Running and Operating A Successful Business
Running and Operating A Successful Business
Running and Operating A Successful Business
by Obert M. Sanyambe
0812086922/0857021164; email: [email protected]
The foremost task of a dynamic entrepreneur is the
generation of an idea that is new and appears to be
worthwhile for further use. This involves a lot of creativity on
the part of the entrepreneur. The business idea arises from
an opportunity in the market. It originates from real demand
for any product or service that an entrepreneur should have
a keen and open mind to look for opportunities and
generate business ideas.
i. The business idea should enable the entrepreneur to utilise his technical and
professional skills. If an entrepreneur has knowledge of some special
manufacturing techniques, because of previous experience or otherwise, it
would be easier for the entrepreneur to manage such techniques effectively.
ii. It should enable the use of locally available raw materials for product or service.
As compared to imported materials/ local materials are easy to procure.
iii. It should ensure making products that have a demand, but are not freely
available in the market. It is potentially a good idea to start with a product that
could be sold.
iv. It should enable the entrepreneur to solve a current problem existing in the
market. Products may be available in the market but they do not meet the
demand fully or in a satisfactory manner. Sometimes, an existing product is used
in combination with another, which is not available. Attempts to solve such
market problems do give rise to business ideas.
The Marketing Mix includes the following elements:
The Product: what is your product and what makes it special for your customers?
The Price: what is the price you charge? Is it competitive, cost-covering and
affordable for your clients?
Promotion: how do you make sure your clients now about your products / services?
The objective of any business is to be profitable. The business's success
depends on the employees' performance; poor performance is detrimental
to your business's success.
3. Employee Contracts
5. Leadership Styles
A good job description performs a number of important functions: It describes the
skills and competencies that are needed to perform the role; It defines where the job
fits within the overall company hierarchy; It is used as the basis for the employment
contract;
This is important because using a structured approach from day one will help you to ensure:
that: you meet your basic legal obligations
that you help your people managers to make consistent and reliable decisions – this promotes a
culture of fairness
that you have established a clear understanding of expectations, rules and consequences
that you welcome and introduce your employees to your business and their new job
It takes some effort to complete, but brings definite long-term benefits as it will minimise the
incidence of people reverting to their own set of rules which in turn reduces disputes or grievances
caused by confusion, and it adds to the overall professionalism of your business operations.
An employment contract is a written employment agreement documenting the shared rights and
responsibilities between your cc and any worker that you employ.
An employment contract works by documenting the shared rights and responsibilities of you, the
employer, and the worker that you employ. Typically, there are two kinds: an employment contract
for a direct hire employee, and an employment contract for a worker who freelances as an
independent contractor. The contract itself becomes a legal document when signed by both parties.
a) Autocratic Leader – one who likes to make decisions and let everyone know who the boss is? Autocratic leaders
appear to be in control, but they do not have always the full commitment and cooperation of their team, who feel
they are not consulted and valued. Autocratic Leadership is characterized by central authority and centralized
decision-making.
b) Over Anxious Leader – who wants to please everyone all the time? Your team might like you, but could end up
feeling constantly confused by the lack of direction and leadership, with important decisions often made for
wrong reasons. Over Anxious Leadership is characterized by no authority or decision-making.
c) Democratic Leader – one who likes to work as part of a team, values the opinions of others, leads by example
and is not afraid to take tough decisions, as long as they are in the best interests of the organisation. Democratic
leadership is characterized by decentralized authority and decision-making.
Has Vision Supervises
Coordinates Is transparent
Communicates Is fair
Delegates Networks
1. Challenge the process: be a pioneer – encourage innovation and people with
ideas.
3. Help others to act: be a team player and support the efforts and talents of others.
4. Set the example: provide a consistent model of how others should act.
5. Celebrate achievements: bring emotion into the workplace and rally “hearts” as
well as “minds”.
Effective teams have a: