Business management Fundamentals 004

Having a true passion for the business you are managing is very important for your success. But passion alone is not enough. You also need core business skills to properly launch your organization and survive over the long term. You need to understand business planning, strategy, finance, and marketing. If you plan to hire people to help run things, you need communication skills, leadership skills and an understanding of how to motivate and reward employees. You need a clear strategic vision for the company and an ability to make informed management decisions based on research and analysis of the market, the competition and any other internal or external forces that can impact your business.

In short, starting and managing a business takes a great deal of business knowledge and experience across six functional areas: accounting, finance, operations, human resources management, marketing and strategy.

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