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spencer
spencerEnlightened Mentor
Asked: May 12, 2024In:

As a business owner, how important is hardwork in business, is the most important indicator for success in business?

As a business owner, how important is hardwork in business, is the most important indicator for success in business?

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  1. eldavis
    eldavis Enlightened Mentor Graphic designer

    When it comes to running a business, hard work plays a very important role. You cannot achieve your goals without working hard for it. Even with passive income, most people think passive income means not working hard in anyway, but you still need to put effect before you can get the needed results.Read more

    When it comes to running a business, hard work plays a very important role. You cannot achieve your goals without working hard for it. Even with passive income, most people think passive income means not working hard in anyway, but you still need to put effect before you can get the needed results. Without hard work, all your goals would be notting but a dream.

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spencer
spencerEnlightened Mentor
Asked: July 14, 2024In:

How important is feedback for a business owner, how can it enhance a product or service, how can it be influenced?

How important is feedback for a business owner, how can it enhance a product or service, how can it be influenced?

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  1. eldavis
    eldavis Enlightened Mentor Graphic designer

    Feedbacks from customers often plays a major role when it comes to the growth of the business. With the help of feedbacks, you can easily determine the areas your business is doing well as a business owner, and the areas you need to work on or adjust to get better results. Feedback gives you an insiRead more

    Feedbacks from customers often plays a major role when it comes to the growth of the business. With the help of feedbacks, you can easily determine the areas your business is doing well as a business owner, and the areas you need to work on or adjust to get better results. Feedback gives you an insight on what your customers need to get proper customer satisfaction.

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spencer
spencerEnlightened Mentor
Asked: July 2, 2024In:

How can a business owner protect his business from inflation, what are the steps to follow in other to circumvent that?

How can a business owner protect his business from inflation, what are the steps to follow in other to circumvent that?

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  1. Inem
    Inem Knowledge Seeker

    For a business to be free from inflation, it has to expand into other territories so that revenue from areas with less inflation could be used to cushion the effects of the inflation in areas that are ridden from inflation. Another way a business can protect itself from inflation is by creatively soRead more

    For a business to be free from inflation, it has to expand into other territories so that revenue from areas with less inflation could be used to cushion the effects of the inflation in areas that are ridden from inflation. Another way a business can protect itself from inflation is by creatively sourcing it’s inputs by itself. That way, it doesn’t have to depend on other businesses to buy productive inputs from. I plant my own corn that I use to produce animal feeds for my birds. That saves me from inflation associated with corn.

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spencer
spencerEnlightened Mentor
Asked: June 21, 2024In:

Often times you see an already established business fail out of nowhere, what cause a business to fail, is it lack of management or competition?

Often times you see an already established business fail out of nowhere, what cause a business to fail, is it lack of management or competition?

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  1. Ramolak19
    Ramolak19 Knowledge Seeker

    To me I think inadequate managerial experience and leadership, a lack of capital and poor cash flow management, a poor understanding of the market and customer needs, an inability to adjust to changes in the industry and competition, an excessive reliance on a single client, and subpar strategic plaRead more

    To me I think inadequate managerial experience and leadership, a lack of capital and poor cash flow management, a poor understanding of the market and customer needs, an inability to adjust to changes in the industry and competition, an excessive reliance on a single client, and subpar strategic planning and execution. When successful companies disregard these essential elements of managing a sustainable business, they may experience failure.

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spencer
spencerEnlightened Mentor
Asked: July 6, 2024In:

How can a business owner pay themselves out of a business profit, should it be based on sales made or percentage?

How can a business owner pay themselves out of a business profit, should it be based on sales made or percentage?

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  1. Blessing16
    Blessing16 Blessing

    Business owners pay themselves from the profit of the business, not just sales. After covering expenses like rent, stock, and salaries, the remaining money (net profit) is what the owner can take.They can either pay themselves a fixed monthly salary or withdraw a percentage of the profit, dependingRead more

    Business owners pay themselves from the profit of the business, not just sales. After covering expenses like rent, stock, and salaries, the remaining money (net profit) is what the owner can take.

    They can either pay themselves a fixed monthly salary or withdraw a percentage of the profit, depending on how stable the business is. Many owners also reinvest part of the profit back into the business to help it grow.

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spencer
spencerEnlightened Mentor
Asked: July 17, 2024In:

How can I position my business to get access to business grants, what are the requisites for it and how can I qualify?

How can I position my business to get access to business grants, what are the requisites for it and how can I qualify?

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  1. Avarose
    Avarose Enlightened Mentor

    Honestly, the key to qualifying for a business grant is showing that your business is serious and fits what the grant is looking for. That means having a clear business plan, solid financials, and being able to explain exactly how the money will help grow your business. Many grants target specific iRead more

    Honestly, the key to qualifying for a business grant is showing that your business is serious and fits what the grant is looking for. That means having a clear business plan, solid financials, and being able to explain exactly how the money will help grow your business. Many grants target specific industries, communities, or social goals, so positioning your business around those areas helps. Basically, do your homework on eligibility, present your business clearly and professionally, and show that the funds will be used responsibly.

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spencer
spencerEnlightened Mentor
Asked: May 17, 2024In:

Customer support is one of the most overlooked aspect of a business, and it’s very crucial, a lot of customers have stopped patronizing business because of how they were treated, how can a business improve their customer support?

Customer support is one of the most overlooked aspect of a business, and it’s very crucial, a lot of customers have stopped patronizing business because of how they were treated, how can a business improve their customer support?

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  1. Slaky12
    Slaky12 Knowledge Seeker Cryptocurrency Engineering

    Improving customer support involves several key steps like *Ensure they have product knowledge, communication skills, and empathize. *Offer support via phone, email, chat, and social media to meet customers where they are. * Invest in CRM systems, chatbots, and other tools to streamline processes anRead more

    Improving customer support involves several key steps like
    *Ensure they have product knowledge, communication skills, and empathize.
    *Offer support via phone, email, chat, and social media to meet customers where they are.
    * Invest in CRM systems, chatbots, and other tools to streamline processes and provide faster responses.
    Acknowledge and incentivize exceptional customer support to motivate your team to consistently deliver high-quality service.

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spencer
spencerEnlightened Mentor
Asked: May 14, 2024In:

How can debt benefit a business owner and how can it be used to grow the business bigger, is it advisable to take on loan?

How can debt benefit a business owner and how can it be used to grow the business bigger, is it advisable to take on loan?

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  1. Augusta
    Augusta Enlightened Mentor

      Debt which is  borrowing money to help the business make a better profit. A good debt could be loans for purchasing equipment, expanding your business operations, etc can  enhance productivity and profitability. Again, Debt can fuel businese growth. Long-term debt can provide the strategic reRead more

     

    Debt which is  borrowing money to help the business make a better profit. A good debt could be loans for purchasing equipment, expanding your business operations, etc can  enhance productivity and profitability.

    Again, Debt can fuel businese growth. Long-term debt can provide the strategic resources a business needs to take the next step. A well-managed, low-interest loan can supply the working capital for sustained growth, enabling one to run the business successfuly and build your team,

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spencer
spencerEnlightened Mentor
Asked: June 19, 2024In:

As a business owner looking forward to get a business manager, what are some qualities I should look out for?

As a business owner looking forward to get a business manager, what are some qualities I should look out for?

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  1. De Mogul
    De Mogul Expert Mind A student

    For someone to be considered a very good manager there some qualites he surely must have to manage the business properly. The person must be a very diligent and confident person in order to control the affairs of the whole company and also manage the employees very well because if you are not confidRead more

    For someone to be considered a very good manager there some qualites he surely must have to manage the business properly.

    The person must be a very diligent and confident person in order to control the affairs of the whole company and also manage the employees very well because if you are not confident enough your workers might disrespect you.

    You should also be a very nice person who respect himself and also respect his employees.

    The person was also know how to manage finances properly and not be a reckless manager

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