Empower Your Entrepreneurial Journey: Fundamental Concepts You Need to Know

15 Apr 2023


Once you decide to start an independent business, no matter which industry you are engaged in, in addition to the necessary entrepreneurial funds, you must have certain business knowledge and master certain business management methods in order to stand out in the business competition and change rapidly. Master more initiatives in a business society. Learning and flexibly using the knowledge or skills in the following 16 aspects will make your entrepreneurial path go further and more relaxed.

Professional industry skills

This is the foundation of your entrepreneurship ( whether or not you have been in this industry ) before, if you know nothing about the industry to start a business or just half-knowledge, then i advise you to wait and spend some time in this field then Observe first and make a decision. No matter which industry you want to start a business in, the first thing you need is to have a certain understanding of this industry ( or very familiar ), and a certain understanding of the current status of the industry and the future development trend of the industry. This is the reason for not being familiar with doing business. If you have certain theoretical knowledge, practical experience and operational skills and industry connections for the industry that is about to start a business, then you can make a good pre-entrepreneur planning. Of course, knowledge is also very important in entrepreneurship, and it is recommended to use more and more.

Equity knowledge

Many companies were all lively at the beginning of their establishment. It was easy for companies to pass through the most dangerous period of the first two or three years. To expand operations, market financing or share restructuring ( may also require financing or other circumstances in the event of a business crisis,At this time, different ideas may appear in the shareholders to cause disputes. Only then did you find that when you started the business together, you only came together based on the friendship of your friends and your good yearning for entrepreneurship. You didn’t mention ( or I didn’t expect ) to sign a partner agreement and formulate a relevant shareholder advancement and exit mechanism,Even the articles of association are only drafted by the agency company that assists the company in registration in accordance with the statutory norms to take the form. Without considering the actual situation, there is not much actual binding effect. You can imagine the serious situation that will eventually occur in such enterprises. Therefore, at the beginning of entrepreneurship, entrepreneurs must sign a partnership agreement to clarify the form of shareholder participation, the amount of funds paid, the time limit for the availability of funds, the proportion of shares, formulate financial use and supervision mechanisms, shareholder advancement and exit mechanisms, wind control mechanisms, and according to the actual situation of the company And need to formulate company articles of association. Familiarity with and applying equity knowledge will make your business do bigger and stronger.

Organizational structure

The organizational structure is the overall structure of an enterprise, for example, shareholders’ meetings, boards of directors, management, and various departmental settings. The organizational structure of each enterprise is tailored to its own needs. The entrepreneur understands at the beginning of entrepreneurship and Setting up an enterprise structure according to the actual needs of the enterprise will make the operation of the enterprise more efficient.

Strategic planning

Entrepreneurs must have a clear entrepreneurial direction, always know what they are doing and what to do, and formulate a business development strategy plan with a minimum of one to three years or five years, and formulate short- and medium-term work goals and detailed implementation plans based on the enterprise development plan. If an enterprise does not have a practical long-term strategic plan and short-term action goals and implementation plans, it will cause enterprise managers to collide like headless flies. So, if you want to succeed,Enterprises must have clear development plans and struggle goals and implementation rules.

Accounting knowledge

Financial management is an important part of enterprise operation management and has certain professionalism, but as the entrepreneur, joint entrepreneur, and the highest decision-making core of the enterprise, although it does not require too much and too professional accounting knowledge, some The most basic accounting knowledge still needs to be understood ( such as cash flow statement, profit statement, balance sheet and other financial statements ),Only by knowing the actual financial situation of the enterprise at any time can be more flexible and proactive in daily decision-making, and find professionals who are more in line with the needs of the enterprise to serve the enterprise, so as to better operate the enterprise.

Tax knowledge

For enterprises and entrepreneurs ( especially small and micro enterprises entrepreneurs ), it is very necessary to know the relevant tax knowledge that is beneficial to the enterprise. Don’t think that this is just a matter for financial personnel. For the professional staff hired It will only be taxed according to the process, but not for enterprise decision makers,He can allow companies to save more money while ensuring the safety of their operations. If the national tax policy is flexible and used reasonably, they can allow companies to go further, operate more reasonably, be legal, and not take detours.

