The best management style...

What management style do most employees prefer?

I think though that there is no one best management style. I do believe that there should be different strokes for different folks.

This is why managers should also take the time to know their employees. Knowing the employees' backgrounds, personalities, and work ethics will prove to be very useful when dealing with them -- either when you praise their work, or when you give disciplinary actions.

Different people respond differently on praises or criticisms given to them. Some would prefer being praised silently, either thru an email or by one-on-one talk -- while others prefer that their achievements and praises be made known to the whole world, if that ever should be possible.

In the same way, others respond best when criticisms are done one-on-one, in a closed-door session. Others would feel fine being criticized openly.

Thus, to be able to do well in the area of management and motivation, these should be given due consideration.

The Call of Social Responsibility

Being entrepreneurs require that we hold ourselves accountable to helping local communities in bettering their lives. I believe entrepreneurs should give back to society as a way of thanking them on subscribing to the products and services these businessmen provide.

As the bible says in substance, 'to whom much is given, much is expected..' - I believe that heeding the call of social responsibility is the way to go.

No matter how much you earn, it is best to share. I always believe that to the degree of your generous heart, much more will be given back to you by the One above.

It is sometimes difficult to give, especially if the business is not doing good. Then share only what your heart is capable of giving. No matter how little this may seem to you, this might be a lot for those on the receiving end.

The point is in appreciating the value of sharing. Businesses, in being helpful to the local community, will reap benefits from the goodwill produced.

Customer is always first...

Our customers provide us with the money to continue operating our business. It is why we always provide the best customer service we can. We go out of our way to make things easy for them, to make things convenient for them when they transact business with us.

But did you ever encounter customers who always seem to have a concern or a problem? Not including those who do have valid concerns - but there are just people who seem to demand more out of you, your staff, your services or products - they seem never to be satisfied with your best.

What do we do on such situations? difficult, right? While we want them to stay a customer, dealing with such people seem to make you lose more, than earn.

For me, if I find that their requests are far out, and infact demands too much - I would prefer ending the relationship. I consider it more of a loss to devote all of my resources pleasing one customer, and seem to never satisfied. I'd rather concentrate on pleasing the many who are perhaps my true customers.

Customers indeed should come first, but they never are always right. Right?

The Value of Your People

A company should always value the people working for them. Your staff are the key to your success, or to your failure. They represent you, & your company.

When those outside see your staff happy, effective in their work, and good persons - it will show the culture you have in your company, and the values your people share inside.

Take care of your people, train them, and then make them accountable of their work. Empower your people to carry out their jobs effectively.

Show your people that you care for them and their future. In turn, your people will do what they can to make your company meet the objectives set.

All about marketing...

When you’re in business, you are in the business of marketing. With any products or services you have, it does no good how many product lines you have or how excellent the quality may be – if not enough people know about your business, you will surely have a hard time realizing sales needed to make your business profitable.

Thus, it is wise to put enough focus on your marketing strategies especially during your start-up. And continue to be aggressive all throughout your operation. Keep in mind that competitors are only waiting for the opportunity to push you aside, and claim their share of the market.

The Importance of Having Business Goals..

To be able to know how well your business is doing, you must have goals in the first place.

How will you know if you achieved your goal for the period, if you have not established standards by which you can compare your performance against.

Business goals are the key to keeping you in the right track. These goals keep you focused on what important things need to be done in line with what you want achieved. With tight competition around, straying away from your main objective would prove to be detrimental to your business.

Always be determined to set business goals, and you will find yourself consistently doing only those things that will have a positive impact on your business objectives.

Always have a business plan...

One thing I learned from one of my Chinese bosses was to always have a plan.

He never failed to emphasize the value of having one, as one can only measure where he is now if he has first made a plan, otherwise everything was left to chance afterall.

Thus, before anything else, first, have a plan...

Every peso counts, every cents even...

In business, and in life, if one indeed values money truly, every peso counts.

Especially in business, moreso if one is operating under a tight budget, the cost of operations should be checked.

There are always opportunities for improvements, and for cost savings if one just takes the time to study it.

I've worked under Chinese managers - it is only recently that I appreciate more what it feels like to be in their shoes, now that I'm having my own business...

