Month: June 2018
Strategic planning and management is one of the keys to the success of the business. And this is what brought Warren Buffett to where he is now. He is the world’s second richest man according to the Forbes Magazine. His net worth is approximately $62 billion. Buffett is often called the Oracle of Ohama or Sage of Omaha. Right now, he is the largest shareholder, chairman and CEO of the company Berkshire Hathaway.
From a capital of $35 when he was still a teen, he grew largely by billions. He has shown a potential during his early years .In 1945, when he was still a freshman, he and a friend purchased a second-hand pinball machine that they placed in a barber shop. After some few months, they already owned three machines in different locations, His interest and dedication for business was already noticeable at a very young age which continued until today.
Now, he is one of the world’s greatest investor. Almost all businessman focusing on buying and selling industry have heard of Warren Buffett. Experts have now come up with the Warren Buffett Business Factors, a compilation of business principles that was used by the Sage of Omaha. He was the only man in Forbes rich list to have made it purely from buying and selling stocks and shares. In Buffett’s own words, he quoted:
Im 15 percent Fisher and 85 percent Benjamin Graham. The basic ideas of investing are to look at stocks as business, use the market’s fluctuations to your advantage, and seek a margin of safety. Thats what Ben Graham taught us. A hundred years from now they will still be the cornerstones of investing.
This is a brief view of Warren Buffett’s Business Factors that is applicable for all business owners.
1. Always stick to what you know, and that which is within your area of experience, expand on that experience, and stay focused.
2. Only enter into a business agreement, investment, or project where you can reasonably predict the outcome with certainty.
3. Only enter into a business agreement, investment, or project where you can reasonably predict the outcome with certainty.
4. Maintain emotional detachment in your business dealings. Invest only with a business perspective, do not let the others or the crowd persuade or dissuade you, but rather develop your self and your trust in your self. Make a point of learning from your mistakes.
5. Identify what kind of business deal you want, then determine what you are willing to pay. Small fluctuations in the price of what you need to buy can vastly affect your returns in the long run.
6. Work out the return on capital of your business, and try to make every business deal at least the same if not better than that return.
7. Use other peoples money to leverage returns. If your return on capital is greater than the cost of using other peoples money, then make sure you use their money as much as possible, not forgetting about your margin of safety. Warren has had great success with insurance companies, using this principle.
8. Only appoint or work with managers of outstanding quality. Use managers who act in the best of interest of the business and hence the owners of the business at all times.
Are you in the throws of building a new team? In that case, whether its a sports team, youth group, cultural group, or corporate team, youre going to need plenty of ideas for team names. Thats no easy task! So, here you have a few ideas as to how to go about choosing a terrific team building name.
First and foremost, the team leader should get together with all team members, and ask each individual for their ideas. Youre bound to be presented with many and varied suggestions, so it will be no easy task making the final choice. But, its extremely important that everyone has their say, and approves of the name picked. For, this is a team and, as such, youll want everyone to feel happy about the name, believing that each and every one of them has participated in its selection.
However, before letting your team loose on volunteering all their suggestions, you may like to mention the following tips to them.
Your team will need to consider its function, and come up with a name that complements this. If its sports oriented, a strong even aggressive name could be appropriate like the Chargers or Raiders. On the other hand, a cultural group might prefer a gentler-sounding name, whilst a corporate team would do better to choose something to match their business aims and standards.
To get some ideas, your team members may like to look at names chosen by well-known teams in their field. Sometimes these are names of birds or animals, like Panthers and Sharks, and may be accompanied by a colour. Often the names are based around different types of groups. For example, Pirates, Indians and Angels.
Is your team purely local? Then why not make the town or city part of the team name, accompanied by an appropriate adjective, noun, or color. Or, if the team is part of a company, why not use the firms name in the same way? Make use of words such as “champions”, “heroes”, etc.
A team name needs to be as short and snappy as possible. Dont worry about it sounding slightly exaggerated rather that than having it too mild and anaemic. And, consider using rhyming and alliteration.
Yet another way of coming up with team building names is to take the initials of all its members, juggle them around, and make them into suitable words. This way, everyone has a share in the name.
Once youve decided on a name, youll then want to come up with a suitable slogan for the team. To do this, take each letter of the name, and think of an appropriate descriptive word which begins with that letter. To give a short, easy example, if your teams name were the “Reds”, youd make your slogan something along the following lines:
R resolute E efficient D determined S steadfast
And, voil!… There you have your teams slogan or war cry, absolutely perfect for boosting morale, and making everyone feel part of a true team.
Career training opportunities can take many forms and can often be used as continuing education credits that will help them keep specific certifications. Members of management often encourage employees to improve their skills by attending classes whenever they are available. It is understood that keeping up with new forms of technology is the best way to keep a company one step ahead of its competitors.
