What are some entrepreneurial skills needed to be a bakery shop owner and boss?

What are some entrepreneurial skills needed to be a bakery shop owner and boss?

Posted on Yahoo Answers on May 2, 2009 2:42pm

My answer...

For one, you should know how to bake yourself. This way, your baker cannot ever fool you. This also frees you from being dependent on your baker. If ever you have an uncooperative employee, you can immediately fire him without worrying about losing his skills.

Second, manage your cashflow. For small businesses, cash flow is vital.

Let's say you're expecting a payment of $500 tomorrow but you ran out of cash to buy supplies for today. Without the supplies you can't bake and restock your shelves. Without the stocks, you'll lose potential sales today. Remember, cash is the lifeblood of the business. Your business lives and dies with it.

Third, do not spend beyond your means. The earnings today may not be all income. You may still owe your supplier for your earlier orders so remember to control your expenses.

Fourth, credit is good. Credit is good especially if it's your supplier who's extending it to you. You can order your supplies and sell your products before paying back your supplier. This setup is very smart. This way, it's your supplier who finances your business and you don't spend a single cent!

Good luck to you!


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