Marketing knowledge

Marketing is one of the skills that entrepreneurs must master. Enterprise product marketing determines the length of survival and risk resistance of the enterprise. It is also the basis for the enterprise to develop. Entrepreneurs must master relevant marketing knowledge and skills. According to the actual situation and development of the Enterprise Planning to form a marketing team and train marketing personnel to fully analyze the market、Familiar with the market, know customer needs, formulate external marketing plans that highlight product characteristics, meet company interests and market environment, and customer needs, formulate internal marketing personnel operating specifications and learning materials that match the marketing plan, and formulate relevant sales systems and commissions System, incentives, etc.

Logistics knowledge

In the operation of modern enterprises, it is bound to face a large amount of external logistics and related item procurement work. The importance of enterprise procurement and logistics management for start-ups is self-evident, so mastering the necessary logistics knowledge and procurement knowledge is particularly important for entrepreneurs. Initially, funds are often not sufficient, so reasonable procurement and on-demand configuration can reduce capital pressure, and for logistics companies、With a certain understanding of logistics links, logistics materials, logistics prices, etc., it can greatly help in formulating product prices, product packaging, customer commitments, and after-sales service. Logistics knowledge is particularly important for electrical companies or entrepreneurs.

Computer and network knowledge

Modern business management has been very different from traditional business management. If entrepreneurs or business operators do not understand the use of basic computers and network tools, it is basically impossible to complete. 


In the early days of entrepreneurship, there were generally not many company personnel, so the company’s administrative personnel and so on are basically the boss ( the actual controller ) who has the final say or all of them are responsible for the so-called office with few people (, this management method is fatal to the enterprise, and eventually if the enterprise can live, it has basically become a family enterprise,Employees live in the emotions of the boss every day. Everyone turns around the boss. Without or daring to have independent thinking, there are many people and ghosts fighting. Therefore, entrepreneurs must understand the importance of administrative management. No matter how many employees, the company must formulate various rules and regulations from the beginning, employee discipline, job system, workflow, operation specifications, employee incentive system, etc., and strengthen learning and strict Execution.

Human resources

For companies to create a world in competition, talents have a decisive role. How to attract talents, retain talents and use good talents is a problem that every entrepreneur and business manager must attach great importance to and think deeply. Many entrepreneurs have been working hard with employees since the beginning of the company. They complained about the lack of employee ability and quality,Complaining about talents is difficult to recruit, complaining that employees’ salaries are worthless, etc., so various methods of arrears of wages or dismissal of employees in various ways and trying to get employees to leave themselves are full of means. Therefore, labor relations are tense, and employees are not motivated. There is no sense of belonging. The boss is busy with a group of recruiters and replacements in the complaint,Someone was there until the company closed. For companies to recruit and retain truly suitable talents, they should strive to create a relaxed and harmonious working environment for employees, formulate sticky and passionate salary systems, performance systems, incentive mechanisms, improve employee benefits and logistics support mechanisms for employees, To apply for social security and sign formal labor contracts for employees who meet the requirements,The company uses system management, caring for warm people, and retaining employees with working environment and salary and benefits. Employees will naturally return to the enterprise with work ability and efficiency.

EQ management

Many times, entrepreneurs’ personal emotional management, life, and emotional control capabilities determine the ultimate success or failure of the company. Low-key and humble, lovers know how to respect others, and entrepreneurs who understand mutual benefit are often well-cohesive and persuasive. In business operations, it is like a fish. Entrepreneurs should strengthen their personal emotional training and self-emotional control exercise, understand and make money.

Honest and trustworthy

Honesty and trustworthiness are the basic principles for human life, and they are also essential elements for entrepreneurs’ success. Only honest and trustworthy people can make real friends. When a business leaves friends, there are connections. It is the basis for development and cooperation. Only by abiding by the principle of being honest and trustworthy can we let ourselves go further.

Concept of time

Entrepreneurs must have a strong concept of time, and all business operations must operate according to planning and time frame. In business interactions, they must respect both their time and the time of others. Don’t easily promise time limits for things that are not certain.

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This article on empowering your entrepreneurial journey is a great resource for anyone looking to start or grow their business. The fundamental concepts outlined in the post can help entrepreneurs gain a better understanding of the challenges they may face and how to overcome them. Overall, a helpful read for anyone on the path to entrepreneurship.