1)College Courses IT professionals and individuals who work with software on a daily basis, might do well to take college courses that teach the newest trends, and as such many colleges and universities offer professional development IT training. Accounting professionals can also benefit from refresher courses every couple of years to stay on top of new tax laws and guidelines, making this a career path that requires lifelong accounting training. Individuals can also work towards a higher degree in the hopes of advancing their career.
2)Company Sponsored Training Programs Large corporations who want to provide learning opportunities for their employees may hire instructors to come in and give lectures. Industry leaders can offer advice on new techniques and practices that can help increase the efficiency of the business. By holding company sponsored training programs, management can make sure every employee receives the same training, without having to rely on them to complete it outside of work.
3)Specialized Training Programs Suppliers and equipment manufacturers may provide training to individuals who will be operating or using their product in the workplace. One example is an accountant who will be using a new version of software for accounts payable/receivable. This type of accounting training is beneficial because the individuals teaching the course are those who developed the software.
4)Webinars Online seminars or webinars can keep members of management up to speed on the latest trends in office management and business procedures. They can be completed in their office or at home simply by logging into the training website. While most webinars cannot be used for continuing education credit, they can provide sound advice for individuals who are dedicated enough to sit through them and take notes.
5)Online Classes and Conferences Online classes and conferences are also beneficial forms of business training. Many people do not have time in their already busy schedules to sit in a classroom for several hours a week at a specific time. Online classes allow them to do their work at their own convenience and gain college credit at the same time. College courses follow the same format as conventional college classes except students are able to work from home. Most online classes will transfer to regular classroom credits if the student chooses to return to a more traditional college setting.
In relation to entrepreneurs & business top 10 business celebrity entrepreneurs the recent rise of entrepreneurs & business has undoubtedly been fuelled by the popularity of TV business programmes like the Dragons Den & Alan Sugar The Apprentice.
These popular programmes have launched the media careers of their programme panel members, fast tracking many of them into the list of top 10 business celebrity entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs outlines well known global entrepreneurs.
Business enterprises promoted by celebrities have been a topic for discussion for quite some time.
Celebrities have shown their enterprising instincts in many in different ways and many of them have gone beyond endorsing products which had at best previously been a trend.
This discussion about entrepreneurs & business should act as an inspiration not only to aspiring celebrity entrepreneurs, but also to other prospects who intend to use their entrepreneurial skills to become successful entrepreneurs.
The list of top 10 business celebrity entrepreneurs includes the who’s who of celebrities. Many of these celebrities have created thriving enterprises without any formal training in business management and have launched successful and innovative products and services.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #1 Steven Spielberg
Steven Spielberg who co-founded Dreamworks tops the list. His movie business has generated millions and millions of dollars at worldwide box offices.
Although he has not graced our TV screens in programmes like the Dragons Den or Alan Sugar The Apprentice Steven Spielberg is recognised globally as a celebrity entrepreneur known to push the boundaries in film production.
He is known to have provided business help, business management, consultancy and business development to other aspiring business entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #2 Hugh Heffner
Hugh Heffner was born into a family of farmers. Heffner launched a magazine which was later named Playboy which has since sold millions of copies.
It’s interesting to know that Heffner started with only $8000 which he raised from investors. Hefner is recognised globally through his Playboy brand which expanded upon the initial magazine through shrewd business management, consultancy and business development to include multiple other revenue generations streams the most famous of which is the Playboy TV channel.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #3 Sean Combs
Sean Combs launched the clothing brand Sean John clothing which generates a business turnover of over $400 million globally. Sean is recognised as an entrepreneur who founded his empire on a solid foundation of top quality business management and business development.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #4 Tyra Banks
Tyra Banks became famous after hosting the famous television show America’s Next Top Model and Tyra Banks Show. She is known to provide business help and support to other aspiring entrepreneurs.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #5 Kathy Irelan
Kathy Irelan is recognised globally as a famous model. Her business development initiative of finding solutions for families and busy moms was received well by the market.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #6 Bill Gates
Irrespective of your geographical location, you are probably aware of the rise of Bill Gates whose business development idea revolutionised the personal computer market.
Gates has become a true global celebrity entrepreneur. It has been widely reported that Gates has provided business help, business management, consultancy and business development to aspiring entrepreneurs and charitable organisations.
Many people believe he should have been the person of choice to front the American version of Alan Sugar the apprentice hosted by Donald Trump.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #7 Richard Branson
Richard Branson’s Virgin Empire is one of the world’s most recognised brands which hosts approximately 300 business companies under its business development umbrella.
Branson is also well documented for his desire to give something back and as such many aspiring business entrepreneurs have benefitted from his business help, business management, consultancy and business development.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #8 Steve Jobs
Steve Jobs created a business information technology revolution by launching Apple computers with the first graphical user interface of its kind.
Although the Apple brand struggled and lost its way at times, through laser focussed business management, consultancy and business development it has resurfaced as one of the world’s most trusted business brands.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #9 Oprah Winfrey
Oprah Winfrey is well known for her television shows and her net worth is estimated to be around $2 billion.
