Multimillion-Dollar Business Idea (eBook)

An Entrepreneur's Guide to Success

Dr. Christian Kouacou (Autor)

eBook Download: EPUB

2023 | 1. Auflage
228 Seiten
Bookbaby (Verlag)
978-1-6678-8812-5 (ISBN)

Infos

The Multimillion-Dollar Business Idea is a guide to entrepreneurs. Whether you are a new entrant into the business world or a successful veteran business leader, The Multimillion-Dollar Business Idea will lead you on the pathway of a successful business journey. With regard to the numerous adversities entrepreneurs face in their career and the alarming rates of business failure, I found it crucial to put this guide at the disposal of the business world and tell that success is possible in business. Going out of business should never be an option as strategies to compete successfully exist. This book is the answer to these tricky questions people ask: 'where to find a business idea and how to succeed in business'? As a consultant and business professor, I'm frequently asked the same questions. The Multimillion-Dollar Business Idea is the response to these questions without answers. The book addresses the struggle entrepreneurs face in ruining their business ventures. The purpose of The Multimillion-Dollar Business Idea is to equip them with the necessary knowledge and strategies to succeed. This book aims to give readers the pathway to write their own stories as successful entrepreneurs. The book also provides college and university students with practical strategies they can employ to sustain an intellectual debate about business. Furthermore, this book is for business consultants to provide their clients with practical and pragmatic strategies to grow their businesses. Lastly, this book is for those who are unemployed or laid off. 'If no one wants to hire you, create your own business; you will be sure to be hired.' Dr. C. Kouacou

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The Multimillion-Dollar Business Idea is a guide to entrepreneurs. Whether you are a new entrant into the business world or a successful veteran business leader, The Multimillion-Dollar Business Idea will lead you on the pathway of a successful business journey. With regard to the numerous adversities entrepreneurs face in their career and the alarming rates of business failure, I found it crucial to put this guide at the disposal of the business world and tell that success is possible in business. Going out of business should never be an option as strategies to compete successfully exist. This book is the answer to these tricky questions people ask: "e;where to find a business idea and how to succeed in business"e;? As a consultant and business professor, I'm frequently asked the same questions. The Multimillion-Dollar Business Idea is the response to these questions without answers. The book addresses the struggle entrepreneurs face in ruining their business ventures. The purpose of The Multimillion-Dollar Business Idea is to equip them with the necessary knowledge and strategies to succeed. This book aims to give readers the pathway to write their own stories as successful entrepreneurs. The book also provides college and university students with practical strategies they can employ to sustain an intellectual debate about business. Furthermore, this book is for business consultants to provide their clients with practical and pragmatic strategies to grow their businesses. Lastly, this book is for those who are unemployed or laid off. "e;If no one wants to hire you, create your own business; you will be sure to be hired."e;Dr. C. Kouacou

Textauszug

CHAPTER 1:
The Business World Today and Its Challenges

A market economy or open market characterizes today’s business world. The power of the market leads the economy. The market has the potential to influence trends in the business world; therefore, satisfying the needs and wants of the market is the only way to stay in business. Companies can no longer do business as they wish or as they used to. To be among the winners and the greatest, companies need to do things differently. The business world does not tolerate mediocrity or stagnation. To stay at the top of the new technology industry, Steve Jobs, the late chief executive officer (CEO) of Apple, had a vision, which was to see things ahead of his competitors. He designed products such as the iPod, iPad, Mac Pro, and many more that have never come to the minds of customers or competitors. Mr. Jobs was a visionary leader in the field of technology.

Figure 1: The First Apple Computer in 1976

Source: Image of the first Apple computer. (n.d.). Retrieved January 25, 2023 from Framed Print - Original 1976 Apple Computer in a Briefcase (Picture PC iPhone) | eBay

Figure 2: Apple Computer in 2022

Source: Apple. (n.d.). iMac, ready for the big things. Retrieved January 25, 2023 from Apple 27” iMac with Retina 5K Display (Mid 2020) B&H Photo Video (bhphotovideo.com).

The Apple computers of 1976 and 2022 made by the same company are tangible proof that innovation has taken place and efforts have been made. As a business leader, you should always look for room to improve your business practice.

In 1994, Jeff Bezos created Amazon as an online platform to sell books. Today, Mr. Bezos earns per day what a midsize company makes per year. For example, in 2020, Mr. Bezos’ personal wealth increased by $75 billion over 2019. The revenue divided by 12 gives $6.25 billion per month. Every week, Mr. Bezos made $1.44 billion. This salary works out as $8.56 million per hour and $142,667 per minute. Mr. Bezos’ revenue per minute is equivalent to the annual revenue of a higher-social-class citizen in the United States.3 You can be the next Jeff Bezos of your time and reach the same high level of a successful lifestyle if you apply the principles taught in this book. Before all else, let’s analyze the environment in which your business operates.

