How to Be a Good Business Manager

What makes a good manager? What are the characteristics and qualities of a good manager? Do you want to learn how to become a good manager in business? Then read on.

For an organization to be successful, there must be a good manager. The same is applicable to business management. There are a number of factors that can make you that better business manager that you have always wanted to be. So without wasting your time, below are some practical steps to follow if you want to become a good business manager.

How to Be a Good Business Manager – 8 Qualities and Characteristics

1. Lead by example

Let it be at the back of your mind that the people you manage look up to you. If you expect your staffs to behave in a certain way, show an example by portraying the behavior first. It is not fair to expect your staffs to do something when you know that you are not doing it.

2. Do your job

That you are a manager does not give the temerity to leave all the tasks to your staff. You need to also prove that you are also part of the team. By so doing, your staff will respect you for being a leader that works with the team; not just talking to the team alone.

3. Be transparent with your team

No one will like to confide in a person who is not transparent and reliable. When you are reliable, your staffs will not find it difficult to communicate to you any idea that they think will help in moving the business forward.

4. Be constructive while critizing

Nobody is above mistakes. What makes you a good manager is your ability to learn from those mistakes and help your team mates do the same. Ensure you don’t repeat a particular mistake twice. Construct your employees’ mistakes into learning opportunities.

5. Be motivating and inspiring

To be a good business manager, you must do your best to inspire and motivate your staffs. This will encourage them to do more and it will not only portray you as a good manager but also it will profit the business enterprise because everyone will be up and doing.

6. Allow employees to participate in management

Allowing employees participate in management is always a good strategy. Don’t hide anything from the employees just because you want to showcase your power and authority as the manager. A good manager should always discuss problems facing the organization with the employees and seek for suggestions from the employees.

7. Manage your time

One thing you will not have in abundance aside money is time. To be a good business manager, you must learn how to manage your time as well as other people’s time.

8. Don’t over stress yourself

Your effectiveness as a manager drops when you are over stressed. Give yourself a break to relax and recharge your energy. You must also learn how to do your work with your allotted time and go home. Try to eliminate or reduce working over time. This will help increase your productivity.

In conclusion, i want you to know that business management is very wonderful, if only you have what it takes to be called a good business manager. And as you strive to improve your managerial skills, always remember that becoming a good manager is not a one-day job. It requires continuous learning and action-taking.

The Basics of Effective Working Capital Management

Working capital management can be defined as the process of managing short term or current assets and short-term or current liabilities. Short-terms assets are composed of loans and advances, inventories, investments, debtors and cash and bank balances.

On the other hand, short-term liabilities have the following components: trade advances, creditors, provisions and borrowings. It is advisable for you to effectively manage your working capital, so as to ensure that you minimize risks and continue to be profitable.

The Basics of Effective Working Capital Management

Working capital, which can be defined as the available cash on hand for the daily operations of your business, can actually be affected by a number of factors. These factors include external issues such as the business and legal environment as well as internal mechanisms such as information systems and organization structures.

Undue focus on the task of producing good quarterly sales results can also be expected to have a huge impact on your working capital. It can negatively affect your working capital performance. If the operations of your company have marked seasonality and your working capital requirements vary from one quarter to another, then there is also a great chance for your working capital performance to be negatively affected.

If you want to perform effective working capital management, then it is advisable for you to skillfully manage the finances in other aspects of your company including debtors, creditors and tangible assets. Debtors or those customers who purchase goods and services from you on credit hold the health of the working capital of your business in their hands even if the term is just thirty days.

If these debtors cannot make their payment on time, then you can expect your cash flow to be seriously affected. This will cause a lot of trouble to your working capital. Because of this, you need to make sure that you take the necessary action to make your debtors pay on time. You may also move those problematic accounts into a cash only basis before these accounts start to cause a lot of strain to your funds.

If you want to effectively manage your working capital, then it is also advisable for you to keep the creditors of your business at a minimum, both in accrued balances and number. If it is possible, you should make it a point to make early payment discounts. You should also consider paying cash at the earliest possible time to avoid paying higher amounts of interest. This way, your debts will never cause a lot of damage to your working capital.

It is also advisable for you to carry high levels of tangible assets and inventory, if you want to undertake proper working capital management. This move is considered to be good for your revenues and your entire business. However, you have to make sure that you only carry high levels of inventory when the demand is also high.

When the demand is low, the act of carrying a great number of inventories can have a negative impact on your cash on hand. If your inventory is already tied up in cash, then it is advisable for you to immediately take action to increase your sales as this can rebuild the level of your cash. This will allow you to keep a healthy working capital for your business.

20 Top Best Business Schools in the World for Managers and CEOs

What is the best business school for managers and CEOs? There is a growing number of business schools sprouting up all over the world in a rather fast pace. All of them guarantee prospect students’ success and expertise in advance business management techniques through their MBA, Executive MBA and doctoral programs.

Now why did I emphasize in the headline that the business schools listed here on this article is strictly for managers and CEOs? Well, I will tell you my reason.

The primary reason why I emphasized that the best business schools listed here is strictly for managers and CEOs because there are business schools for entrepreneurs and business schools for managers. I drew the line between entrepreneurs and managers because most students attend business schools to increase their salary potential and their marketability in the business world; nothing more, nothing less.

An effective business degree leads them to a wide range of employment opportunities they can pursue, which include finance services, sales and marketing, human resources and operations management, accountancy and consultancy services. But entrepreneurs attend a different kind of business school for a different reason which you can find out in the articles other articles i have written.

While it’s true that a business school degree advances your career and helps you earn more money, the key to a successful career in business still lies in finding the right business school; that’s if you intend being a manager. At a top business university, you will learn the art and science of business management and gain the skills you need to work in the corporate arena. It is a great place to find your niche.

Now how do you choose a business school that suits your need and budget? It’s quite interesting to know that different people attend business schools for different reasons; with different budget and needs. Some of those needs and factors people take into consideration before choosing a business school are:

7 factors to consider when choosing a business school

1. Cost of studying

If budget is an issue, scout for a school with reasonable rates and which wouldn’t compromise the quality of education offered. A business school degree can cost you a lot of bucks, therefore cost should be carefully considered before applying.

2. Programs offered

Does the business school/university offer the type of program you want? As stated earlier, there are different program varieties to choose from in business schools to date. A two-year MBA degree, for instance, can be crammed up in a single year depending on the institution.

3. Admission system

Some universities have a really strict system of student selection. Their competitive application process makes make it hard for average students to get in. To calculate your chances; you can match your credentials (GPA, test scores, etc.) to the school’s requirements.

5. Program curriculum

Most school curriculums encourage specializing in a single aspect of business. The recent education review, nevertheless, proposes a revision to this – an inclusion of special courses that would lead students to different fields of specialization. When you’re looking for advance studies, consider one that has an updated program curriculum.

6. Teacher-student ratio

If you are looking for individualized attention, consider a school with relatively small class sizes.

7. Institutional statistics

If you’re gunning to make it really big in the corporate world, choosing a school with remarkable placement statistics is imperative. Search through the records or ask around about the school’s reputation. Current students and alumni can give you a succinct background of the institution’s performance.

To determine which schools are the most reputable, the recent issue of Forbes magazine features an updated list of the best business schools in the world. It is the publication’s sixth biennial ranking of universities offering business-related courses based on company-administered surveys. The instrument used ranks universities based on return of investment (compensation five years after graduation minus tuition and the forgone salary during school). Ranking is as follows:

The 20 Top Best Business Schools in the World for Managers and CEOs

1. Dartmouth (Tuck)

2. Stanford

3. Harvard

4. Virginia (Darden)

5. Pennsylvania (Wharton)

6. Columbia

7. Chicago

8. Yale

9. Northwestern (Kellogg)

10. Cornell (Johnson)

11. NYU (Stern)

12. Duke (Fuqua)

13. UC Berkeley (Haas)

14. Texas-Austin (McCombs)

15. UNC (Kenan-Flagler)

16. Iowa (Tippie)

17. MIT (Sloan)

18. Brigham Young (Marriott)

19. Michigan State (Broad)

20. Carnegie Mellon (Tepper)

If you wish to learn more about the different business programs offered in each of these schools, there are many different degree search portals that are free to use online.

How to Build a Strong Business Management Team from Scratch

“Wars come and go, but my soldiers stay eternal.” – Tupac Amaru Shakur

How do I build a business team for my small business? How do I assemble a business team when I can’t afford them? Are you interested in building your own business team from scratch? Do you want to know what it takes to build a strong business management team? Well, if you are interested in finding an answer to any of the questions asked above; then please read on as I share with you the pros and cons of building a business management team from scratch.

“Individuals don’t win in business; teams do.” – Sam Walton

In previous articles, I highlighted four reasons why you need a business management team and also laid out a step by step guide to developing your business management skills. So in this article, I will be summing it up by revealing the exact step by step approach to building a business team based on my own entrepreneurial experience.

“When employees unite, they form a union but when business owners unite, they form a team.” – Robert Kiyosaki
“I greatly admire GE, their utterly ruthlessly focused management, to get the cost out and get this integration done.’ Ok, we may make a few mistakes along the way but we are not going to waste any time.’ They make decisions; they are incredibly disciplined and focused.” – Larry Ellison

How to Build a Strong Business Management Team that Wins

1. Outline your personal objectives

The first step to building a business team is to outline your own personal objectives but I prefer to this your primary aim. Every entrepreneur must have a primary aim in order to succeed in business; without a primary aim, you have nothing worth dying for.

Now what has your primary aim of building a business got to do with a business management team? While I have no direct answer to that question, I want to point out that the main reason why entrepreneurs build business to use that business as a leverage to achieve their primary aim. That primary aim may be freedom, self actualization or anything.

“Money is not a goal. The goal is to make companies grow, develop, be competitive, be in different areas, be efficient to have a great human team inside the company. Look for human development of the people of the companies because you cannot do anything without human capital, without your human team.” – Carlos Slim Helu

Now it’s the duty of your business team to work towards the growth of your business, which will in turn fulfill your primary. So directly or indirectly, your business team has a role to play in the actualization of your primary aim and if they are not going to help you achieve that aim; then they are not worth being a team.

