Friday, April 27, 2007

Part I: Failing To Learn Business Fundamentals
Reason Number 9 Of Why So Many People Fail In Home Businesses

Learning business fundamentals is vitally important to your business success. This is Part I of a 4 part series. Before we continue our series on "Why So Many People Fail In Home Businesses", let's review the reasons we have learned to date.

#1. Poor Mind-Set
#2. Chasing The Wrong People
#3. Unsuitability
#4. Unrealistic Expectations
#5. Poor Management
#6. The Herd Mentality
#7. Your Personality
#8. Your PMI & PMA....and in this post...
#9. Failing To Learn Business Fundamentals.

It's unfornate that the vast majority of people starting home businesses, do not fully comprehend the facts that they are "Running, Managing and Growing a Business". A business venture is not something one enters into for social or esoterical reasons. You go into business to earn a profit from the sale of goods, services and/or information.

If profits or your profit making potential is not central to your business plan, theme or motive, you do not have a business, you have an enterprise or an undertaking. An undertaking can be about anything and for any reason. The vast majority of people that market virtual Internet junk programs are involved in undertakings.

In addition, the vast majority of people with legitimate business enterprises, treat their business ventures like undertakings. Therefore, they can not and will not succeed because they have not developed the proper mental attitude running, managing and growing a business requires.

Your objective as a business owner is to provide your customers with the best possible product/s, service/s and/or information their money can buy. You also want to discover any additional wants, needs and/or desires that exist or have been created within the general market environment that your business can satisfy. This is how you earn your profits. If you fail to accomplish one or both of these objectives, you won't be in business for long.

The methods, procedures, tools and regulatory requirements by which this is accomplished are the basic business fundamentals that guide your activities. Failing to follow proper; as well as cost effective methods and procedures can mean the end of your business activities. Failing to comply with established regulatory requirements can also end your business career.

To help you understand the importance of learning business fundamentals and what specific fundamentals you need to learn, we reccommend Accion.Org. Accion has workbooks and workshops that will help guide you through this important process. In the following series of post. we will identify key elements for you.