Understanding basic business can help you decide where to focus your efforts
Answers
Understanding basic concepts of the business can help one decide where to focus ones efforts; here it means the focus on the factors that are to be enhanced more to run the business more efficiently can be made . Major causes of business failures arises due to weak business understanding ; recognition of right opportunity , the laws of supply and demand , the financial sources of the business ,the vision mission and strategies of the business should be made strong in the business .
Explanation:
* Some of the basic concepts and understanding that can help the business person to focus on their efforts :
* Financial sources - the financial sources are to be measured well , as capital is the backbone of business .
* vision , mission and strategies - the vision mission and strategies of the business should be very clear and should be for long run .
* marketing criterion , and thinking like a customer - best marketing methods can be made by thinking like a customer , marketing is a process of creating product of services as per the needs and desires of the customers .
* Time management -The most important resource of a business is the time , which is to be managed necessarily , planning for short duration targets and achieving them , counts as the earning in the business .
*Goal setting - goal setting is the backbone for the business to stand and is something very basic and vital part of a business . goals that can be measured and are practical with numeric terms should be made and analysed .