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Anthony Flynn
Board Member at Fast Company Executive Board
Published Jan 21, 2020
Are you leaving your 9-5 and entering the world of entrepreneurship? Do you not come from a business background and feel confused about how to start? Do you need to learn the basic pillars of business?
Amazing CEO is a business consulting firm that accelerates CEOs and Key Executives to start and scale new businesses. We help entrepreneurs across the country to expand their business. Every business needs a handle on the four pillars of business: management, marketing, operations and finance.
If you are feeling overwhelmed, let’s take it step-by-step. Entering into entrepreneurship can be frightening, but you will be okay if you follow a roadmap for success. Trust me, I’ve started multiple organizations and scaled numerous others. They all need to be built upon these core pillars.
Don’t become so overwhelmed with everything you need to do that you get stuck in analysis paralysis. Entrepreneurship is hard, but it’s not impossible. Businessman and author Peter Drucker once said, “Whenever you see a successful business, someone once made a courageous decision.” What’s required of you is to keep learning and practice what you have learned. There is no timeline to follow but your own.
To create and run a successful business, you need to know the needs of your customer and serve them better than others in your market. Here’s what you need to consider for each pillar:
- Management. How will you handle the process of serving your customer? How are customers getting in contact with you? What services/products are they purchasing? How can you ensure that they are receiving everything they are expecting? You need to manage the customer journey of your business.
- Marketing. How will new customers find you? What digital marketing assets are you using to establish your brand? What local community collaborations are you making to spread news of your business? You need to market your business to find new customers and keep your sales pipeline full.
- Operations. How will you deliver the services/products to your customers? If you have a team, how will you all work together as a team to deliver services/products? What tools, technologies and systems do you need in place to run a successful operation?
- Finance. How will you keep track of your finances? How will you price your services? How will you bill your clients? For me, I use QuickBooks to keep track of all of my finances and send invoices. You will want to use a business account for your business and keep these finances separate from your personal accounts. Trust me, the sooner you get organized here the better prepared you will be when tax season comes around.
Ensure you have each of these pillars covered. Otherwise, find someone who is talented in that sector and hire them to help you. What questions do you have about The 4 Pillars of Business? Ask me a question in the comments below. For more business tips and strategies, read The Execution Pipeline: A Step-By-Step Guide To Moving Your Business From Idea To Reality here.
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Wow! As a young adult just learning about business this is very useful information to me. 😁
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Nice. It's presented precisely.
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FAQs
What are the 4 pillars of a business? ›
Every business needs a handle on the four pillars of business: management, marketing, operations and finance.
What are the 4 pillars of success? ›The guide launches with a heartfelt message, conveying the author's desire to empower the reader to achieve her or his dreams through the four pillars: passion, programming, patience, and perseverance. There is no quick and easy path, but if one lives by these principles, success is possible.
What are 4 basics pillars of a management system? ›You will learn the four pillars of management: planning, organizing, directing, and controlling, and learn how to apply them to turn wishes, dreams, and ideas into reality.
What are pillars in a business? ›Brand pillars are the values and characteristics that make up your brand. Your brand should be about how you communicate your message to the world. Brand pillars help you do that by defining the fundamental points that set your company apart from your competitors.
What does 4 pillars mean? ›The 4 pillars of meaning
In her book, Smith divides the quest for meaning into four pillars: belonging, purpose, storytelling, and transcendence. Belonging defines a connection to a larger community. Forging and sustaining relationships is how we increase this connection, which in turn makes our lives feel meaningful.
The Four Pillars of Destiny, as known as "Ba-Zi", which means "eight characters" or "eight words" in Chinese, is a Chinese astrological concept that a person's destiny or fate can be divined by the two sexagenary cycle characters assigned to their birth year, month, day, and hour.
What is the 4th pillar and what is its meaning? ›Sawm, fasting during the holy month of Ramadan, is the fourth pillar of Islam. Ordained in the Holy Qur'an, the fast is an act of deep personal worship in which Muslims seek a richer perception of God. Fasting is also an exercise in self-control whereby one's sensitivity is heightened to the sufferings of the poor.
What are the 4 most important pillars of successful team management? ›- Leadership. Leadership is how you interact with your team and influence their feelings about the organization. ...
- Management. Management involves the planning part of your role. ...
- Communication. Communication involves meaningful interactions between staff and with customers. ...
- Execution.
What Are the Four Functions of Management? The four functions of management are planning, organizing, leading and controlling. In order to be a successful manager, you must do all four while managing your work and team. These are the foundations of any professional managerial position.
What are the pillars of good business? ›- Sales & Marketing is responsible for driving the revenue. From creating a marketing strategy, to making the actual sales, all the way through closing the deal.
- Operations & Fulfillment is what you do for your customers or clients. ...
- Finance is the fuel that ensures that your business runs.
How can the four pillars transform a business? ›
The four (4) pillars provide the analysis, design, roadmaps and plans to achieve the intended and planned Business Benefits that are within the scope of the Organisations Business Strategy, but specifically its Business and Digital Transformation.
What are key pillars? ›/kiː/ very important and having a lot of influence on other people ... See more at key. pillar. noun [C]
What are the four pillars called? ›Introducing the four pillars of sustainability; Human, Social, Economic and Environmental.
Who created the four pillars? ›"The four pillars concept was originally developed by James P. Stewart, former Director General of System Safety for Transport Canada. It was further expanded after Jim and I joined ALPA, Int'l and in 2000 developed its SMS program.
Who gave the concept of four pillar? ›Rama Manohar Lohia was a strong advocate of the devolution of politico-administrative power. He coined the phrase 'Four-Pillar State', where he supported the Panchayati Raj. He graduated from Calcutta University in 1929.
What is four pillar state? ›The 4 pillar state comprise Central, Province, District, and Village. According to Dr. Lohia the main features of this state would be.
What are the 4 pillars that create an unbreakable life? ›EDUCATION… BELIEF… EFFORT and DISCIPLINE. The 4 pillars which hold up an unbreakable, unbelievable, unshakable LIFE.
What are 3 elements of success? ›Irrespective of what “Success” means to each, what has been clearly understood that there are three key elements of success. They are - Clarity of Purpose, Growth Mindset, and Courage.
Are the pillars to success? ›What is a pillar of success? There are many variations of this concept but ultimately a pillar of success is an elemental key to a successful mindset. So – a behaviour or outlook that you seek to develop to improve your own productivity and motivation so you can achieve your goals.
What are the 6 keys to success? ›- Effectively Manage your Time.
- Effectively Manage your Money.
- Understand the Context of your situation.
- Always have a Backup Plan.
- Keep a Healthy Network of Friends.
- Know when it's appropriate to say “No”
What are the 7 keys to success? ›
These are 7 qualities that we must have to achieve our goals. Commitment An open mind Persistence Flexibility Faith Thankfulness Passion Author has described these 7 qualities with examples of people around him who have applied these to their lives. It makes these principles more practical and acceptable.
What are the keys to success? ›- Discipline. Most of us have trained our brains to have a negative connotation with this word. ...
- Persistence (Without Exception) ...
- Influence. ...
- Coaching. ...
- Having a Personal Mission Statement. ...
- Belief. ...
- Goal Setting.
Provide Great Service. There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.
What makes a good business man? ›Passion, resourcefulness, willingness to improvise and listen to others and strong determination to succeed is what makes an entrepreneur successful. And this is what you have to keep in mind as well if you want to be a successful entrepreneur yourself.
What are the 3 most important things in business? ›No matter how bold or ambitious your plans are to grow your business, the key to your business's success lies in three critical, interdependent components: operational excellence, customer relations/communications and financial management.