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Business Success Science

R147.00

Description

This book teaches three critical topics every entrepreneur, business owner, and director must know. The three topics are extensive and important and aim to give you a holistic introduction and a great tool to prepare you for your powerful business.

This book teaches three critical topics every entrepreneur, business owner and director must know.
Topic 1: Business Success Science. This is a science that anyone can learn and exploit. In this book, the three critical terms (Business, Success, Science) are defined. This science is a systematic knowledge base and a certain way of doing things to attain business success.
Topic 2: The Stakeholders. There are seven stakeholders that make or break every business venture. These must be acknowledged and dealt with appropriately. Herein is discussed, explained, and guidance given on meeting their requirements, and ensuring a mutually beneficial relation to ensure business success.
Topic 3: The Worlds. The three worlds of every business owner, entrepreneur, and director are given, and their interrelationship. Emphasis is given to the entrepreneur’s personal world, as this is the foundation upon which a successful business is to be built.
The three topics are extensive and important. This book aims to give you a holistic introduction, and a great tool to prepare you for your powerful business.

This book is ideal for a new or small and medium-sized entrepreneur who needs to understand how to build and maintain a successful business.

The statistics of failing businesses are alarming, as they show that 90% of all new businesses fail within five years. The major cause of business failure, is because entrepreneurs and business owners fail to plan properly, or, if they have planned properly, they fail to implement.

A critical component of planning, is to include and implement all the facets/elements of business success in the plan.

This book complements the previous book, Business Planning and Financials, as proper planning must include, and incorporate, critical success element.

This book demonstrates how building a successful business, is a science that anyone may understand and implement.

This book is definitely not for large businesses that have over 50 employees, as these business owners have in their employ business development strategists and business coaches who understand the basics included in this book.

Students who are in their first and second year of studies in Accountancy and business management will also find value in the easy explanations of this book.

How to use this book ……………………………………………………………. 7
Introduction …………………………………………………………………… 9
SECTION A : BUSINESS SUCCESS………………………………….. 11
Step 1: Understand business success context ………………………….. 13
Step 2: Understand business failure reasons …………………………… 19
Step 3: Understand business success science ………………………….. 23
Step 4: Know the seven stakeholders …………………………………… 31
Step 5: Beware the SME business challenge …………………………… 43
SECTION B: BUSINESS SUCCESS WORLDS …………………….. 47
Step 6: Decide on your be, do and have ………………………………… 51
Step 7: Define your business success ……………………………………. 55
Step 8: Identify the obstacles ……………………………………………… 57
Step 9: Remove the obstacles …………………………………………….. 69
Step 10: Understand all your systems……………………………………. 73
Step 11: Understand the EIPW ………………………………………….. 87
Step 12: Measure your EIPW …………………………………………….. 91
Step 13: Understand your EEPW ……………………………………… 101
Step 14: Measure your EEPW ………………………………………….. 105
Step 15: Consider specialists of the EPW …………………………….. 111
Step 16: Prepare your subconscious mind ……………………………. 115
Step 17: Know business success is yours ……………………………… 123
Step 18: Create and innovate ……………………………………………. 131
Step 19: Watch out for challenges ……………………………………… 137
Step 20: Get a hero or heroine …………………………………………. 151
Step 21: Get a Success Coach …………………………………………… 155
Step 22: Define roles and goals …………………………………………. 160
Step 23: Development plan for your EPW …………………………… 163
Step 24: The daily plan and action ……………………………………… 165
Step 25: Understand the EBW systems ……………………………….. 173
Step26: Understand the EMW systems ……………………………….. 185
The last word ………………………………………………………………. 197

 

