Bizzalley's Business Q&A
Bizzalley's Answer-It is risky to start a business with no capital but with modern day advancements in
technology, it is possible. You can create an online business. Although it will take some time before you begin to see profits, online businesses are lucrative. You do not need any programming skills, you can work from anywhere and at any time. You can create a website or blog for free using WordPress. Or you can sell products and services on online platforms such as Amazon and E-bay.
Bizzalley's Answer-Patents, copyrights, and trademarks are intellectual property rights granted to the inventors or creators of products and business ideas. The World Intellectual Property Organization is an agency of the United Nations. It was created in 1967 to encourage creative activity. The WIPO established WIPOnet an information network, which is a project to link intellectual property offices worldwide.
Q)What are the roles of a business analyst?
Bizzalley's Answer-A business analyst identifies problems, needs and assess whether there’s a need for development in a business organization. They mainly do requirements analysis, I.e. they try to discern the requirements a business has to meet in order to improve their products, services, customer service etc. Business analysts also help businesses to find cost-effective technological solutions and determine the requirements of a project.
Q)Do I need a lawyer to draw up a contract?
Bizzalley's Answer-No you do not need any lawyer to draw up a contract. A contract can be considered legal and binding as long as it is written. Many small business owners use store bought form contracts or write up drafts for themselves. However, if it involves money and property, it is highly advisable to seek lawyers help.
Q)How do I conduct a feasibility study?
Bizzalley's Answer-A feasibility study evaluates whether an action is profitable from an economic and
operational point of view. It is conducted when an important decision in business is to be made. You can create a questionnaire, conduct a survey or do research on the decision you are about to take to determine whether it will be profitable or not. There are two main elements to consider: cost and value. The cost includes the money, time and effort spent on the idea. If your value or profit derived from the idea is lower than the cost, then it is not feasible to take such an action.
Bizzalley's Answer-You can get logos online, from freelance designers and a professional designing agency. The first two options are risky, but consulting a designing agency is a pricier but safer option. You will have access to a full team that will give you a unique logo. You could also go online for logo makers, but it is risky because there are reused logos on the net and you might have issues with copyrights. You could also design one yourself but you need to be careful because logos are the first thing people see.
Q)How do I keep my financial statements?
Bizzalley's Answer-You can hire an accountant or a student majoring in accounting to help you out. Or you can open an account at Outright.com and connect whatever credit/debit cards you are using for your business and it will help you calculate your expenses. You can also have the emails for your business sent to an Expensify.com account. By doing this you will have all your business related emails in one place then you can export them to Outright.com.
Bizzalley's Answer-
For yourself :
I. Getting Things Done by David Allen ( Available in CD and audio)
II. The 7 Habits of Highly Effective People by Stephen R. Covey ( also available in audio)
Strategy :
I. Only the Paranoid Survive by Andrew S. Grove
II. Competing for the Future by Gary Hamel and C. K. Prahalad
Sales and Marketing :
I. Selling the Invisible by Henry Beckwith (also available in CD and audio)
II. Secrets of Closing Sale by Zig Ziglar ( also available in CD and audio)
Biographies :
I. The HP Way by David Packard
II. Personal History by Katherine Graham
Entrepreneurship :
I. The Art of the Start by Guy Kawasaki (also available in CD and audio)
II. Guerilla Marketing by Jay Conrad Levinson (also available in audio)
Q)What is the best way to address a business inquiry?
Bizzalley's Answer-You should begin with a greeting, show that you are interested in your clients, avoid using ‘To whom it may concern …’, it could mean you’re not interested in who you’re contacting. A simple ‘Hello’ will suffice. Thank the client for the inquiry and state your purpose. End with closing remarks. Try not to use informal language when replying.
Bizzalley's Answer-No it is not advisable to use your personal email for your business. It could give rise to a lot of complications such as getting blacklisted. It could let your email marked as spam. Also, having a company email will allow you to handle responses more effectively. Lastly, setting up a company email will make your company appear more professional.
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