I want to bring more business terminology onto this site. One specific term I recently learn is Oligopoly. The is where the market is controlled by a few selected business that sell similar products but the pricing are not depended on each other. Meaning go after your dreams and build a business, learn from others in the game and make it unique. The way you price your product or service should be depended on how much you and your customer values that type of products or service.
Always Keep Improving Yourself and Your Business.
Clouded with all the steps and direction that we all put ourselves in, where do we go next? As entrepreneurs, our path isn’t linear. We chose to take a path that other doesn’t want or don’t see.
Although, the next step doesn’t necessary has to be physical. We can step back and reflect on the skills and knowledge to find ways to use them to our advantage. By doing so, we can celebrate the accomplishment and lay out new plans with the new tools we have acquired on the journey.
Ways to go forward:
- List out what needs to be done. Or. What do you want to get done?
- Get the new skills required for the next step. Or. Hire the extra help.
- Business perspective: As the customer what do they want/need?
- Accounting perspective: Clear out some liabilities and gain assets.
- Research extra product or service you can offer.
The next step is more than the actions itself, its a reflection on our entrepreneurship mindset, determination, growth, and commitment to your business goals and vision. Keep moving forward.
This is a list of some of the topics I am going to cover and my experience with one of them.
- Accounting – Who and What to expect
- Innovation & Design – Building a product or service
- Prototyping – Sample product to test in the market
- Financing – Disclaimer: NOT financial advice
- Business Law – Basic knowledge for operation
- Customer Service – Often neglected, crucial for returning customer
- Simply Marketing – Using social media and free resources
- Strategic Growth – Business has to expand to survive
- Exit Plan – Ultimate end game for the business
Do you have assets or pieces of equipment for your business? Are they making you money? What is the value of the equipment and has it delivered the business the value or more than the cost of that piece of equipment?
I am currently going through and organizing items for their respective business and labeling them as such. Additionally, I am valuing them to see if that investment has generated at least its cost for the business.
Making a list will help you find what you need instead of roaming the store trying to remember what you need in the first place.
A list, just like a grocery list, will help you stay organized and remind you of your daily or required tasks to get to the next stage.
I am currently working on multiple projects and doing school online. There won’t be many big updates or noticeable changes, but like any big project, you just have to take one step at a time.
Last week my little sister ask for my option on her resume. I mention to her that she needs to update anytime she receive a certification or qualified on a skill. In the last two days, an old buddy of mine is planning to switch jobs also ask for advice on his resume. With all the help and suggestions that I have given, I have yet to update mine. Resume isn’t something that you can just brush off. It is something we need to update regularly. In addition to that, it proves to us that we have progress and gain lots of experiences. If not, then this should be a wake up call.