Today I learned about profit models. A profit model is to help the business be profitable for the company. And there are four profit models which are production, rental/leasing, advertising, and commission models. To make a business profitable there are components of a profit model to help such as production, operating, sales and marketing, and delivery of goods and services components. For your business you should create a plan for how much sales there should be, where your break-even point would be at. I also learned about customers and how they should be on of your top priorities, having a target customer market.
Today I learned about business models. With having a business model, you should start by having your business idea written down somewhere, doing research on your business idea. Making/building a product with a clear strategy. You shouldn’t have any maybes with your ideas at all. While doing this you should also have funds to back up your ideas as well. Having a team is essential for a great business idea but having a friend on the team might not be the best idea ONLY if you know they are on the same page as you on everything. You should also calculate your break-even point, knowing up to your sales and customers rate so you can make your profit. Having goals is major in a business ideas and meeting them as well.
Today I learned about motivation, entrepreneurship/leadership. With entrepreneurship you should have a strong drive and motivation. You can build a startup, become your own boss, and even have freedom of life potential. Creating or making a company needs great people together along with you for great success. A SME is a small medium enterprise and IDE is innovation driven entrepreneurship. While SME is for the local markets, IDE is for the global region market. IDE would also have a negative cash flow and then would skyrocket when they make it.
I also learned about being self-made and how I should use money wisely not spending or overspending on objects just for a liking. To ask myself as to why I'm buying this object. I should buy smart, buying things that appreciate, not thinking of about other people thoughts or opinions if they would like me for this object or even be socially acceptable, like buying a car you know is expensive just to show off that you bought that car and is driving it. With money you should be smart and to even work smarter not harder. To have life experiences over objects exploring new things and people. Making sure you spend for the right reason, not for people or recognition.