Introduction

Business success is a science in that there is a method of arranging and doing business that guarantees success. This methodology has been employed by all successful entrepreneurs and business owners, consciously or unconsciously. The numerous courses on various topics of business are based on the fact that there are principles of business success that remain, and these can not be changed. Students at colleges and universities study Management, as the principles of management do not change. The application thereof may differ over time, due to technological changes, and the other developments in societal life. However, the basic principles of management do not change. The study of Marketing at colleges and universities involves the unchanging principles of marketing even though the application thereof may differ over time. The advent of cell phones, Twitter, Facebook, and powerful computers and tablets, has not changed the basic and foundational principles of Management or Marketing. They have simply changed the application of these sciences. In the same manner, Business Success is a science that does not change. Henry Ford used this science, Bill Gates uses this science. Partice Motsepe uses this science. You can also use this science to take your business to the next level of success, or to start a business that is destined for greatness. May this book take you and your business to the next level.

Step 3: Understand business success science

The science of business success is best understood by asking and answering the following three questions:
Question 1: What is a Business??
Wikipedia defines it as follows:
A business (also called a firm or an enterprise) is a legally recognised organisation designed to provide goods and/or services to consumers [1]. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include cooperative businesses and state-owned enterprises.
Socialist systems involve either government agencies and public enterprises or worker ownership of most sizable businesses. The etymology of “business” relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term “business” has at least three usages, depending on the scope ̶ the singular usage (above) to mean a particular company or corporation, the generalised usage to refer to a particular market sector, such as “the music business” and compound forms such as agribusiness, or the broadest meaning to include all activity by the community of suppliers of goods and services. However, the exact definition of business, like much else in the philosophy of business, is a matter of debate. Business Studies, the study of the management of individuals to maintain collective productivity to accomplish particular creative and productive goals (usually to generate profit), is taught as an academic subject in many schools.

Question 2: What is Success?
Success is the attainment of a goal, and the attainment of the desire. The opposite of success is failure.
Success does not exist without a clearly defined object or a goal.
An example is; If someone wanted to get to Addis Ababa,Botshabelo or Cape Town, when we ask them in two or three days whether or not they were successful their answer can only be yes if they arrived at their destination. If, however, there were rains and storms, delays, tyre punctures that got in their way, it cannot be said that they are successful. They have failed.

Another example is: If someone wanted to obtain a particular degree and registers at a university, we can say they were successful if they pass and obtain the degree in three or four years. If they have not succeeded, in that time, then they have failed. It is possible, however, for students to fail in year three or four, and eventually succeeds in obtaining the degree in five or six years. So, in year four we will say, they have not yet succeeded (they have failed) but in year six we will say, they have succeeded.Last example: Two guys are attending a party, and they see a beautiful lady across the room. One of the guys says, “Eish, I bet I can get that lady”. He walks across, chats the lady up, and rejoins his friend in two or three minutes. Then the second one goes, chats to the lady for ten minutes, then walks her out of the party to his car. Off they go. The first guy failed, the second guy was successful.

Question 3: What is Science?
This is defined by Wikipedia defines science as follows: (see
http://en.wikipedia.org/wiki/Science)
Science (from the Latin Scientia, meaning “knowledge”)refers to any systematic knowledge-base or prescriptive practise that is capable of resulting in a prediction or predictable type of outcome. In this sense, science may refer to a highly skilled technique or practice.[1]In its restricted contemporary sense, science refers to a system of acquiring knowledge based on scientific methods, and to the organised body of knowledge gained through such research. This book focuses on the more restricted use of the word. Science as discussed in this book is sometimes called experimental science to differentiate it from applied science the application of scientific research to specific human needs, although the two are often interconnected.
Science is a continuing effort to discover and increase human knowledge and understanding through disciplined research. Using controlled methods, scientists collect obstacle evidence of natural or social phenomena, record measurable data relating to the observations, and analyse this information to construct theoretical explanations of how things work. The methods of scientific research include the generation of hypotheses about how phenomena work, and experimentation that tests these hypotheses under controlled conditions. Scientists are also expected to publish their information so other scientists can do similar experiments to double-check their conclusions. The results of this process enable better understanding of past events,and better ability to predict future events of the same kind as those that have been tested.