How to start, maintain and run a profitable business

  What's left for traditional managers in an AI-driven workplace? I think humans need interactions with other humans. Even though AI can schedule, analyze, place orders, and even train employees, I think a simple conversation, such as a meeting with subordinates or words of support, won’t be replaced by AI. We aren’t robots, and after some time, AI will start to irritate people. We can see proof even now.  

  What knowledge do I need to be a successful businessman and entrepreneur owning a business (excluding main subjects such as tech and real estate)? Please leave comprehensive learning sources. In my humble opinion, it is impossible to learn how to be an entrepreneur solely from books or even with a college degree. Also, it will be a bad idea to try to imitate someone’s business model. You have to have some practical managerial experience besides that. First, you need to have an original business idea. Otherwise, your business will compete on price only. Which is bad profit-wise. Then you need to write a business plan based on your business idea with a deep explanation of your business strategy, marketing, and P&L forecast for your future business. Besides business and marketing strategy, it will give you an idea about financing for your business. Then you need to hire a team of employees for your business, train them, and supervise them. So if you don’t have management experie...

  Dealing with demanding customers is tough sometimes. They expect you to be perfect all the time. Dealing with an unhappy customer is even worst. Although we live in the real world and things happen sometimes. How do you handle a problem your business created for your customer? Do you beat yourself down for that mistake? I think the most important thing you have to remember is you. Would it be better for your loved ones or your business if you lose your health because of worrying about your relationship with your customer? I don't think so. The first thing I would recommend is to take a breath. Something already happened—nothing you can't do at this point. Your customer isn't perfect either and has some problems on their own. We live in an imperfect world. Except this as a hypothesis. So, take a deep breath, think about what already happened, learn from your mistake and move on. Don't forget to call your customer and apologize for your mistake. Also, explain what you w...

  We all want a business to grow and be successful. However, the company's life is cyclical and has ups and downs. Many factors can affect your business. Recently we all witnessed how pandemics slaughtered a lot of industries. Even unpredictable road repairs or bicycle lanes can prevent your customers from exceeding your business. Right in front of our eyes, our company starts to slide into the abyss. We all have emotions and react differently. Some people try therapy; some people give up and begin to cloud reality with substances. Although, some try to save a business. It is hard when a situation is dire. Some evil forces seem to be against us and want us to fail. My business isn't an exception, and I have been in a tough spot many times. I remember how devastating it felt when your biggest customer called and informed you about contract cancellation. Your first reaction is that you've lost a bottom, and fear starts to overpower your mind. Your brain starts to bring you ho...

 We live in the after-pandemic era. Covid has changed not only our way of life forever but also has changed our way of doing business. Some industries were almost gone, and some industries flourished. Also, business owners had to adjust their business models and the method of doing business. People were afraid to go shopping. Unfortunately, many become unemployed. The biggest problem for business owners was how to survive during those times. Industries started to offer home deliveries for their customers. Home deliveries have become a significant source of income for many businesses. The only question remained how to build a new business model and accommodate the customers. It was a difficult task to do because home deliveries are almost unthinkable in some industries. First, it was costly and unaffordable for many moms and pop enterprises. You had to hire a software developer and extra help to complete customers' orders and deliver them to the customers. Another problem for many w...

  Many people, when turning 50, start to evaluate their lives, achievements, mistakes, and so on. It is the so-called middle of the life analysis. I would say that 50 is the highest point in life. A person customarily received an education, gained experience in life and career, and achieved so-called wisdom. Some people can be retired and live happy lives full of positive emotions, exciting hobbies, vacations, and trips. They are the lucky ones. The vast majority still struggle to understand their purpose in life and find a suitable career that would excite them and give them financial rewards. How to find a purpose in life and career? It is million dollar question. On the Internet, you can find many blogs regarding this challenging subject. Some bloggers advise meditating and finding an answer in the subconscious mind. Other bloggers recommend making a list of your hobbies and favorite classes in college. Some even recommend going to college and receiving an education. It can work...

  I have been a professional manager all my life, and it is a very demanding and stressful job. You are between a rock and a hard place every day. From one side, you need to run a business efficiently and smoothly. On the other hand, you must deal with employees' personalities and personal problems. Originally I am from the old Soviet Union, and in my home country manager should be demanding and always in control. When a manager compromises on something with his subordinates, this signifies the weakness of an authoritarian management style. It mirrors how authorities run the whole country. Many years ago, I found a job at Dunkin Donuts. It was my first job in America, and I worked hard. In about a year or so, I became a store manager. Of course, I knew only one style of management. I became a control freak and confronted my subordinates about anything I considered a violation of Dunkin Donuts standards. Plus, I tried to purge a system of thievery in my store. I started to suspect s...