2. Outline your business objectives

After outlining your personal objectives, the next you will need to outline are your business objectives. You need this because it will help determine who is worth being on your business team. When assessing your proposed business management team members; you must make sure that their various skills will add to the bottom line and help the business achieve its objectives.

“Management by objective works, if you know the objectives. Ninety percent of the time, you don’t.” – Peter F. Drucker

If a proposed member possesses a skill that doesn’t add to your bottom line; then bypass him/her no matter how skillful that person may be.

“We need leaders who add value to the people and the organization they lead; who work for the benefit of others and not just for their own personal gain. Leaders who inspire and motivate, not intimidate and manipulate; who live with people to know their problems in order to solve them and who follow a moral compass that points in the right directions regardless of the trends.” – Mary Kay Ash

3. Identify your strength and weaknesses

The true essence of a business team is to balance each other’s act and work towards a common goal of building a strong business. Before beginning the search for a business management team; I will advice you look into yourself and identify your strengths and weaknesses. Just as I said above, the essence of a business team is balanced each others act. What’s the essence of having a business team whose strengths are your strength?

“Bringing together the right information with the right people will dramatically improve a company’s ability to develop and act on strategic business opportunities.” – Bill Gates

Your goal must be to build a business management team whose strengths complement your weaknesses. For instance, I am a good communicator and strategist but occasionally, I blow smoke and this is not quite good for negotiation. My attitude of occasionally flaring up and blowing smoke is the reason I have my friend Precious on my team as my adviser and confidant. Precious is an excellent negotiator with basic knowledge in banking and finance issues. But most importantly, he’s cool headed.

So whenever I go on business deals; I take Precious with me since he’s very good at negotiating and bargaining. And should in case I blow smoke, he knows how to calm my tempers down and bring the situation under control. Whenever I get too excited and want to make a blind business move; he pulls me back and forces me to have a rethink. When I am emotionally attached to an investment or deal, he thinks objectively and bring my senses back; when he want to go astray also, I step in and bring back his senses. If not for these checks and balances; both of us would have lost businesses and blown up deals.

The situation explained above is a practical way true business team members balance each others’ act. If business team members can’t balance each others’ act and skills; then they are not a team.

4. Develop your business mission

“Being an entrepreneur, I have come to realize that all successful businesses are driven by three fundamentals. One is the cash flow, two is the team and three is the mission. Of these three, the mission is the most important.” – Ajaero Tony Martins

Your business mission is probably one of the most important elements of your business because that’s where your entrepreneurial spirit dwells. When assembling my own business team; I made sure I sold my business mission to them. If they have an objection to the mission or act otherwise, they are free to take their leave.

“The IKEA spirit is strong and living reality. Simplicity in our behavior gives us strength. Simplicity and humbleness characterize us in our relations with each others, our suppliers and our customers.” – Ingvar Kamprad

Your business team must accept and align themselves with the business mission because the business mission is the bond binding the business together. Without the business mission, there will be no team spirit among your employees and business management team.

To further illustrate the importance of preparing your business mission beforehand and selling it to your business team, I will share an incident with you. I once walked out of a business deal simply because I couldn’t comprehend the mission of that business. I was invited into that deal as an inside investor; I was also asked to be a member of the core business team.

The business idea was about publishing a magazine and to be sincere with you, the business team was very experienced in the game; the business plan was solid and the feasibility shows strong potential but I walked away. I walked away from that deal despite the fact that it showed strong potential because I realized that the business mission of that business was simply to make money for the entrepreneur.

I tried to sell the entrepreneur and the entire team on the idea that we should run lean and avoid taking a salary since we are major shareholders and secondly, the business was still in its startup phase. I suggested this and told them that I was willing to work for free because I knew from experience that publishing was a tough industry to operate in and we are just a startup.

But my advice fell on deaf ears. The team members could not reach an agreement on the salary issue and this issue was always the top agenda during our meetings. Being the last and newest member of the business team, I quietly watched the unfolding drama and when it became a reality that making money was the true mission of the entrepreneur, I walked away and I never regretted my actions.

“To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines.” – Steve Jobs

This real live experience made me realize the need of a business mission before even starting a business. If you don’t have a business mission, then your business will not stand the test of time.

5. Develop a business team acquisition plan

Now that you have identified your strengths and weaknesses, highlighted your business objectives and business mission; it’s time to draw a business team acquisition plan. And your business team acquisition plan begins with you answering the following questions:

Why do you need a business team?
What specific role will be played by your business?
How will you compensate your business management team?
How will you maximize the potential of your business team?

These are real live questions you must answer and plan towards before embarking on a quest to assemble a business team. It’s also advisable you list the qualities, skills and specific characters your proposed team members must possess.

Remember, the process of building a business management team may span for years and this team will carry on the business when you are no more; so you must plan carefully and make sure that the right individuals make up your management team.

6. Begin your search for a business management team

Now having highlighted the qualities you need in your business team; it’s now time to begin the search for suitable individuals that will form the team. Now how do you find skilled individuals that will make up your business management team?

