More and more people are considering starting their own business. By opening a business there could be a large profit to be made. However, there are losses may occur as well. Some peoples argued that starting a business in a field that they know well would not fail. Knowing if starting a business at all is what most small businesses fail to consider. According to an SBA Study done in 2005, “About 1/3 of Small Businesses fail in the first 2 years, and just over half fail within 4 years.” These statistics are depressing for people looking to start up a new venture. SMEs in successful business networks can generate up to 50% more in gross revenues than firms that work in solitude. However, the most significant reason for this high failure rate is the inability of SMEs to make adequate use of essential business and management practices. Although failures Continue reading
General Business Articles
Getting Your Degree in Business Management
If you’ve always been a take-charge type of person, working in management might be right for you. Leaders in the field hold a variety of roles including human resource managers, CEOs, and market research analysts. But before you’re able to land one of these positions, you need the right skills and also know that this is the right career choice for you. Here’s what you need to know about getting a degree in Business Management. Paying for Your Degree Before we delve into the logistics of the degree, you first need to consider the cost. Tuition will vary depending on the school you choose, whether you already have transferable credits or whether you’re attending college for the first time. If you aren’t applying for scholarships, you could cover the cost with a student loan. These types of loans can be tailored to your specific financial needs. You can use it Continue reading
Food Traceability – Definition, Meaning and Advantages
Food traceability and safety is an up and coming trend. With the slow food, organic, and natural movements more consumers are wanting to know where their food is coming from. Food producers also are making food traceability a trend because each producer wants to know who they can point fingers at when a customer claims that they have become sick from a producer’s food. For most producers, traceability is just one element of any supply-management or quality/safety control system. Tracking an apple from the tree to your mouth is something that each producer needs to know. They need to know where that apple was to make sure that the apple did not go anywhere it shouldn’t have been. So, what exactly is food traceability? How does it work, and what can it accomplish with regards to safety? What is traceability and how does it pertain to our food system? The Continue reading
Running out of money? 5 ways to save your business!
As a business owner, money is an important part! Not only do you need to pay your employees, cover all your costs, but of course you want to have some money for yourself too. Especially with sudden extra expenses, having enough money can be a big problem. Long term, the lack of money could even ruin the dream of having your own business; that’s why we want to share with you some tips and tricks on how to earn extra money for your business. Always expect extra expenses! Especially for someone who is just starting out with their business, money can be tight. There is no room for extra expenses! Unfortunately, emergencies can happen, or you suddenly have costs that you didn’t calculate into your budget, but what now? Just throw away your dream and all the invested resources? No, we have some essential and valuable tips and tricks for Continue reading
How Creativity, Innovation, and Entrepreneurship are Related?
There is an important relationship between creativity, innovation and entrepreneurship. In fact, creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities; innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society. Entrepreneurship is a result of a disciplined and systematic process of applying creativity and innovations to needs and opportunities in the marketplace. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. All products or services are the combination of three factors: nature raw materials, labor (physical and mental) and capital. Entrepreneurs, as innovators, are people who create new combinations of these factors and then present to the market for assessment by consumers. Porter (1985) argues that, while successful businesses will Continue reading