On Entrepreneurship...

Going into business is a risk. Companies with high capital usually have feasibility studies to check if there is a market for their products or services in a particular location.

Small and Micro businesses don't have the luxury though of such feasibility studies -- all they have are their own intuition - their hunch and feeling that such businesses would click.

More of entrepreneurship stuff on this link, click here...

Find a Need, Fill it...

A business will be successful if its products or services can provide a solution to a problem/need.

It has always been to my understanding, that businesses offering products which are basic needs of people have higher chances to succeed.

The challenge I think, is when the business is offering what one might not usually categorize as a basic need, but somewhat of a luxury, like in the amusement or entertainment business perhaps.

On the other hand, is to be happy and entertained not a basic human need?

Perhaps there is a chance for such amusement businesses to prosper...

Entrepreneurship Plunge...

I've read some business books, and I always get excited on the idea of having my own business.

I've tried having my own business once - and it was a failure..

I've not regretted having gone into business that time, because although i failed, the experience was worth it.

The previous business name I had was MCM Video Whiz Center, which was located at Pajo, Lapu-lapu City. It closed though after only months of operation.

Years have passed, and now, I'm back, together with my wife, Denden, embarking on our very own business - Bujurs Video Hub.

My wife and I think it's about time we take the entrepreneurship plunge... Good luck to us!

Today a Reader, Tomorrow a Leader

In the book of John L. Mason (An Enemy Called Average) - he quoted Harvey Ullman: "Anyone who stops learning is old, whether this happens at twenty or eighty. Anyone who keeps on learning not only remains young, but becomes consistently more valuable regardless of physical capacity."

Reading books is one way of learning. It saves us from committing the same mistakes that others may have already experienced. Though we are most likely to learn (and never forget) our own mistakes, we don't have to take all the risks - we can always learn from others.

A list of some popular business books are listed at bizdrivenlife.net. Click on this link...

As per Derek Bok: "If you think education is expensive, try ignorance.."

Blogging and Business

Many blogs have surfaced which not only talks about personal things, but also about business.

Blogging has become a preferred medium by businessmen in marketing and in positioning themselves as experts in their respective fields.

Is an MBA a requisite for entrepreneurs?

taken from bizdrivenlife.net:

"Is an MBA necessary? If you are like me, a bizdriven person, one of whose goal is to make my dreams come true in the form of my business, then it is. If you want to excel in the field, be one of the top 5 percent of the business, you will. If you want to grow twice, thrice or 10 times your size now, you will. " - Wilson Ng

More here...

4 Principles in Aligning Cost Mgt

The four principles of aligning cost management and top-line growth :

Principle 1. Use ambitious sales and earnings growth targets to motivate the need for, and commitment to, growth-oriented cost management.
Principle 2. Tailor cost-reduction targets to the existing cost position and strategy of each business.
Principle 3. Differentiate between "good" and "bad" costs.
Principle 4. Create the right conditions for ongoing cost management.

The author was Matteo Peccei - senior manager in the London office of Marakon Associates, a leading international strategy consultancy. He can be contacted at mpeccei@marakon.com

Click here for more...

“The Truth Behind Entrepreneurial Myths”

7 Myths as explained by Robert Warlow:
1. You don't have a personal life.
2. You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
3. You Won’t Have To Work As Hard
4. You Have To Have an Original Idea
5. You Will Be Your Own Boss
6. You Need A lot Of Money To Get a Business Off The Ground
7. You Only Have To Do What You Want To Do

Click here for more...

Business Talk and Business Solutions

Check out small biz/entrepreneurship website,
have placed the website address in this article (below),
lots of pinoy business talk here - a forum on entrepreneurship, philippine business environment, software business solutions, business news, buy & sell, getting funding & capital, job opportunities, and more...

click on link here: http://www.ngkhai.net/esprint

it is easy to participate in the website talk,
we just have to register for free,
then we can post our very own self-made articles,
we can ask questions on anything - especially on business topics,
we can also make comments on those articles posted in the website,
and most of all, we can get in touch with other pinoys
who loves to talk about business, PINOY style!

Pinoy Business Talk

Anything and Everything about business talk - it is biz talk, pinoy style...