“People are definitely a company’s greatest asset. It doesn’t make any difference whether the company’s product is cars or cosmetics. A company is only as good as the people it keeps.” – Mary Kay Ash

The search for a business team is not a process you can run an ad for especially when you are starting a business from scratch with limited budget; it’s a process that has to be approached tactically. When I made up my mind to build a business team; I knew the process wasn’t going to be an easy one, yet I began the process and with experience from this process; I want to state that there’s no definite pattern to finding individuals that will make up your business management team.

I met some of my business team members based on referral from other entrepreneurs; I sent others a proposal to join my team, some walked up to me with the intention of identifying themselves with my business and the remaining started out as friends and associates. One lesson I learned from the process is that the goal to build a strong business management team is a long term goal; people will keep joining and dropping off as members of your business team until the right team inter-locks.

Now until the right business team locks; you the entrepreneurs must stay true to the entrepreneurial process of building a business team. If you sway otherwise, your standing team will dissolve and you will start the process afresh.

7. Sell your business mission to your prospects

After finding individuals who you deem fit to be on your team, the next step is to sell your business mission to them. If they comprehend the mission and decide to be part of it, bring them on board but if not; let them go. Selling your business mission to your proposed business team members is like transferring your passion and spirit to them; it’s all about selling them on your dreams, values and culture on which you want to build your business.

“The most important ‘speed’ issue is often not technical but cultural. It’s convincing everyone that the company’s survival depends on everyone moving as fast as possible.” – Bill Gates

If they can’t grasp the possibility of your business mission and vision, then they are not worth being your business team. Your business team must feel your passion and join forces with you to transform this passion into energy.

“An organization’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage.” – Jack Welch

8. Identify competent employees and bring them on board

If you have a business already in operation; then it’s time you look inside and identify employees who have shown long standing commitment, diligence and outstanding performance and bring them on board. Remember, such employee who finally makes it as a team mate will be an asset in the long run because he/she must have mastered the intricacies of the business while an employee.

9. Unleash your business team

“Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

Now that you have commenced the process of building your own business team; it’s now up to your business team to prove its worth. Every member of your team must be smart and competent in his/her field; and their professionalism should reflect in the books.

“You’ve got to give great tools to small teams. Pick good people, use small teams and give them great tools so that they are very productive in terms of what they are doing.” – Bill Gates

Now if you have a highly skilled smart person on your team, ride him fast while he/she lasts because he/she may be gone tomorrow. Let your newly acquired business team be an added competitive advantage for your business.

“If you don’t have a competitive advantage, don’t compete.” – Jack Welch

As a final note, I want to repeat the statement that the process of finding your right business management team is not a one hit affair; it’s a continuous process that may span for years, so you must be prepared to go it through.

And one more thing, always remember that business teams are built according to business needs and the entrepreneur’s value. What this means in essence is that the right business team for you might not the right business team for me because we share different core values.

Now how do I pay for the services of a business team?
I can’t afford my own business management team?

In answer to these questions, I usually tell my protégés that employing the services of a business management team as a startup entrepreneur and paying for such services entails creativity. You have to find a way to afford your own business team; after all, Rome was not built in a day.

I did not wake up one day and assembled my own business team; rather, I found them one at a time and for each one found; I see a corresponding result on my bottom line. Like I said earlier, paying for the services of your business management team requires creativity that you alone can come up with because you are the only one that understands your business and its financial strength

As a tactic to reducing your overhead, you can leverage the skills of your business team externally and pay them outright for their services. This was exactly how I started. I sought the advice of business professionals individually and after finding the right combination of professionals I was comfortable with; I started bringing them together on a round table brainstorming session during the weekends.

“I have run engineering since day one at Oracle, and I still run engineering. I hold meetings every week with the database team, the middle ware team, the applications team. I run engineering and I will do that until the board throws me out of there.” – Larry Ellison

Some of my team business members were gainfully employed, while others ran their own businesses but I was able to pull them together in synergy on weekends over lunch and sought their advice as a team. You can apply this approach of utilizing a team of external advisors if you are not financially buoyant enough to bring them in-house; after all, entrepreneurship is all about creativity.

You can also assemble a business management team with an agreement that they will be compensated when investors come on board. You may also consider making them shareholders; that means they will work for free while awaiting a greater pay off when funding comes.

In conclusion, bear in mind that you can get anything you want in life and business; if you are willing to be creative in your approach. So don’t let the issue of inadequate capital stop you from growing your business internally and externally; just put your brains to work.

10 Strategic Reasons why you Need a Business Management Team

I have watched or listened to several successful entrepreneurs and drop out billionaires being interviewed. I have read several business books and studied the business success strategies of famous entrepreneurs; and they all seem to share one thing in common. They all attribute their rapid business growth to their business management team.

Now why is a business team important to an entrepreneur? Why should I build an in-house business management team when I can always seek external advice? What impact will a business team have on my business? I am running my business on a lean budget; why should I increase my overhead by bringing a business team on board?

