HOME-BASED BUSINESS A home-based business is any enterprise for which the principal administrative and managerial activities take place within an individual’s personal residence. People start home-based business ventures for a wide variety of reasons. For example, some people are forced to leave the corporate world as...
HOW MANAGEMENT FACTORS CAN AFFECT BUSINESS GROWTH The degree of growth and the rate at which a new venture grows is apart from marketing also dependent on the management strategy. Management factors that affect a firm’s ability to grow: The Inertia of Success When a new venture has survived and...
HOW TO PLAN FOR BUSINESS OWNERSHIP AND COMPENSATION (PART 3) Alternatives to Equity Incentives There are other ways to compensate key managers that do not require the founder to give up equity in the company. The following are a few of these alternatives .In choosing among them, consider the advice...
How to prepare your business for coronavirus – 18 protection steps The novel coronavirus that causes respiratory disease COVID-19, and that was first detected in China, has now been detected in 60+ locations internationally, including in the United States. In response, some Americans are cancelling and/or limiting both domestic travel...
HOW TO PLAN FOR BUSINESS OWNERSHIP AND COMPENSATION (PART 1) Two of the most perplexing issues faced by an entrepreneur heading a new corporation are how much of the company to sell to potential stockholders and how much to pay key managers. Whatever method is ultimately chosen, it should...
HOW FRANCHISING CAN AID YOUR BUSINESS GROWTH GETTING STARTED One of the most readily available ways of starting your own business is to buy a franchise. Compared to other forms of start-up, this is often a relatively risk-free method of getting established in business, because the development of the product...
One of the most eye-opening experiences an entrepreneur can have is identifying all the processes (activities, tasks, etc,) that occur in the business. Even more revealing of how the business works is a process map or flow chart that traces how information flows through the business. The reason for this...
There is probably no single best organizational structure for all types of ventures in all situations. Rather, the entrepreneur must find the best fit, given the existing contextual factors (environment, technology, market), design factors (strategy, and models), and structural factors (complexity, formalization). A misalignment or misfit among these factors could...