Understanding Business

[Bryan P.]

He talks alot about aspects of business management. He says there's more than numbers to managing a business. There's:

1. numbers/finances
2. operations
3. sales

He infers to me that I really do well with the numbers, but I need to consider the operations and sales aspect of the business. The problem is that he has no experience running a "buy/hold" real estate business, so he doesn't necessarily know what to say when it comes to operations and sales.

Can any of you shed some light on these aspects of the business model? I bought my first rental property and the numbers are working out very well. I want to continue in the business but I need to educate myself on these various aspects. If I don't, I will fail. It's a must.

If you have any wisdom about the various aspects of the business and managing them properly, please advise! I know it's a broad subject.

-Bryan

[Vikram C.]

Are you asking how to manage the operations of a buy-and-hold residential business? What sales are you referring to? Finding tenants?

Much of business is just hard work, common sense, being willing to try new things, learning from your mistakes, etc. It also involves being able to deal with some uncertainty and being willing to take calculated risks. If you want to run a larger business, you will need to be able to recruit and train people so that you do not perform all the functions of the business yourself.