These are usually the questions I receive when I discuss the importance of having a business team with my protégés. You may be a small business owner operating a mom and pop shop but I still want you to know that you need a business team. It may not be your short term goal but you need to include it in your long term plan.

“Individuals don’t win in business; teams do.” – Sam Walton

No successful entrepreneur assembled a business management team in a day; it’s a process that can take as long as ten year before the perfect team assembles. Finding the right business team is definitely not an easy task and that’s why I listed it among the ten major business challenges entrepreneurs face when starting a business.

Now why do you need a business management team? Well, below are ten strategic reasons why you building a business team should be your long term goal.

Ten Strategic Reasons why You Need a Business Management Team

1. Raising Capital

One of the key reasons why startup entrepreneurs don’t get the venture capital is because they are trying to raise capital alone. A business mentor of mine once said that venture capitalist prefer an average product with an excellent business team than an excellent product with an average business team.

If you should consider this statement; you will come to acknowledge that it’s the truth in its entirety. A business team is vital to the process of raising capital for your business; in fact, it increases your chances of securing the capital. Show me an entrepreneur that raised billions of dollars in capital and I will show you an entrepreneur backed by a strong business management team. Just like said in the investment world; money always follow management.

2. Taking advantage of new or existing opportunities

Having your own business management team will give you the leverage to take advantage of business opportunities effortlessly. A business team will be your eyes, ears and nose in the business world; they will not only help you sniff out opportunities but will also help you create opportunities out of thin air.

"A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart team is no longer an idea. It's now a solid business opportunity worth pursuing." – Ajaero Tony Martins

3. Strategic business development

Do you want to grow your business from the inside? Do you want to strengthen your bottom line? Then build your own business management team. Strategic business development is not the doing of an individual but a collective effort of a business team. Employee performance programs, staff motivation and operational excellence are part of the duty of a business team.

4. Rapid expansion and growth

Take a close look at companies that grows rapidly and stands strong in times of economic recess and you will find a strong business management team behind such companies. The massive outside expansion of any company is the handiwork of the business team. An entrepreneur visualizes while the business team draws the plan; critique the plan and executes the business plan. For instance, take a look at the rapid acquisition move taken by Oracle Corporation; buying up a total of 57 companies within five years. That’s the power of a good management driven company.

5. Business leverage

How is a company able to operate successfully in different sectors of the economy? How can an entrepreneur successfully run a business conglomerate? The answer is leverage.

"Successful businessmen share the ability to hire people smarter than they are." – Dillard Munford

The leverage of a business team is the reason successful entrepreneurs became billionaires effortlessly. Leverage is the reason why entrepreneurs such as J. Paul Getty and Carlos Slim Helu are able to run over 200 companies without burning themselves out. The leverage of a business team is a form of intellectual leverage. Just as a man is known by the friends he keeps; so is a business respected by the management team it keeps.

“People are definitely a company's greatest asset. It doesn't make any difference whether the company's product is cars or cosmetics. A company is only as good as the people it keeps." – Mary Kay Ash

6. Increase confidence of the investors

Just like I stated above; money follows management and who provides the money? The answer is the investors. Nothing inspires or boosts the confidence of an investor than the professionalism of the business management team piloting the affairs of the company he/she invested in.

Have you tried raising capital before? Have you tried sourcing for contracts before? Have you tried sending a business proposal to another company before? Have you ever tried selling a business before? Or better still buying a business? Have you ever taken a company public before?

If you have engaged in any of these acts; you will come to accept the fact that one of the most popular questions investors ask is this:

Who is on your team?

Who on your team has taken a company public before?

Who on your team has experience in business management?

The questions above are real life questions asked by investors because they feel comfortable hearing the fact that the managers of their investments are competent.

7. Increase the entrepreneur’s credibility and competence

Observe the words of successful entrepreneurs and drop out billionaires carefully; and you will see that they attribute much of their success to their team. Have you ever wondered why some drop outs end up successful business owners? The reason is because they built their business on the shoulders of intellectual giants; who happen to be members of their business management team.

An entrepreneur can never know it all and that’s why he/she relies on the calculative initiative of the business team. Show me an entrepreneur backed by a weak business team and I will show you an incompetent entrepreneur. So if being recognized as an entrepreneur of credibility and competence sounds good enough to be added to your resume; then build your own in-house business management team.

8. Strategic innovative thinking

Innovative companies are usually companies driven by a strong management team. Observe companies such as Microsoft, Apple, Oracle and Sony; and you will come to realize that these companies have being built, driven and sustained competitively on innovation. Now who are the engineers of innovation? It’s the business team; the brains behind the company. Tactical approach to issues, detailed competitive analysis and strategic thinking are benefits derived from having your own business team; so would you rather not have one?

9. Critical problem solving

How does a company survives a recession? How does a company survive in a fierce market? The answer still lies in the team. In the previous article I wrote, I highlighted the characteristics of successful business management teams and one of such characteristics is critical problem solving.

Entrepreneurs are known as critical problem solvers but I also want to add that problem solving is a product of collective strategies and ideas put together by a group of individuals; and such individuals in this case is your business team. Critical problem solving is the reason why teams go on brainstorming sessions. Now tell me, how do you create a brainstorming session when you don’t have a business team? I leave that for you to answer.

