Managing your Small Business- Part 1

Before we can discuss managing your small business, let us define what we mean by management, small business and entrepreneurship. Furthermore, we shall look at who starts a small business and how. We shall further discuss the benefits of entrepreneurship.

What is management and small business?

Management is coordinating the business's limited resources in order to achieve specific goals (e.g. the owner buys a new machine that makes coffee faster and saves on labor).

A small business is an independently owned and operated company that is limited in size and in revenue depending on the industry according to Your dictionary, (2016:1). A small business employs less than 500 employees.

Who starts a small business and how?

According to Scarborough, (2012:4) an entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on those opportunities.

Holt, (1992:7) defines entrepreneurship as the dynamic process of creating incremental wealth. Individuals create this wealth by assuming the major risks in terms of equity, time, and or career commitment of providing value for some product or service. So the product or service may either be a new one or not new. However, somehow there must be added value by the entrepreneur as he secures and allocates the required resources and skills.

Entrepreneurship is the process of creating something different, with value, by devoting necessary time and effort, by assuming the accompanying financial, psychological, and social risks, and receiving the resulting rewards of monetary and personal satisfaction according to Bowen and Hisrich, (1986).

So we can see that entrepreneurs start small businesses. That does not mean that there is no entrepreneurship in big businesses. Introducing innovative products in big businesses requires an entrepreneurship spirit. So entrepreneurship is not limited to starting new small businesses. Businesses are started by entrepreneurs as they pursue their dreams. They use their skills of creativity and innovation to take advantage of opportunities and overcome threats presented by the business environment.

What are the benefits of entrepreneurship?

According to Zimmerer and Scarborough (2005:6) the benefits of entrepreneurship are as follows:

1) Opportunity to create your own destiny

As an entrepreneur, you attain independence as well as the opportunity to achieve what is important to you. It must be stated however, that this requires effort.

2) You have an opportunity to make a difference

You combine your concerns for social issues with the desire to earn a good living. Impacting your communities in a great way is possible as you meet the needs of your society.

3) Opportunity to reach your full potential

As an entrepreneur, you can use the business as an instrument to self-expression and self-actualization. You can do what you enjoy doing. Your dreams are unlimited. You are the only one who can limit reaching your business potential.

4) You can reap impressive profits

The motivation of an entrepreneur is the potential of earning profits. As long as you are able to add value and reduce costs as much as possible in your business, you can earn good profits.

5) Contribution to society and recognition for your effort

As an entrepreneur you have an opportunity to contribute to the society. The good thing is that as you contribute to society, your efforts are rewarded. Earning money is about identifying what people need. If you meet a need, people will gladly give money to you. It is an exchange where there is value that can be appreciated.

Anyone who desires to own a small business can do so. Success will be possible if you want to provide added value to people. Adding that value in business is termed as entrepreneurship. There are many advantages to it. This requires effort on your part and the love for what you do.

Why a Business Owner Might Need a Coach

A business owner may need a coach just like an individual may need one. No one knows everything in life. That is why at one point; you may need someone with certain skills to help you. Help is available to those that need it and that applies to either an individual or business. So a coach may be needed for any of the following three reasons:

1. At Start of a business

There comes a time to people after working for an employer for a long time that they need to start a business and run it on their own. So a business coach may be needed to give some guidance and help in identifying a suitable business. The coach is also expected to highlight associated challenges of certain businesses. The coach needs to help give some guidance in such circumstances. He/she can highlight the important things that need to be put in place for the success of the business. These may include putting in place mission and vision statements, setting of short and long term goals, as well as necessary processes and resources. Most new business owners need to be assisted with a business plan and the coach can help on this if he or she has the required skills.

2. Growth stage of the business

Here, the business owner may be seeking to develop or expand the business. The owner nay be seeking to increase production capacity or adding some products to the business, etc. So this means a lot of work. There might be a need to outsource some work or delegation of some duties and responsibilities may be required. So the business owner needs to know how to go about such. This means a review of vision, mission, and setting of new goals for the business. The business therefore, needs to be assessed and new tips offered.

3.  When business has stagnated

A coach may be called upon when a business has reached stagnation after running for some years. It may have reached a stage whereby it no longer yields profits. So solutions for moving forward are needed. In this case there will be a need for diagnosing the business. Tools like SWOT analysis may be used. SWOT represents Strengths, Weaknesses, Opportunities and Threats. So the client (business owner) may need guidance on this from the coach. Through this analysis, the problems causing stagnation may be identified and solutions discovered.

 
It is advisable to look for a coach in any of the above circumstances. This will avoid unnecessary worries and frustrations in your life. Help is available.

Business Training Program and Life Coaching program

 

1. Business Management Program

You have a small to medium business? You want to improve your business management skills? Our company offers a business management program which covers the following:

            1) Business management

            2) Marketing your business

            3) Caring for customers

            4) Bookkeeping and business records

            5) Recruiting people

Duration: One and a half (1.5) days

Dates: 13^th and 14^th December 2016

Fees: E900.00 per delegate

Venue: In Manzini, Swaziland

2. Life coaching program

Our company offers this exciting “Excellent Life Coaching” program, which is guided by you as it relates to your desires to be achieved or fulfilled. We do not necessarily have to meet face to face as we can use different platforms like email, facebook, whatsapp, etc. But we can meet once in a while for follow-up. This covers any subject of your choice and includes the following:

1) Business

2) Finances

3) Relationships

4) Marriage

5) Spiritual

6) Many others

Duration: Depends on your choice and needs. May be a lifelong coaching.

Fees: E250.00 per month

When to start: Up to you, you can start now.

FOR MORE DETAIL CONTACT:

Cell: +268 7603 7376

Phone: +268 2502 5528

Email: lifesolutionstraining@gmail.com