How to Run a Business without MBA Degree
Many businessmen are not MBA best at running their businesses smoothly, an MBA degree makes us better businessmen. Did you
ever notice? This question is hurting the people who are MBAs, and not running any
business. Some of them are working as managers or running the business of other organizations. They don’t even think about setting
up their own businesses. Actually, they have all the qualities of running a business but financially they
don’t want to take such a risk of running their own business.
Table of contents
- What is Business Administration?
- How do we learn to start a business?
- let's learn from a fruit seller,
- (i) How he manages loss, (ii) His business strategy,
- Learn the Techniques from the
salesman
- How to start a business without MBA
- Step forward to Self-Employment
- Production of fruits & vegetables
- Difficulties of small-scale business
- What to learn before starting a business?
- Reason for business failures
- What to do before starting a business
- How to start your own business
- Qualities to be maintained
- Conclusion
Business administration is basically the management of an organization, such as planning, finance, investment, establishment, recruitment, manufacturing, and marketing. Planning and investment are the primary stages of business; accordingly, recruitment is done as per the requirement. Manufacturing units work based on marketing research and demand. Managing all the departments is called business administration. Most MBAs are recruited to manage the different departments of the organization.
How do we learn to start a business?
There are lots of examples of leanings to start a business. You will have seen many people who are not even financially strong but they don’t search for jobs, don't like to work for others, but are interested to start their own work. And most of them are depending on their daily routines work. For example:
Let's learn from a fruit seller
It seems a silly matter to speak about because the business initially starts with a small investment and makes more money. A fruit seller knows it well, he procures fruits and vegetables from a nearby wholesale market, and according to his purchasing cost, he plans to sell those fruits and vegetables at the rate of double his investment, and every day he makes money. How to turn passion into a profession
How he manages his loss
Sometimes as
per the circumstances, his fruits and vegetables are not sold as per his
target, he adjusts and sells at a low price or uses them on his own, and he manages
the wastage of his investment, profit, and loss. And he also saves money for his
future plans, like children’s education, marriage, etc.
His
business strategy
He manages his mall business every day and plans his investment for the next day. He may have stored the fruits and vegetables in his type of cold storage. And maybe, he will have to invest less on the next day; anyhow, he recovers his loss of the previous day. These all are his business strategy, and we must learn from him.
Learn the Technique from the salesman
The same
technique applies to the salesman and marketing people; this type of marketing is
called ‘trade marketing. They buy some items from wholesalers and sell them to retailers or try to sell them directly.
Basically,
all these people are running small-scale businesses on their level. Some take
the risk of more investment and earn more income, in this way they become a
successful businessman.
How to start businesses without MBA
Street hawkers, fruit sellers, salesmen, marketing people, shopkeepers, and retailers are running their businesses without an MBA degree. They are not only running a good business but many of them have developed their business and their earnings are more than the managers of a reputed organization. How to live life with passion
Some of them
are not only selling but they are also supplying different types of products. Every
day they use to book a truck for about ten shopkeepers' materials loaded from
the wholesale market and delivered to the nearby local markets. And many people
are getting employment in this trading business. They are providing daily work
to the laborers for loading and unloading.
Step forward to Self-Employment
A large number of people are involved with these businesses and provide daily consuming items including fruits and vegetables at the doorsteps. Do you know how these fresh vegetables and fruits reached you every day? It happens just like the fresh newspaper reaches the doorstep every day. For such businesses, about 20% of the population is involved in self-employment.
This
business is never going to stop because fruits and vegetables are daily
consuming items. It was not stopped even on lockdown.
Production of fruits & vegetables
The
production of fruits and vegetables is basically depending on the geographical
area and agricultural land for cultivation as per the season. According to the
season, the production of fruits and vegetables is produced unlimited but the major sale depends on the marking risks.
Every year
losses and profits are shown in the news, as per the situation of the climate.
But most of the losses and damages occur due to sudden floods and drought.
Difficulties of small-scale business
Fruits and vegetable supplier has major difficulties, they are not getting the product at a lower
cost, and they are not able to reach agricultural land or the farmers who
cultivate these fruits and vegetables. They depend on wholesale markets.
And their
merging is only 20% to 30% because they have to pay cartage which is about 10%
to 15 %, therefore they are not able to grow their business with more earnings,
as per their daily sale is concerned.
What to learn before starting a business?