The Business Environment

Businesses operate in three major environment settings: the macroenvironment, the microenvironment, and the internal environment. These three environments interact harmoniously to facilitate the activities of businesses. The internal environment is subjected to the control of the business. A business designs the elements of the internal environment and manages them as it wants. With regard to the elements of the microenvironment, a company has less control over them. However, a good interaction with the microenvironment can give a competitive advantage to a company over its competitors. The elements of the microenvironment can influence your company. However, if your company is powerful enough, it can influence the microenvironment and take full advantage of it. The macroenvironment creates the rules governing the business world. Your company will have minimal room to influence the elements of the macroenvironment. However, compliance with these rules will give peace of mind to the company and may provide a competitive advantage.

Figure 3: Companies’ Business Environment

Source: Kouacou, C. (2023). The Multimillion-Dollar Business Idea. BookBaby.

The External Environment

The Macroenvironment

The macroenvironment encompasses the broad environmental context in which a company’s industry operates. As indicated in Fig. 3, the macroenvironmental factors have a strong influence on businesses in general. The factors of the macroenvironment determine the conditions of the success or failure of businesses. The macroenvironment is composed of several factors.

Political and Legal

Businesses should look closely at the political and legal systems enforced in the country and/or state where they conduct their professional activities. In any country, the political and legal systems set the rules and policies that regulate or govern business activities. It is crucial to scrutinize the legal and political systems to avoid violating laws by ignorance. Notably, business owners should carefully examine the rules, policies, and regulations that govern their industries to take full advantage of them. For example, capitalism as the economic system practiced in the United States and other Western countries, along with democracy as the political system, make the United States and the rest of the West the most attractive countries to do business with.

Unlike democracy, which promotes free speech and opens markets for businesses, communism is a political and economic system that centralizes all the power in the hands of the government. Freedoms and businesses are scrutinized, controlled, and restricted. Therefore, it is essential to scan the political and legal system of the country where you want to do business.

Economics

The economic system of a country defines the rules applicable in creating and distributing the resources among the economic entities, such as individuals and organizations within the country. Therefore, any business should keep abreast of the economic climate in which it operates. The economic environment sheds light on the purchasing power of customers, including their purchasing habits, tastes, preferences, needs, and wants. Economic conditions such as economic crisis, favorable economic conditions, devaluation, and reevaluation gauge the industrial trend in countries. Before you start doing business somewhere, you should assess the economic environment first to see if it is favorable to your business.

Technological

Today, it is impossible to conduct business without technology. Globally, technology is an integral part of business activities. Technology has revolutionized the way companies conduct business activities. Companies should use technology to their advantage to gain competitive advantage; increase market share, revenue, and profit; and enhance communication with internal and external partners. As a business leader, you must know how technological evolution may impact your business positively or negatively. Also, it is crucial to know the adequate technology for your business and use it to its full potential.

Demographic

The demographic environment is a vital force for businesses today. Depending on the nature of your company and the product or service you provide, it is always good to study the demography of the target market. Individuals buy products or services according to their needs, ages, social classes, and the goals they intend to achieve. Also, if studies reveal a dominant population range, you can target this range as a niche and develop marketing strategies to succeed.

Natural Environment

The natural environment is also as important as the others. If your business is in an area with a high threat of natural disasters, you have to be cautious to decentralize or relocate some of your activities. In today’s business context, technology helps to mitigate the effects of natural disasters. For example, you may need to save your database in a server located in a different location to recover your data rapidly if a failure occurs. Additionally, it is crucial to scan the natural environment to detect opportunities to expand your business.

The Microenvironment

The microenvironment is composed of factors that have a direct influence on business. Here are a few of them.

Suppliers

Suppliers are companies that supply raw materials or services to your company. Your company uses these raw materials or services to produce the final products or services for the customer. Positive interaction with the suppliers can significantly enhance your company’s operational performance. Managing inventory efficiently may result in an effective system that reduces the possibility of a shortage or excess in inventory, both of which cost the company financial stress.

Competition

Your competitors are your adversaries. The goal of your competitors is to knock you out of business to win your market share. You must be vigilant and cautious when disclosing certain types of information regarding your business and production technology. Knowing the competitors’ strategies provides you with insight that in turn you can use to enhance the goods or services that you offer. In your interaction with your competitors, be proactive, reactive, innovative, and always be ready to diversify, or to shift the competition if necessary. This is called the blue strategy.

Customers

Without sap, the tree cannot survive. Customers are the sap of the company. Similarly, without customers, the company will die. The goal of any company is to gain as many customers as possible to stay in business. Your business must develop strategies to attract and retain loyal customers to which the business can rely on to predict growth. Attracting and retaining...

Produkt-Details

• Erscheint lt. Verlag: 8.3.2023
• Sprache: englisch
• Themenwelt: Wirtschaft
• ISBN-10: 1-6678-8812-9 / 1667888129
• ISBN-13: 978-1-6678-8812-5 / 9781667888125