Small business owners see 2021 as an opportunity to bounce back and rebuild from nearly a year of losses caused by the coronavirus. Entrepreneurship is growing at a record pace in 2021, with more than 4.6 million new business applications filed through October 2021, according to business formation statistics from the United States Census Bureau. So, what happens in 2022 for small business owners? Will supply chain problems be easy? Will the recruitment be picked up? And what is available for business loans in the absence of the Small Business Administration’s two main COVID-19 assistance programs?
Technology is Bridging the Employment Gap
Small business owners will flock to business technologies that allow them to do more with fewer employees. This may mean more table booking and checkout technology in bars and restaurants and more self-payment options for retail customers. QR code menus in restaurants persist, even if COVID-19 precautions fail. Many restaurants have found that digital menus allow them to update items and prices more easily, as they don’t have to reprint the menu each time. They also allow the restaurant to function with a smaller front-of-house staff.
Business Loans Increase, Community Banks Lead
Small businesses can expect more access …
There are several types of capital in economics and business. Some contribute directly and are used to produce goods and services. Meanwhile, others contribute indirectly. And, here, we discuss four of them:
Physical capital or capital goods are man-made tools – such as machines and equipment – that are used to produce goods and services. That is what “capital” means in the economist’s definition when describing factors of production or economic resources. It is one of four economic resources besides land, labor and entrepreneurship.
Physical capital is vital because it provides economic benefits to businesses. It contributes directly, which companies use to assist and support the production of goods or the provision of services. For example, manufacturing companies use machines to process raw materials into intermediate or final goods.
If the accumulated physical capital increases, we expect the firm to produce more output. Improved quality also contributes to increased output, for example by adopting more sophisticated technology. So companies can increase production by investing in more capital or better quality technology.
Furthermore, the company reports fixed capital as fixed assets. In financial statements, you may know it as property, plant and equipment (PP&E). Businesses often spend a lot …
Business ideas emerge from everyday life. For example, they commercialize their hobby. Or, they observe the problems people face and then offer products to provide them with solutions.
Basically, business ideas are plentiful and it’s not hard to find them. However, not all of them deserve to be commercialized. So, the real difficulty when starting a business is finding a viable business idea.
How to judge an idea is feasible or not? Beginning entrepreneurs may have to spend some time trying to find answers.
On the other hand, mature entrepreneurs can be one step ahead of ordinary people or beginners. They have a kind of sense when it comes to a business idea. They can quickly determine whether the business idea is feasible or not.
How do business ideas arise?
There are many entrepreneurs around us. So, there are many ways to capture brilliant business ideas. The question is, where do entrepreneurs’ business ideas come from? How did they find it?
In general, entrepreneurs’ business ideas come from their daily lives. It could be intentional or coincidental.
Then, how entrepreneurs offer solutions, there are two types of entrepreneurs. Some entrepreneurs come up with ideas and offer completely new solutions. Others …
The way a business works is basically adding value. They do this by processing inputs into higher-value outputs. Assume, the business produces goods and you are the owner.
Starting a business
At first, you decide what to produce. You then organize and make decisions about resources, including how to pool and organize them. Some you may have to buy such as raw materials. Others you may be able to rent such as machinery and buildings. To do it all, you need capital.
Your initial capital may come from your personal pocket or contributions from your family or friends. Or, you apply for a loan or raise funds from other external sources such as crowdfunding. For external sources, you should create a business plan as a way to convince fund providers to be willing to put their money into your business.
You also design how the business operates. For example, you have to determine what business structure you run, whether it is a sole proprietorship, partnership or limited company. You also organize operational activities into various business functions such as human resources, operations, marketing and finance.
Operating a business
Once operational, your business converts inputs into outputs. We call this transformation …
Successful entrepreneurship often exhibits certain characteristics. They are attributes, features, traits in entrepreneurs and shape their attitudes and actions in realizing innovative ideas, managing operations and growing the business.
These characteristics are a success factor when starting a business. Business success does not only depend on how much capital we have, but our quality to run and build it. Some characters may have stood out in us and others we may need to hone through experience.
What are the list of characteristics of entrepreneurship? Let’s dig one by one.
Innovation requires creativity, curiosity, open-mindedness and not complacency. Entrepreneurs often have an out of the box approach to problem solving, thanks to their experience and passion for continuous learning.
Problems often arise because our resources are limited. But, that doesn’t stop us. It actually motivates us to look for ways to get the best out of the resources we have.