This article
may help many people who want to start their business. Some guidelines are here
to understand the situation and demand of the market and then step forward.
Many people use to ask, how to start a business. I want to clarify the example of three different people’s statements, about how they used to talk about starting their business.
The first one says,
“Business is very easy, just take a loan from the bank and start, suppose you
want to start a business Gym, procure all items of Gym and take a place on rent
and start”. But how people will come to know about your Gym? If you don’t
have proper marketing for that, it will take a long time to earn profit from
this type of business.
The Second says,
“business is very risky, I can’t take a loan from the bank, if it doesn’t work
how will I return the loan and interest? It’s very difficult to run a
business.”
The third one says, “Before starting any business like Gym, you need to have proper knowledge of Gym, learn everything about Gym, Gym training, and place where maximum people may come. Learn everything from experts, get yourself trained, and enter the business.
The result of the above statements is, that only the third one has the best solution. Who really keeps the knowledge of how to start a business?
Reason for business failures
There are three major decisions of the people by which most businesses failed:
1.
One who does not plan properly invests lots of money, but most businesses fail due to this action.
2. Second who always does their business at a slow speed and doesn’t take any risk in life, their business doesn’t grow well and only depends on the beginning investment and limited profit.
3. Third who
plans for his business and gets training for the same, and starts with an initial
investment as a beginner and achieves the target. But he increases his
production without the market survey and demand, wastage of production may be the failure of the business.
What to do before starting a business
You must
start your business in which you are an expert, before starting your business
you must work in some of the organizations, where you have to show your highly
profiled potential in that business, and with dedication, you must show ownership
of the work.
You have to
learn all the following the strategy of business during your job.
·
Production: you must
have knowledge of production, how machinery is procured, and how to install all
the assets related to the business.
·
Marketing: marketing
is the most important part of the organization; manufacturing is easy but
selling is tough. You must study how it works.
· Advertisement: How to show your brand in the market,e whether the business is small scale but you need to complete a survey of the marketing. Need to know what kind of advertisement is required to make your product's brand name.
·
Quality
control: Your product quality must be as per the demand of the market, and how your
survey will work on it. How does the sales executive work?
·
Employee’s behaviors: How the
manager’s behavior with staff, and how the employer deal with employees.
·
Accounting process: all sales and purchases, profit and loss, and trial balance, you must have the knowledge
of everything in the accounting process.
·
Sales
promotion: How the sales activities are there, how to create demand in the market.
How to start your own
business
If you have
studied all the above facts then you need to start your own business.
Suppose you’re working as a senior manager, and you are planning to start the same
business on your own. It's good but you will be a competitor of your
previous business. It may be dangerous. Don’t do such things.
Example 1
You have to
study about the competition in the market, most of the businesses failed due to
the competition, suppose you have opened a shop of daily consuming items and
there is another shop nearby you, then your sale will be 50% only. And many
more such examples are there; the shopkeeper will suffer due to
competition.
Example 2
Suppose you
want to open a school, before starting your own school must check the
possibilities of admissions. How many admissions you can get from your
nearest area? Otherwise, you have to get the students from distant areas, so the brand name is required. At the beginning of your business, you
can’t say you are the brand one.
Qualities to be
maintained
- During the training of all learning of the business, you must search for the best location from where you can start your business.
- Prepare yourself for financially strong, if you fail somewhere, you can start again, rotation money is required other than the capital amount.
- The place must be nearby a city so that your employees and your business should not suffer.
- Start the business with full confidence, and be dedicated to the growth of the business. Passion is required for the business.
- Don’t change your behavior after starting a business, because customer dealing is the most important criterion of a successful businessman.
- Always be punctual with your time and timely delivery of your products. All the staff is also required to be trained as per the requirement of the business.
Conclusion
All the
above-mentioned qualities are required to be maintained, every businessman is
not perfect, he always expects to learn more from others. There are lots of
business Techniques available on the internet; you can learn more from them, and there are many videos available for search-related businesses.
Always be motivated and aggressive towards more learning for the development of your business. This habit will give you a lot of success in life. Always be kind to all your customers. Most kind behaviors are counted in the business. Show your passion for your business.
You will have seen most businessmen are always very sincere with their clients. They have to attend many meetings every day; you will have to realize all these during your job with the company. There are a lot of things to learn every day, and businessmen's learning never ends.
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