The Facts of Business Life Read Online Free PDF

seriously reconsider the decision to become an owner. It doesn’t matter if your company has the best product available or is the best at whatever it does. If not enough people know about it, it won’t make any difference. The need to make potential customers aware of your company—to get the company’s message out into the marketplace—never goes away, and only companies that are relentless in doing so remain successful.
    For example, an owner of a new company has the huge challenge of letting the marketplace know that a new business is open. At times like this, money is usually very tight and large expenditures, such as marketing, tend to make owners extremely nervous. But the fact is that if marketing isn’t done, very little good will happen. And if you understand this, and will make the necessary effort, you will have a big advantage over those who are afraid to spend their money or who view marketing as an expense rather than the investment it is.
    Another example of the importance of marketing is the situation in which a company has been offered an opportunity to buy some merchandise at a significantly discounted price, but only if they will order twice as many of the items as they normally would. All things being equal, under normal operating conditions the company would likely be unable to take advantage of an opportunity like this. But if they were to develop a marketing and advertising campaign to sell the item and pass on the discount to the customers, they would be able to attract new customers, increase their market share, and in the process create additional profits. In other words, marketing and advertising are weapons that businesses can’t afford to not take advantage of because of the potential they have to drive sales and profits.
Fact 6: The Marketplace Is a War Zone
    Every company has competitors, and if it doesn’t and it’s successful, it soon will. Successful owners know they have to fight not only to win market share but to retain it as well. In fact, the reason they’ve become successful is that they’ve developed a warrior mentality, and it’s this mentality that enabled them to survive and succeed in the first place. Successful owners also know that past success is no guarantee of future success, and that the only way to remain successful is to maintain their fighting mentality.
    If, for example, a new competitor arrives in the market either by buying one of your competitors or starting a new business, the marketplace is likely to change. In a situation like this, you may well have to be more aggressive if you want to protect what you have, that is, retain your market share, much less increase it. But the market will also change if a competitor closes down his or her business. In that kind of situation, a void is created in the market, and it will be only the more aggressive owners who step in to fill that void, take advantage of the opportunity, gain market share and new customers, and at the same time increase sales and profits.
    In other words, as an owner, in order to be successful or remain that way, you have to continually focus on the market, react to it, and fight for what you believe should be yours. The marketplace is a war zone, and if you don’t think of it that way, your competitors will, and they will be the ones who win the war.
Fact 7: You Don’t Just Have to Know the Business You’re in, You Have to Know Business
    Understanding one’s industry is obviously a must, but in order to become successful in any business an owner must also understand how business itself works. That means he or she has to not only understand the Facts of Business Life but must also be familiar with the various aspects of business, such as accounting, finance, business law, and personnel issues, to name just a few. In addition, an owner must understand how the facts, and the various aspects of business, impact on each other so that he or she can