| What is a business process management and what | | | | product's benefits, we can set up systems to |
| does it deal with? Business process management is in | | | | develop and track their evolution by way of the |
| itself an art to the merchants of the dream world. | | | | following: |
| Successfully managing a business requires specific | | | | - Asking customers for suggestions for improvement. |
| management skills in addition to knowledge of key | | | | - Paying careful attention to customer complaints. |
| business practices. Business processes include | | | | - Watching-out for our competitors. |
| marketing, setting prices, forecasting future growth | | | | A potentially important strategy for specialty |
| etc. | | | | products is differentiation, which sets others apart |
| We need other people to help carry out our business | | | | from the competitors’ products in the minds of |
| vision. This requires the ability to lead and influence | | | | customers. A thorough understanding of how our |
| others. We need to select a location and decide on a | | | | product’s benefits compare to our |
| business structure. In addition, determining which | | | | competitors’ allows us to compete effectively |
| financing options will meet our short-term needs and | | | | with them through differentiation. |
| long-term goals is very important. One of the best | | | | Another important factor is choosing the right |
| ways to protect ourselves against business failures is | | | | location for our business, which can be a major |
| to find and work with a mentor, someone with | | | | factor in its success or failure. A good location may |
| business experience who can guide and assist us. | | | | allow a struggling business to survive, but a weak |
| Innovations and new product ideas are valuable | | | | location could spell doom’s day for even a very |
| assets of a business. These assets need to be | | | | well-run business. We need money to grow a |
| protected so that our rights are not tampered upon | | | | business. Investments can come from many sources, |
| by others. | | | | including personal savings. However, borrowing money |
| Describing a product may be considered in terms of | | | | from a lender is a primary source of capital. Many |
| its features. Basically allow a buyer to feel better in | | | | resources are available to help guide a business |
| some way. Products that deliver financial rewards | | | | owner to the best options for growth. |
| allow the buyer to save money e.g., a discount now | | | | Successfully managing a business requires specific |
| and then. | | | | management skills in addition to knowledge of key |
| To identify our product’s benefits we must | | | | business practices. The bottom line is "whatever we |
| consider our customers' needs. Imagining ourselves in | | | | sow we reap." If we treat our employees with |
| our customers’ shoes talk to them directly. | | | | disrespect and distrust, chances are they will do the |
| Examine customers who have purchased our product | | | | same to us. |
| in the past. Once we have a basic sense of our | | | | |