Skip to main content

Competencies of Entrepreneurs: Sales & Marketing + Financial Management?

Entrepreneurship is exciting. I often hear hospitality students telling me that they want to become restaurant owners upon graduations. Some restaurant concepts, such as mobile food trucks, are very popular and require relatively small amount of start-off investments. As a result, it may seem easy to start a restaurant business after college. However, I believe many professionals will agree with me that managing a small business is not as easy as it may look. This ABC News video provides a checklist for entrepreneurs so that they can frequently measure their success. This checklist suggests that entrepreneurs need to:
  • Focus on sales and profits
  • Continuously grow the client base
  • Keep track of all pitches and proposals
  • Stay on top of the expenditures
  • Manage cash flow (“cash is the king”)
I actually see two themes from this checklist --- Sales & Marketing plus Financial Management (Accounting). It makes sense because very few entrepreneurs hire many employees. They may face minimal “management challenges” created by human beings. Instead, they need to sustain and grow the business with “profits,” which equals to “sales – costs.” So, opening a small business is more about selling ideas, products, and service, establishing a brand and product recognition, controlling expenditures, and managing cash flow.

How useful is this checklist? How important are Sales & Marketing and Financial Management skills in managing small business? In addition to good knowledge in Sales & Marketing and Financial Management (Accounting), what other competencies seem important for entrepreneurs? If a person is not good in either Sales & Marketing or Financial Management, what can s/he do in order to open a new business on his/her own?

Comments

  1. I think this is a very creative and challenging question to think about. I agree with Dr Kwok statement: good checklist in sales & marketing plus financial management are essential to start up "small business. In my opinion, financial status is the core and base structure of the whole company. Therefore, I think CEO are recommended to start off knowledge and practice in personal finance management and develop till handling his small business financial management. As the result, this business will stand up in a strong status with "quantified measurements". Later on, the business could develop profits by using all different & creative marketing/sales techniques.
    I would think that a systematic operating system is solely important as well. This will includes the style of working culture and business' vision.

    ReplyDelete

Post a Comment

Popular posts from this blog

Luxury vs. Millennials and Their Technology: The Ritz-Carlton (By Julia Shorr)

Embodying the finest luxury experience, The Ritz-Carlton Hotel Company, LLC has been established since 1983. In 1998, Marriott International purchased the brand offering it more opportunity for growth while being independently owned and operated. They are known for their enhanced service level as the motto states, “Ladies and Gentlemen serving Ladies and Gentlemen”. The luxury brand now carries 97 hotels and resorts internationally and is attempting to keep the aspects of luxury while keeping up with the trends of the technologically improving generations. The Varying Demographics of the Target Market The Ritz-Carlton’s typical target market includes: business executives, corporate, leisure travelers, typically middle-aged persons and elders, and families from the upper and upper-middle class section of society .   This infers a large range of types of travelers in which all are similar in that they are not opposed to spending extra for the luxurious ambiance. However, with

Is It OK for Hotel Staff to Wear Piercings and Tattoos?

Time has changed. I see more and more college students wearing piercings and tattoos nowadays, but is it OK for hotel staff to wear piercings and tattoos? The answer is “no, no, no.” According a report at USAToday.com, customers across the board do not want to see any hotel workers with pierced eyebrow, pierced tongue, tattooed arm, or nose ring. Some may argue that tattooed and pierced workers may seem more acceptable in edgy boutique hotels as compared to the big franchised hotels, but the survey results did not find any differences among a variety of lodging products. Many respondents believe people who wear visible tattoos and piercings are taking a high risk of their professional lives. If you stay in a hotel, do you mind being served by tattooed and/or pierced staff? What if you are the one who makes the hiring decision? References: USAToday.com: http://tinyurl.com/linchikwok08042010 Picture was downloaded from http://tinyurl.com/linchikwok08042010P

In what ways will AI affect restaurant operations?

A new wave of industrial revolution is here --- AI (artificial intelligence) will change everything we do. Undoubtedly, AI can improve restaurant operations.     Menu Engineering and Quality Control    AI can provide insights into a restaurant’s menu offerings and pricing strategies based on consumer data and market trends. Restaurant owners can adjust the recipes/menu and price accordingly.     AI can help restaurants monitor food temperature, cleanliness, and safety procedures, ensuring they comply with health and safety regulations. For example, AI can remind a sushi chef to replace a sushi plate that has been “sitting” on the conveyor belt for too long with a more popular item.     Consumer Experience   AI can help restaurants create location-based, personalized marketing campaigns to reach specific and targeted customers at the right time. Then, AI-empowered chatbots, reservation, and table management systems can help restaurants answer customer inquiries, manage reservations, and