Entrepreneurs & Business Top 10 Business Celebrity Entrepreneurs #10 Donald Trump
Donald Trump is admired the world over by aspiring business entrepreneurs. His glorious rise to fame as the world’s best known real estate owner was brought to the forefront of the global media after the crash of International real estate.
Trump owed the banks so much money they felt they couldn’t close him down. Deserted by the business fraternity many of whom he had helped and provided financial and business support to he resurfaced even stronger.
To audiences worldwide he is recognised as the main focus of the USA version of Alan Sugar the apprentice TV programme.
Many business people will hold a different opinion on which order the above top 10 business celebrity entrepreneurs should feature. My aim was not to list them in any order, rather just to list them together as the driving force of the top 10 business celebrity entrepreneurs.
What’s interesting is that although most of the above entrepreneurs started with next to nothing, not many of these celebrities availed business consultancy services from a family business consultant. They focussed on their vision and had a detailed action plan which was followed with the right business development strategies.
However as their business empires have grown every one of the above celebrity business entrepreneurs are known to employ the very best business development consultants in the marketplace.
The International Business Guru provides business help to every budding entrepreneur and says entrepreneurs should strive hard to create value for their customers and stake holders.
It might further surprise UK readers that none of the Dragons Den judges appeared in this list.
Social responsibilities lay in business framework
Most people think of business simply as a way to generate money. While this may be a primary motivating factor for some, it also carries many underlain responsibilities. Business owners become part of the infrastructure of the community. They supply a service or product which fills a need of the community.
The common bond linking community and business lies in each others realization of shared assumptions. Business realizes they fill a need, desire or fixation of the community and the community realizes who their contributor is. While community can survive without business, business on the other hand cannot exist without community. No community is self sufficient and no business is customer free.
Business must develop social programs and policies that can be seen as responsive to social expectations, but not necessarily limited to socially demand. A firm having social awareness is in tune to its customers requirements as well as its viewpoint.
There are three main driving forces between business and society:
1. The idealistic outlook: primarily relates to principles and social responsibility,
2. the institutional outlook: Its expression of social responsiveness
3. the organizational orientation: primarily relates to policies and management of social issues.
There are four Basic Models of Business Relationships
1. Humanitarian – adhere to principles of compassion and reinvesting into the community
2. Ethical – adhere to principles of honesty and decency
3. Legal – adhere to all laws and regulations
4. Economic adhere to making a profit.
While a certain responsibility lies in being a good corporate partner and citizen, the most fundamental business responsibility is that of economics. The primary reason for being in business is to make a profit. Business exist for generating revenue for the business and in so doing, provides revenue for its employees. All other business responsibilities are based or established upon economic assumptions which is the responsibility of the people in charge. Without this statement the prognosis of future success becomes nothing more that arguable considerations.
While plotting a course of action, businesses are expected to operate within the framework of societal law, thus carrying the burden of legal responsibility. Likewise, legal responsibility is restricted to the letter of the law, while the spirit of law is
reserved for ethical reasoning.
Next, businesses are expected to have an ethical responsibility which is defined as any and all activities or practices which are either expected or prohibited by society members even though they are not written into law. Ethical classifications are further separated from legal activities by use of negative definition: ethical responsibility relates to those social expectations and norms not yet codified into law. In the same line, philanthropic responsibility designates those areas of voluntary social involvement not specifically
prohibited or demanded of companies because of their economic, legal, and ethical responsibilities.
Business also carry as a philanthropic obligation to contribute to its community. This responsibility is discretionary in nature and seen as an investment in future growth. Even though this is not a requirement it is a necessary and sufficient obligation that socially expects from responsible businesses.
Theoretical Assumptions
If the economic role of the business is reduced to the narrow emphasis of profit it then could become blinded to making of contributed economics. This posturing leaves out the need for community relations.
There is another scenario to consider which is in contrast to the ordinary view, the so-called separation thesis. This is when businesses focus either on profits or social
concerns but not on both. This rises a question of debate that businesses can not only be profitable and ethical, but they should fulfill these obligations simultaneously. Can a business be profitable and disconnected from community? In todays world, franchising brings business into a community while being completely detached from community needs.
The clear-cut separation of business from community raises the problem of coexisting within a harmonious environment. Even though a business may appear to be separated the burden of responsibilities still apply. The business provides a tax revenue as well as product, service and employment. There are interwoven responsibilities which represent the stimulus for economic considerations.
The social pressures imposed on todays business are decreasing in importance, whereas economic and legal responsibilities are a requirement and ethical practices are vaguely expected, charitable contributions although desired, are completely voluntary.
A good business citizen, while striving to fulfill all its responsibilities, will actually apply
the necessary priorities to secure its status in the community.
Businesses have a responsibility that goes well beyond the demands of law and common morality. They set as examples of good moral judgment and community responsibility.
Happy Trails