10. Increases the value of the business

Value appreciation is the last but not the least reason why you need a business management team. One of the most important assets of a business is the management team on ground because with a good business management team; every other asset can be synergized into yielding positive results for the company.

The reason why I call a business team your most important asset is because other assets are easy to create or control once the right business team is in place. So instead of focusing of improving your lifestyle; acquiring investments individually or running your business solely, I will advice you first build a business management team and the rest will fall in place.

As a final note, I want you as an entrepreneur to shift your primary aim from acquiring luxuries to building a business team because investment on a team is probably the best investment an organization can make.

20 Ways to Develop Good Business Management Skills in 20 Days or Less

Do you have a strong desire to develop your business management skills or do you want to improve on your management style? Do you know you can develop or improve your business management skills in 20 days or less?

Are you an entrepreneur or an aspiring entrepreneur? Do you inspire to be like great corporate managers and business leaders such as Ingvar Kamprad, Jack Welch, Alfred P. Sloan, Henry Ford, Andrew Carnegie, Bill Gates, Steve Jobs, Warren Buffett, Mike Adenuga, Mo Ibrahim and Aliko Dangote? Then read on.

In this article, I am going to reveal 20 smart ways to develop your business management skills in 20 days or less. Call it high speed learning and you won’t be wrong. Do you know that business management skills is vital to strategically growing a business just like entrepreneurial skills is important to the entrepreneurial process of building a business?

Entrepreneurial skills are required to start a business but it takes good managerial skills to grow a business. So if you are prepared for this high speed learning, then I will share with you 20 smart ways to develop good business management skills in 20 days or less.

20 Ways to Develop Good Business Management Skills in 20 Days or Less

1. Have a strong desire to develop your business management skills; desire to become a good business manager. You might be an entrepreneur but you definitely need a bit of managerial skills to successfully run a business. If you don’t have a strong desire to develop the necessary managerial skills, then you will not be motivated to do what it takes to achieve the feat in 20 days.

2. Read books that will help you develop good business management skills. I am an entrepreneur but I read a lot of books on management. Entrepreneurs are generalist; they need to know a little of everything, from accounting and production management to people management.

I will advice you read the book “The Practice of Management” by Peter F. Drucker and “The Mafia Manager: A Guide to the Corporate Machiavelli.” Both books will teach you a lot about managing a business in an easy to understand manner.

3. Attend a business management training course or seminar. You can find a good business management training course or seminar by doing a search online. Or better still, you can find one in the national dailies.

4. Listen to audio tapes or CDs that will help you develop the required business management skills.

5. Look for friends and associates with the same goal and orientation; and work together with them towards improving your managerial skills.

6. Sign up for a business management training course online. Unlike the one suggested above, this course will be taken online from the comfort of your home. It could be a one on one course or a webinar.

7. Start a small business. The best way to improve both your entrepreneurial and managerial skills is by starting your own business. When you start a small business; you will have the opportunity to make all the business mistakes possible, learn how to handle business challenges and ultimate gain experience.

8. Volunteer to take up management role in non-profit organizations; you will learn a lot from the process.

9. Look for a business leader or any effective small business manager and seek mentorship from him or her. Propose to be his or her protégé in return for working for free.

10. When a situation arises that involves leading people on an assignment, or managing a project; volunteer to do it. Leading people helps strengthen your people skills; which is a necessity for good business management.

20 Ways to Develop Good Business Management Skills in 20 Days or Less

11. Study the business management style of great corporate managers such as Lee Iacocca, Jack Welch and Alfred P. Sloan. Read their materials and study their autobiography if possible; you will learn a lot.

12. Join organizations that will help build your managerial skills and an example of such organization is SIFE (Students in Free Enterprise).

13. Join a network marketing business that trains distributors on people management and how to manage oneself.

14. Visit blogs, forums and websites that share managerial skill development tips and spend some time there.

15. Look for a paid management coaching service and sign up. This is all about getting a personal management coach to guide you along the way. The Rich Dad Company and the E-Myth Worldwide are examples of paid management coaching services with worldwide reputation.

16. Join business or corporate networks and exchange ideas and techniques with like minded people who are at the helm of affairs of great companies.

17. Attend business conferences, meetings, corporate or entrepreneurial summit. You may pick inspiration by listening to the challenges faced by business executives and CEOs.

18. Read or listen to the speeches of great corporate managers such as Steve Jobs, Warren Buffett and Jack Welch. You can decode the source of inspiration of these great corporate leaders by simply listening to their speeches.

19. Develop the mindset required for managing people. Remember, managerial skill development begins with a change of mindset. Every top management position in a company comes with great responsibility and accountability. You must be prepared for such responsibility.

20. After reading books, attending seminars or trying out other management styles techniques; you must remember to work on yourself. Learning how to be a good manager without putting what you learned into active practice is simply a waste of time and energy.

Working on yourself entails changing your perception towards failure, working on your appearance and acquiring the necessary skills needed to become a good business manager. I am talking about managerial skills such as communication skill, analytical skill, delegation skill, negotiation skill and people skill.

