• HOME
  • LAUNCH
  • BUSINESS
  • LEADERSHIP
  • MONEY
  • SUCCESS
  • NEWS
Monday, 8 March 2021
ExpertHub
  • HOME
  • LAUNCH
  • BUSINESS
  • LEADERSHIP
  • MONEY
  • SUCCESS
  • NEWS
    • All
    • Company Posts
    • ExpertHub Today
    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    The 7 Strategies of SA’s Strongest B2B Sales Performers for 2021

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    3 Sales Strategies SMEs Can Borrow from SA’s Strongest Performers

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    SA’s Strongest Salesforces Focus on Value, Not Discounting

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    ThinkSales State Of B2b Sales In South Africa 2021 Survey

    Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

    Why SMME’s Need To Think Small

    Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

    Five Money Management Principles To Start 2021 On The Right Financial Footing

    Trending Tags

    No Result
    View All Result
    • HOME
    • LAUNCH
    • BUSINESS
    • LEADERSHIP
    • MONEY
    • SUCCESS
    • NEWS
      • All
      • Company Posts
      • ExpertHub Today
      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      The 7 Strategies of SA’s Strongest B2B Sales Performers for 2021

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      3 Sales Strategies SMEs Can Borrow from SA’s Strongest Performers

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      SA’s Strongest Salesforces Focus on Value, Not Discounting

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      ThinkSales State Of B2b Sales In South Africa 2021 Survey

      Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

      Why SMME’s Need To Think Small

      Devastating Financial Gender Gap Has Grown: Women Are Better Investors, But Retire With 30-40% Less Than Men

      Five Money Management Principles To Start 2021 On The Right Financial Footing

      Trending Tags

      No Result
      View All Result
      ExpertHub
      No Result
      View All Result
      Home LAUNCH Starting a Business Start-up Advice

      Business Basics: The Four M’s Of A Successful Start-Up

      Betsy Ings by Betsy Ings
      Sep 25, 2018
      in Start-up Advice
      0
      successful-start-up
      Share on FacebookShare on TwitterShare on LinkedIn

      RelatedTopics

      How to Start a Small Business in the UK in 2021

      How To Attract Your First Clients With a Business Product People Will Pay For

      The Advantages of (And How To Choose) a Business Partner


      I came to know the “Four M’s” through the International Labour Organisation, and since encountering it for the first time I use this simple concept not only in my own business but also in training aspiring entrepreneurs. Regularly reflecting on the “Four M’s” as a strategic tool to grow your business is critical to business development.

      The “Four M’s” are essential elements all successful start-ups need to have in place before going into business. In turn, established entrepreneurs need to continuously balance the “Four M’s” as their businesses grow. It is important not to focus too much on any one of the elements, but to balance: Me, Market, Management and Money effectively.

      1. Me

      This is the most important element of your business – it is what makes it unique, motivates, defines and drives the business. Your business should reflect your personal strengths – whether you love crunching numbers or creating concepts – make sure to incorporate “You” into your business blueprint.

      By doing what you love, you will be able to overcome disappointment and financial challenges which may crop up during your journey as an entrepreneur.

      Remember that you are the jockey, the driver and the visionary. The best horse cannot win the race without the jockey – it is important to believe in your business and live by example through the core values of your business. An entrepreneur should show commitment, determination, leadership, tolerance of risk, creativity, self-reliance and the ability to adapt to excel.

      2. Market

      The second “M” – Market – represents product and customer. The fundamentals of marketing remain key for this element of business success. It starts with analysing your market and planning your strategy: Who are your clients and how will you reach them?

      Consider the eight fundamentals of marketing – people, place, promotion, price, product, processes, physical evidence, as well as productivity and quality.

      Your target market may change as your business grows – be adaptable and attentive to the needs of your market. Your market is a critical element of your business’ success and it needs to be nurtured and responded to appropriately. So, keep your ear on the ground to stay in tune with your market’s needs and wants.

      3. Management

      The jockey does not have to be the manager of all the operations and support functions of your business, but it is your duty as founder of the business to ensure that the fundamentals are in place. Institute controls by identifying strengths and weaknesses in yourself and your team. Then implement solutions to avoid any pitfalls or risks in your business.

      Even if you are a one-man/ women operation without any team members, you may not be able to fulfil all the functions of your business professionally. In this case it is better to outsource to another start-up or small business.

      Stop “being the business” and start managing the business – not only managing the people in the business (team, contractors and market) but also the processes and deliverables of the business.

      4. Money

      We normally put too much emphasis on money, particularly when it comes to spending and profit. A mistake most entrepreneurs make is to use their business account as their personal petty cash. Even more critical than the other three M-elements of a successful business, once you run out of money, it will mean the end of the business.

      It is crucial to separate business and personal finances – and to be very prudent in the first few years of running your business, especially when you start making profit. Keep tight record, develop regular forecasts, avoid overdrafts, watch interest rates, keep track of expenses, bank all income, self-fund if possible and check bank statement regularly. Re-invest your profits into the growth and development of the business, the reward will be well worth the investment.

      ShareTweetShare
      Betsy Ings

      Betsy Ings

      Betsy Ings is a visionary leader at the forefront of sustainable economic development in Africa. She is an award-winning social entrepreneur, accomplished trainer and sought-after mentor who focusses on bridging the skills gap which women and emerging entrepreneurs face. Betsy is the Founder and Managing Director of Tradelane. Betsy is an internationally accredited trainer to various United Nations organisations, as well as the International Labour Organisation (ILO) and Mentors and Business Coaches International (MBCI).

