summary:
Avoiding Loss: Lesson 14 stresses the importance of avoiding blind imitation and expecting success in the same area where previous projects failed. It highlights the harsh nature of the market when projects are not handled with care.
Capital management: Both insufficient and excessive capital can hinder the success of a project. A lack of capital limits opportunities, while an excess of capital can lead to misplaced spending on non-essential items. The key is to use the money wisely and prioritize the vital aspects of the project.
Financial and Accounting Management: Lesson 14 advises individuals to gain a basic understanding of money management and accounting principles. It also recommends the use of a financial advisor to reduce the risks associated with weak financial and accounting management.
Starting with Minimum Capital: Lesson 14 suggests starting a business with limited capital, which can lead to debt build-up. However, he cautions against dealing with suppliers from multiple countries as it can further limit opportunities and increase the risk of project failure with large projects.
Importance of Marketing: Marketing is crucial to the success of any venture. Lesson 14 stresses the need for a well-developed marketing plan, and advises allocating advertising funds according to available capital. He suggests learning the basics of marketing or hiring a marketing expert to effectively promote the product or service.
If you want to watch a free course that talks about causes and avoidance of loss, and get a certificate after completing the course, I advise you to watch this course
Post a Comment
0Comments