Business Essentials – 7 Factors Entrepreneurs Should Know

Business Essentials – 7 Factors Entrepreneurs Should Know

There are seven facets of business that affect a company’s growth potential and life cycle. Pronounced family, the FAMMLIE network is an acronym for each business facet plus one key activity, which is networking. Classified by academia and employed primarily by corporate America, each facet of business: finance, accounting, management, marketing, legal/ethics, information systems, and economics, is essential for success.

Consider the following example: For every business, there is an image or brand that defines an individual, a good and/or a service. Marketing plans are implemented to both safeguard and impel a company’s efforts to increase brand value, net worth, and market share. Where applicable, shareholder return on investment is also maximized. Assets such as land, labor, and capital are frequently monitored business investments as is a company’s ability to circumvent or leverage economic factors.

Business owners work closely with a management team, e.g., a board of directors, C-level executives, etc. to ensure the salability and success of each venture. Lawyers, accountants, and other professionals help track progress and minimize loss. As technology progresses, information systems: computer devices and software facilitate business functions while word-of-mouth, the media, books, magazines, newspapers, TV, radio, and the Internet promote brands to drive sales.

Networking within a variety of circles determines knowledge base as well as potential for growth.

Six Tips to Follow

Since business essentials are inexhaustible, they can and should be applied to most areas of life. To that end, here are tips to applying business essentials where you work and play:

· Support or create initiatives that have a well-defined vision

· Fund ventures and invest in assets that yield a profit or generate revenue

· Use or provide quality products or services that positively engage the end-user

· Use associations and the media: TV, radio, and publications to increase awareness

· Strengthen your network and expertise through strategic alliances · Keep abreast of related and unrelated industry news and adapt accordingly

Business enterprise usually originates from the desire for self or others to advance financially and socially. Therefore, business essentials should be maximized in all organizations especially within, entertainment, government, and nonprofit entities. Business owners who effectively employ and periodically evaluate each facet of business will strengthen their company’s ability to gain the advantage as well as excel.

By Andrew Adamson

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