In fact, I will recommend you start by studying the traits of successful corporate managers and work on yourself to develop such traits. I believe the article “12 Essential Criterion to being a Good Corporate Leader” will prove useful in this case.

As a final note, I want to state that anyone can become a great business manager; all you need is a strong desire and unyielding resolve to achieve your desire. I wish you the best of luck; see you at the top.

12 Characteristics of Successful Business Management Teams

What are the success secrets of the world’s most successful business teams? What characteristics or traits do they possess that other business management teams don’t? What characteristics must I be on the look out for when building a business team? If any of these questions ignites your interest, then please read on as I explain in detail the characteristics that make a great business management team.

I have listened to series of successful entrepreneurs and drop out billionaires being interviewed but despite their different lines of business, strategies employed and marketing terrain; they all seem to have a common business success secret. And that business success secret is their “Business management team.”

Now if the richest people in the world such as Bill Gates, Ingvar Kamprad, Mukesh Ambani, Steve Jobs, Larry Ellison, Li Ka Shing and Aliko Dangote; the richest black man in the world all credit their success to their business team, then there must be something significant about having a business team.

The sustained growth of companies such as Oracle, Apple, Dangote Group, Berkshire Hathaway, Reliance Group, Arcelor Mittal and General Electric is primarily hinged on the expertise of the business management teams behind these companies.

Now instead of telling you the importance of having your own business management team or how to build a business team (which I have explained in details in previous articles), I will be using this medium to highlight the specific characteristics possessed by the successful business teams all around the world. So if you are ready to learn, then sit back and read on.

12 Characteristics of Successful Business Management Teams

1. Definiteness of Purpose

Definiteness of purpose is one of the success secrets of the world’s most successful business management teams. Successful business management teams know the company’s goals, objectives and vision at their finger tips; and they are focused in the pursuit of the company’s objectives. They know their specific role in the company and they concentrate on this role to make sure that the business objectives are met.

2. Knowledge of the Business

Successful business teams have adequate knowledge of the business of the company. The general rules of business are the same throughout the world but market intricacies are different from industry to industry; so also are the environmental factors. That’s why I said that successful business management teams have adequate knowledge of the business.

A competent corporate manager in the food industry may not perform excellently when assigned to a business operating in the oil and gas sector. Why? The reason is because the industrial intricacies and the market are entirely different. Take a look at what happened to Apple when John Sculley took over leadership; Apple lost market share and profits declined rapidly.

What really happen? I can’t really tell; after all, John Sculley was successful during his time at Pepsi. But all the same, I can attribute his failure to sustain Apple’s market share to lack of understanding of the business and market intricacies associated with the technology sector.

John Sculley was experienced in the food and beverage industry; however, he wasn’t able to transfer that experience to the technology industry because the rules of the game are different. So if you are going to build a successful business management team; be sure to make “knowledge of the business” a top priority for the members of your team.

3. Commitment

Take a closer look at the characteristics that make up successful teams and you will see commitment at the core. Successful business management teams are committed to the success of the company in which they serve. You may not really understand how commitment affects the performance of a team until you study the management structure of companies such as Berkshire Hathaway and Google.

4. They are Goal and Result Oriented

Successful business teams are result oriented. They know that their competence and credibility will be adjudged based on their accomplishment; so they press forward for positive results because results keep them in the game. If they fail to produce results; they will get kicked out of the company by the business owner or investors.

5. They are Individual Thinkers and Critical Problem Solvers

Members of a successful business management team are individual thinkers and critical problem solvers. Though they are a team, the members still think individually and solve intricate problems associated with their own area of expertise. For instance, the Chief Operational Officer individually tackles problems associated with the firm’s daily operations while the Chief Financial Officer strives to keep to keep the company’s finance in good position; yet they are all working towards a common goal, “Sustained Business Growth.”

6. They are Team Players

Successful business teams are team players. Though members of the team are individual thinkers; they all act with same definiteness of purpose towards actualizing a common goal.

12 Characteristics of Successful Business Management Teams

7. They are bonded by the Business Mission Statement

At the core of every successful business management team is something very important. This single factor is the reason why successful business teams are successful and this factor is the “business mission.” Successful business management teams know that the entrepreneur’s spirit is in the business mission and that’s why they strive to stay focused on the business mission. It’s this same mission that keeps them together as a team; take the mission away and the centre will not hold any longer for the entire business.

8. They are Strategic in their Approach

Successful business management teams are strategic in their approach. All members of the team are individual master strategists with respect to their own field or calling. Successful teams strategize, plan and make in-depth calculation or analysis before arriving at a decision. And once a decision is reached; they execute it without delay and monitor the feedback.

9. They are Competitive

Just as soldiers are tested on the battle field; so also is the competence of a business management team tested in the marketplace. Competitiveness is the reason why successful business management teams emerge successful; they are always on the watch to swiftly counter the moves of competitors. Price wars and media attacks are product of business teams testing their wits against each other.

