Not all business is created equal. Not all revenue is created equal either. Everything has a cost. Bad business and revenue can cost more than they’re worth to acquire.
You need to have clear definitions of good business and bad business for your own company. The definitions can change over time (almost everything does evolve) but you need definitions just the same. Then you need the intestinal fortitude and vigilance to say “NO” when bad business lands on your doorstep. Otherwise it’s too easy to get distracted (and sometimes destroyed) by it.
[...] Good Business Bad Business [...]
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Very nice information, I am just starting my campaign. This will really help me, I will give this a shot
Well to me the good business is the one which yield you something and give you a good sum of money at the end of the day! what else does a good business is meant to!
And the main thing to keep in mind while talking about the good and bad business is that always have some risk if you want to have a good business! more risk will yield in more profit.
Money isn't the sole driver of good business. For example, let's say you run a software company and sell a piece of software. You want to sell as many units as possible. Now a customer comes to you and wants customizations. You can do those customizations for $$ but it will distract the team significantly from building the core product that you want to sell to everyone. Is it worth doing the customizations? Sometimes yes, sometimes no. That very well could be bad business.
Ben makes a good point here and one which is difficult to stop. As entrepreneurs, especially those starting out, an order “the deal” is hypnotic, alluring, necessary. The problem arises when the deal is not the right fit, whether it be an application fit, customer fit, expectations, etc..your gut tells you that something is not quite right! We then spend time convincing ourselves that it is a good deal; it is strategic, future business maker..and a multitude of other reasons.
Listen to your gut, that voice inside, a bad deal is costly. Typically will cost you in time, resources and generally results in unhappy parties to the deal, most always does not end up win-win, one side or both does not feel satisfied. None of the justification you used to convince yourself to take the deal come true. You only need to do this once and you will absolutely steer clear of such deals.
Learn from others that have traveled this treacherous trail before you! They already paid teh piper, you don't have to!
Well stated. Quality blogging – keep it coming.
Want to start a business but don’t have a lot of money to invest or time to invest in developing specialized skills? Then you’ll want to have a look at this list of business ideas. Every one of these business ideas is a business that you can start inexpensively; some of these businesses can be started for next to nothing if you already have the equipment. Every one of these business ideas will let you start a business quickly – in some cases, almost instantly. And all of the business ideas on this list can be operated as home-based businesses.
And more than just your gut, you need a clear set of “rules” that help you define what is good business vs. bad business. Of course rules are made to be broken, or at least bent, but if you don't have them in the first place you'll find yourself meandering all over.
I really enjoyed your blog and quite ineressante with good content.
My blog also talks about businesses.
Success!
Thank you!
[...] Good Business Bad Business [...]
For me Good business must be in mutual profit , both the buyers and sellers should get the profit after that the business will grow and will reach the stable success. Good post and good work.Keep sharing……
Good businesses simply need to run on the fundamentals, that's all. It's not hard. I run two businesses and neither need to incur any debt to operate. We steward our finances, tithe, and utilize all means available to avoid paying retail for items we us. Simple fundamentals prevail – always!
There's a lot to be said for that. Far too many banks are faltering right now, and run the risk of taking down So many institutions with them, all because they didn't stick to principles. It's the simple things that keep us out of trouble, you know?
Yea, but there's a lot more that steel so much money and get away with it. I remember talking to a class of finance students once, and after the class I mentioned how much I was impressed by this one particular student. The professor replied that that guy was the kind who “wants to know all the rules, so he can immediately go out and break them upon graduating.” What a waste!
hi, im sara from gravitytechnologies this company is the best service provider and artical on web page it is a mind blowing company
Plan, plan and again plan then your business will be successful.
Good business is the one that helps people achieving something, bad business in the one who doesn't
Good business is the one that helps people achieving something, bad business in the one who doesn’t