Introduction

Hi my dear comrades welcome to OopiriFive the blogging platform post (13). In these blog I explore the information about what are the Five basic fundamental knowledge to have a person where when they want to start a business. As well as I Demonstrate about what are the problems will they face if they not follow these six major steps.

And Moreover that I explain with examples with full clarification. So my dear requested viewers please read the all information without skipping and stay tuned in case if there is any questions or doubts will appear for you just drop your comments in comment box. Now let’s move into the topic.

Short Discuss

Before starting of main subject I want to discuss about some general topic where how much people having a basic knowledge on business in these society and how many people are suffering losses by establishing business ventures while without doing market research  

As well as without grabbing knowledge on financial management. So now coming to the point I explore deeply what is the situation is happening in the society. Let’s Move

Actually every person have some basic knowledge in business I mean completely not but for some percent of  information they have awareness but some people don’t have a any kind of knowledge ,experience and understanding skills

 As well as some population of people have excellent skills and they know how to build a business from Zero to billion  dollar venture because they have full grip on business  topics and skills so automatically they were successful in business but where coming  to first  two category of people  they need to struggle while doing business  because they were going into some margin trap hole division  

where it means  they watch other business and do rough calculations and assume high margins and finally they establish a new business venture but they do not know that  they were absence of doing  market research and they don’t know how to handle when the problems were will appear in market .

Moreover they do not have any exerperience where how to handle supply chain and how to handle sales and marketing. So now including of all of these problems I give best solution for every human in these universe and that is where by giving six major points with brief explanation with giving detail examples.

Yeah now entering into the main Motherboard information.

Business

Six Major Knowledge skills

1. Business Planning and strategy

2. Financial Skills

3. Sales and Marketing

4. Unit operations and Management

5. Legal Compliance

1. Business Planning and Strategy

Coming to business planning and strategy point it is a very crucial element for every person while when they were starting a new business where every human need a market research and doing Analysis.

After that in these market research they learn so many significant points and grab so much information from market like where how much market competitors are there and how many buyers are there for their selection of product.

As well as they need to analyze it is a profitable business or not I mean they need to do deep calculations and they need to know about their ROI (Return on investment) on their business.

Along with side of the part they have a work to make a blueprint business plan and set clear goals, mission, vision and generate final systematic outputs.

Moreover to say there is another major task challenge for every entrepreneur to decide where their business is product based or service based or online digital based. Because by deciding type of based business the person will get full clarity about their business roadmap.

So now overall coming to point I include all important information which you need to follow to make a systematic business planning and strategies and I want to say every parameter is important in market research and calculations which are doing because those calculations show the impact on profits and losses.ok guys now jump into second point and that is….

2. Financial management skills.

Forwarding to second pillar point is financial management skills in these topic the person should know about finance related information because without financial knowledge the business cannot survive

I think you may ask question then what should we do and what is the solution

Then my reply is don’t worry I am here to give a massive solution to you and that is gaining of financial subject to handle the business without getting of losses .

Now I expand the topics for who the person should have interested and want know about content.

Coming to first point the person should have a knowledge about accounts it means they need to know about statements like cash flow, income, as well as profit and losses along with they must have a understanding skill about balance sheet .because these parameters will impact more on business,

Following to second point is the person must and should know about business budgeting and expending. where by knowing these information the person get awareness on budgeting for company as well as spending of money for several works to maintain the company.

Moreover moving into third point the person should have the knowledge on pricing strategies on the products and services because it directly proportional to business and it show impact on companies profit and loss elements.

example : if a person make good pricing without baring loss the company turns into profits where if person make wrong pricing it may affect on  company  and it will move into loss stage.

3.Sales and marketing

Moving to third point is sales and marketing where great to say that Third Major pillar of business. Because without sales and marketing the business cannot identified in the market and cannot fixed as a brand in market. And Moreover to know that some significant points  to know who the person want to starting a business from the topic of sales and marketing.

So my dear audience now I am here to say where some enlist of important points about sales and marketing.

1. The first point is when the person wants to start a business they need to catch right customers for their products

2. The second point is they need to create unique selling point for their getting of branding image.

3. The third point is the person should promote their products through both offline marketing strategies and online (Digital marketing) strategies.

4. The fourth point is the person should create sales Team which including of Area Managers, Sales officers and supplying Staff.

5.The fifth point is Customer Relation management . Where it should be maintain from sales officers to customer . it means the sales officer giving demos about company  to customers and giving discounts on products as well as providing offers like buy 1 get 1free concepts to customers .

Where while maintaining of customer relationship management the result is reputation of sales will happen from that customer it means customer attract by receiving offers and purchase again and again.

6. Coming to sixth point the person should maintain customer feedback and reviews from customers.

Example: when the person taking reviews and feedbacks from customers where after using of their products those reviews and feedbacks are most important because in these the mouth marketing concept will works.

Hence these are the enlist of points where the business person want to know to increase their sales and marketing strategies.

4.Unit Operations and Management

Jumping into fourth major pillar is unit operations and management

In these point the person should know about supply chain management as well as inventory management.

Here you may get doubt if the person is service based sector then what should they know

Don’t worry I am here to explore in both versions and going into topic

Example 1 : if person start digital marketing company they need to know operations about how many services they were providing to public and how to handle the projects when clients are getting with full occupancy as well as they need a skill to manage where dividing of works to their employees.

Hence these kind operations to know for the person when they start a service based business.

Example 2 : if the person start product based company they need to know about machine technology in unit and they involve operations about order  dispatching, collections of returns as well as must and should presents of hiring skills from various kind labors moreover they need to know full knowledge on every material which they using in units because they should know cost cutting talent while bringing of those materials.

Along with they must and should adopt new technology machines for their easy making of products which they giving bulk outputs in short time.

5. Legal Compliance:

Coming to final major pillar of legal compliance topic. In these point the person should know about all legal approval documents like license , Registration, permits as well as contracts and agreements.

 Don’t worry guys I will explain in depth the legal compliance nothing but when the person want to start a business they must and should know about what kind of license to get and what kind of registration should be needed moreover that what type of permits should be taken and finally if you take any lease of land to make agreement for certain years contract.

So finally when the person should not follow about their legal compliance they may face several issues from government.

Example : when the person send their material without license and certifications the government R.TO officers check and seize the ,materials . they send notice to business person.

Business