10. They are Responsible and Accountable

Successful business management teams are responsible and accountable for their actions. They know that the company’s success or failure is dependent on the decisions they make; so they take charge and execute their plans without fear of the consequences. If their move backfires; they take responsibility, learn from the mistake and move on.

11. They are Opportunistic

Successful business management teams are opportunistic in their approach and strategy. They are always on the lookout for trends, problems and opportunities they can exploit. They are always quick to take advantage of a miscalculation or false move from the competitor.

12. They are Excellent Communicators

And lastly, successful business teams are excellent communicators. They know how to motivate their workforce, raise capital from investors, promote the company’s products and increase brand loyalty through their spoken words.

As a final note, these are the 12 characteristics and success secrets of the world’s most successful business management teams.

So if building a business management team that will serve in high capacity and keep your business metrics strong is your topmost priority; then make the characteristics listed above a priority while forging the values on which your team will be built and your business will end up having a strong management team.

14 Effective Time Management Quotes and Tips for Entrepreneurs and CEOs

Time management is very crucial to success in life and its importance is more visible in the lives of entrepreneurs and CEOs. How do successful entrepreneurs like Larry Ellison, Bill Gates and Warren Buffett manage their time? How can entrepreneurs and CEOs manage time effectively so that they can have more time to spend with their family? You will find the answers you seek with respect to effective time manage in this article.

"Time is the scarcest resource and unless it is managed, nothing else will be managed." – Peter F. Drucker

I began to take the subject of time management serious when I observed that I was becoming choked up with schedules as a result of my increasing success. As my success in business increased; so also my respect for time increased.

"Waste your money and you are only out of money. But waste your time and you have lost part of your life." – Michael Lebeouf

Time is a gift of nature given freely and equally to all humans but no matter your level of success or status in life; you still get the same allocation of time. Do you know that the richest man and poorest man in the world have the same allocation of time; 24 hours? The difference comes in what they do with their time and how they both manage time. You can never build a successful business without effectively managing your time.

"Time is a versatile performer. It flies, marches on, heals all wounds, runs out and will tell." – Franklin. P. Jones

As an entrepreneur with several businesses to run; I sometimes wonder how I still make out time to write on this business blog. Sometimes, business keeps me up 20 hours a day; yet I still find time to write for you. How do I make out time for this blog despite my tight schedule? How do I achieve more in less time? The answer can be found in these three keywords: “Effective Time Management.”

"In the world of business and investing, time and information are your greatest asset." – Ajaero Tony Martins

Today, I will be sharing with you some effective time management quotes and tips I employ to manage my time. I think this time management quotes and tips are specifically tailored for entrepreneurs and CEOs but you can still tweak it to suit your career. Without wasting your time; below are 14 effective time management quotes and tips for entrepreneurs and CEOs.

14 Effective Time Management Quotes and Tips for Entrepreneurs and CEOs

1. Never allow days or weeks at work to just happen. What I am trying to stress is this; always think ahead and make out daily, weekly and even monthly schedules. Sometimes, I tell clients and entrepreneurs seeking joint venture partnership with me that I am already booked and that’s the truth. My schedule run on a three months basis; meaning, I schedule my time three months ahead.

I don’t have time for unplanned events except where such event will get me top connections and mega buck; if not, it’s not for me.

2. Don't engage in too many meetings, they are great time wasters. Better still, you can send representatives or delegates on your behalf.

3. Don't let your appointments and meetings over run; ration your time and stick to it.

4. Allow your staffs filter out and attend to not too important calls, emails and letters. The important ones can be forwarded to you.

5. Allocate your time daily to perform the following:

- Uninterrupted personal work.

- Discussion with your staff.

- Receiving and replying calls, emails and letters.

- Meeting with clients or senior managers.

- Reading business related documents.

- attending external appointments with customers and so on.

14 Effective Time Management Quotes and Tips for Entrepreneurs and CEOs

6. “If your neighbor gets up early, get up earlier.” – The Mafia Manager

7. “Choose the time of day or night when your energies are highest and conduct business at that time.” – The Mafia Manager

8. "If you see a snake, just kill it. Don't appoint a committee on snakes." – Henry Ross Perot

9. "The rich invest in time, the poor invest in money." – Warren Buffett

10. “Effective time management means making the most of every minute you work and making certain that you have hours everyday and days every week, weeks and weeks every year when you do not have to work.” – The Mafia Manager

11. "It has been my observation that most people get ahead during the time that others waste." – Henry Ford

12. “The best thing to invest in your business is your time. To schedule, plan and use time effectively, know your turf and know your objectives. Assess the obstacles and opportunities, then devise your strategies.” – The Mafia Manager

13. “To everything, there is a season, and a time to every purpose under heaven. A time to plant and a time to harvest that; which is planted. A time to break down and a time to build up” – Ecclesiastes 3: 1-8

14. “The law of forced efficiency states that there is never enough time to do everything but there’s always enough time to do the most important thing.” – Anonymous

In conclusion, successful entrepreneurs create more free time for themselves by delegating most of their duties to qualified staff or professionals. When you delegate, you create more free time to attend to pressing business and family needs. Always remember that:

"Time is your greatest asset."