      Quick Links

      • Business Plan Advice
      • Business Plan Format Guide
      • Business Plan Format
      • Sample Business Plans

      NEWSLETTER SIGN-UP

      Sign-up for Weekly ExpertHub Updates

      * indicates required





      EXPERT INSIGHTS

      https://vimeo.com/311685299?loop=0

      Browse by Category

      • Academic & Alumni Networks
      • Accounting & Payroll
      • Accounting & Payroll
      • Advertising
      • Advice
      • Angel Investors
      • Are You Suited to Entrepreneurship
      • Are You Suited to Franchising
      • Arts & Crafts
      • Attracting Investors
      • Auto & Transportation
      • Automotive, Travel & Transportation
      • Bank Finance
      • Banks
      • BEE
      • Bootstrap Financing
      • Branding
      • Budgeting
      • BUSINESS
      • Business Advice for Women Entrepreneurs
      • Business Ideas
      • Business Ideas Directory
      • Business Landscape
      • Business Leadership
      • Business Leadership Q&As
      • Business Model
      • Business Plan Advice
      • Business Plan Format
      • Business Plan Research & Preparation
      • Business Plan Template
      • Business Plans Q&As
      • Business Services
      • Business Survival
      • Case Studies
      • Cash Flow
      • Celebrity Businesses
      • Change Management
      • Checklists
      • Children
      • Children & Education
      • Company Posts
      • Compete to Win
      • Compliance
      • Computers & Internet
      • Construction & Engineering
      • Consulting
      • Cool Offices
      • Direct & Email Marketing
      • Doing Business in Africa
      • Doing Business in SA
      • Doing Business in SA Q&As
      • Doing Good
      • Eastern Cape
      • Education & Instruction
      • Entertainment & Events
      • Entrepreneur Competitions/Awards
      • Entrepreneur Daily
      • Entrepreneur Profiles
      • Expansion Finance
      • ExpertHub Today
      • Financial Management
      • Financial Management Q&As
      • Financial Reporting
      • Food and Farming
      • Franchise & Biz Ops Spotlight
      • Franchise Finance
      • Franchise Listings
      • Franchise News
      • Franchise Your Business
      • Franchisee Advice
      • Franchising
      • Franchisors
      • Free Mentorship Services
      • Free State
      • Funding
      • Funding Q&As
      • Funky Marketing
      • Gauteng
      • General Business Networks
      • Get Organised
      • Government Funding
      • Government Funding
      • Government Grants
      • Growing a Business
      • Growing a Business Q&As
      • Health and Beauty
      • Hip Retail Spaces
      • Hiring & Managing Staff Q&As
      • Hiring Employees
      • Home Products & Services
      • Hotels & Hospitality
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • How to Guides
      • Import Export
      • Import Export Q&As
      • Import/Export
      • Increase Profitability
      • Increasing Productivity
      • Innovation
      • Intellectual Property
      • International
      • Investing
      • KwaZulu Natal
      • Labour Complexity
      • Labour Law
      • LAUNCH
      • LEADERSHIP
      • Leading
      • Legal Assistance
      • Legal Contracts
      • Lessons Learnt
      • Limpopo
      • Long Term Courses
      • Managing Staff
      • Manufacturing
      • Manufacturing
      • Marketing
      • Marketing Q&As
      • Marketing Tactics
      • Medical & Health Care
      • MONEY
      • Mpumalanga
      • National
      • Networking
      • Non-Profit Organisations
      • Northern Cape
      • Ongoing Learning
      • Ongoing Learning
      • Online Business Plans
      • Online Businesses
      • Online Marketing
      • Online Mentorship Services
      • Online Networks
      • Partnerships
      • Performance & Growth
      • Performance Monitoring
      • Personal Finance
      • Personal Improvement
      • Personal Improvement
      • Personal Improvement Q&As
      • Personal Services
      • Personal Wealth Q&As
      • Pets & Animal Services
      • Podcasts
      • PR & Publicity
      • Presenting
      • Private Equity
      • Professional Mentorship Services
      • Professional Services
      • Property Investment
      • Publishing and Media
      • Ready to Launch
      • Real Estate
      • Real Estate
      • Recreation
      • Referrals
      • Researching a Franchise
      • Restaurants & Bars
      • Retail
      • Retail Business
      • Risk Management
      • Sales
      • Sales Confidence
      • Sales Prospecting
      • Sales Q&As
      • Sales Strategy & Management
      • Sample Business Plans
      • Sample Business Plans
      • Santam for Business
      • Sector Focus
      • Self Development
      • Services Businesses
      • Setting & Achieving Goals
      • Setting Up Systems
      • Short Term Courses
      • Small Business
      • SME Incubators
      • Snapshots
      • Special Interest Business Networks
      • Sports, Outdoors & Fitness
      • Staff
      • Start Up Tools & Infrastructure
      • Start-up Advice
      • Start-up Guide
      • Start-up Industry Specific Q&As
      • Starting a Business
      • Starting a Business Q&As
      • Starting an Export Business
      • Starting an Import Business
      • Strategy
      • SUCCESS
      • Success Stories
      • Support for Women Entrepreneurs
      • Tax
      • Techniques
      • Technology
      • Technology
      • Tools
      • Types of Businesses to Start
      • Uncategorized
      • Upstarts
      • Venture Capital
      • Western Cape
      • Women Entrepreneur Competitions
      • Women Entrepreneur Successes
      • Women Entrepreneurs
      • Women's Business Networks
      • Women's Funds
      • Work Life Balance
      • Worksheets
      • About Us
      • Write for Us
      • Privacy Policy
      • Terms & Conditions
      • Sitemap
      • Contact Us

      Copyright © 2021 ExpertHub.info

      No Result
      View All Result
      • HOME
      • LAUNCH
      • BUSINESS
      • LEADERSHIP
      • MONEY
      • SUCCESS
      • NEWS

      Copyright © 2021 ExpertHub.info

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In