It is gospel truth in business management to create a business plan before plunging in to the business practically. But counterfactual statements exists which says that business becomes strictly defined because of a business plan and in may cases the core competencies are not recognized and the business doesn’t flourishes the way it was suppose to. However, a basic plan can be conducive for the start up plans to give a good start to precede their business. But making an elaborate plan of 3 to 4 years can inhibit the whole process of the business. I have heard many people say that they need a solid business plan to make money.  [...]

The media channels seem to have overused the term ‘bubble’ which is a much hyped word today. Ranging from common man till the business owners, everyone seems to get wired whenever they hear that global economy is in a bubble. The practice of making news with bubble has, of late, become quite popular among mainstream median and also business media. Fear looms large when such news is broadcasted and the entrepreneurs and venture capitalists seem to get the biggest fear. If bubble is a harbinger of economic downturn then the business owners have plenty of reasons to fear as their business management tactics might fail in such  [...]

Using a business accelerator to grow your business might be the wisest thing you could have chosen to do in a long time. But before we kick things off, a point has to be made. Don’t confuse a business incubator and a business accelerator. A business incubator will offer a common location for a number of fledgling businesses to work. More than services, they will offer the equipment you need and the networking and mentoring you need to get things off the floor. Most of these business incubators were linked to colleges and universities where these programs and facilities were instituted to try and encourage the growth of entrepreneurship. But  [...]

If I were to be given the chance to invest in a business that offers up something completely radical but also very risky or just starting something with a more conventional, tested business model, I would go with the simpler and more conventional business every time. And while successful business ideas have also sprung from radical ideas, the tried and tested offer better returns and are generally more successful. The problem is perhaps not even one of complexity or simplicity. The problem is all about knowledge. Businesses fail a lot because of a lack of capital, but they also fail because of a lack of knowledge. That cannot  [...]

The one very important way of growing business is just not making money but to get new clients in to the business alongside also preserving the old. Some people think that if they do not get well with the existing clients they can get in new customers but this way it is not going to give a steady growth of a business. The true charm of a growing business is retaining your old clients, but is there a way out we can preserve them. Sometimes, clients want to try different people and thereby also different products and services and hence change their business partners. This can lead to a steady decline in the amount of profits  [...]