We should see problems as business opportunities by offering solutions. We are able to identify gaps in consumer demands or needs, which existing products have not met. We consistently innovate to generate new ideas and improve what already exists. And innovation makes us better prepared for changes in demand and …
Making more profit and money is the main benefit of creating value for customers. Businesses make a profit by satisfying customer needs and wants through their products by adding value. They process inputs into higher value outputs.
What is value creation to customers?
Creating value means the business adds value to the inputs used. How much value is added? It is equal to the difference between the selling price of the product and the input costs.
Is the company successful in creating value? We can see it from whether customers are willing to pay a higher price than the input costs used to make goods or provide services.
And, creating value is the reason why business exists. Without it, they will not be able to survive because they bear the loss. Consumers do not want to buy if the product has no value to satisfy their needs and wants.
Take the tire manufacturer as an example. They buy raw materials such as rubber latex to be converted into final goods. To do so, they need locations for factories, machines to process inputs and labor to operate machines and factories. Then, after the tires are finished, they sell them to consumers. …
Starting and running a business is not an easy task. Entrepreneurial qualities define and help answer why one entrepreneur fails and quits while others bounce back and succeed in achieving what they aspire to.
Some people may be proficient and become professionals however, they do not have the qualities to become a successful entrepreneur. So, not everyone has the qualities required for success. If everyone had it, surely everyone would be a successful entrepreneur and of course no one would be subordinate.
Personal qualities affect the success of entrepreneurs. It is usually inherent in an entrepreneur, which is difficult to imitate.
And, entrepreneurship is considered as an art, where each entrepreneur has a different perspective and way of how to be successful. It requires a creative mindset, combined with the ability to create something innovative.
What are the personal qualities of a successful entrepreneur? Let’s break it down one by one. Some you may already have, others you may need to sharpen or develop.
When you want to be a successful entrepreneur, it requires you to be a creative thinker. It’s not only about what you have to offer, but also about other aspects of the business. For …
Zodiac is said to be able to predict many things. Believe it or not, however, many associate personality and zodiac signs, in life.
Likewise about careers and careers, it turns out, there are a number of zodiac signs who can gain success when they are in business. Curious about anything? Read more below.
While Taurus has a visionary outlook. He is able to see a foresight, predict well and is good at planning. His figure is also responsible, accompanied by great curiosity. No wonder why Taurus would be so good at doing business.
Virgos are ambitious people. He is a hard worker and will try his best in running his business. Virgo also has a meticulous and detailed character, so he is very careful in carrying out his business.
Leos have a natural talent for doing business. His figure who is able to make everyone feel comfortable allows Leo to expand and maintain good connections. He is also a loyal figure, so he also enters into a person who has minimal conflict.
Libra is someone who never gives up. Even though they have experienced various failures, Libra will rise and learn from …
Every entrepreneur wants to achieve success in his business. However, to achieve it is not instant. It takes great effort and passion so that when you face challenges or failures, don’t just give up on the business.
1. Communication skills
Communication skills or the ability to communicate. According to him, this is very important to implement so that we can communicate with various groups to develop the business we run.
“How can we offer a good product or service if we don’t know how to communicate it. With good communication skills, the goods or products that we offer will become something that has a high selling value,” he said when he was one of the speakers for the live streaming of the Simac TV podcast with the theme “
In running a business, networking is something that must be built and maintained so that it can provide opportunities for us.
In addition to having good communication, an entrepreneur must also be able to build a wide network so that he can get many opportunities. For example, by joining a community.
In building the network, according to him, you don’t have to feel that you are much smarter …
The business crisis faced during COVID-19 has become an uncertain situation because the number of cases continues to grow which makes the pace of the economy slow down. Business people must think of strategies to adapt to the existing situation. Thus business turnover can increase despite facing a crisis situation.
One of the adaptations that need to be done is adaptation to sophisticated technology such as realizing the existence of marketplaces and social media. Through technology, all business activities become easier. Bitlabs also has interesting tips to increase business turnover in 2021.
1. Research product trends
It is important to know whether the product to be marketed is a product that many people are looking for or not. This needs to be done in order to avoid wasted efforts if it turns out that the product you choose has no demand. The right product also needs selling price planning so that it helps to get abundant profits without having to fear losing in promotional costs.
2. Maximizing the marketplace
Marketplace is one of the best places for beginners to do business online. There are appropriate ways to use the marketplace, for example, it is necessary to choose a title for …