Business Law

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Article Review
The website, BiggerPockets.com, is important as it gives diverse advice on the importance of planning in business. In addition, it offers step by step guidance on how to prepare for the real estate business. The website is arranged in chapters that lead the entrepreneur on how to invest and why it is important to invest in real estate. The website offers advice on the entry mechanisms and the operational procedures in the real estate business. The first chapter applies to every person in any business and offers a foundation for those who want to start a real estate business. At the same, while it offers guidance to any other investor who is interested in joining a real estate business and how to become part of the real estate business. The specific guide offers information on how to market real estate; how to identify opportunities within the real estate market and how to actualize the different strategies in the different properties (BiggerPockets). Also, it offers a link on how to strike mortgage and real estate insurance.
The best piece of advice from this website is that the investor must work on a business plan. The business plan ensures that the entrepreneur does not fall into mistakes and loopholes. The business plan helps in redefining the idea and putting useful tools in the concept. For instance, the mission statement states what the goal and objective of the business is. The work plan states how the people are going to execute the ideas, where and when (BiggerPockets).

The business plan lays specifics and focuses on ensuring that the business is thriving in addressing market problems.
Every business should consider having a work plan, strategies and skills and, the accounting/ management skills. By examining the time frame, the business can know how to plan itself. The time frame includes the understanding of the business cycles, and the requirements of the market (BiggerPockets). By establishing the time frame the business can know the competitors in the market, and what the people need at that particular time.
The business must also know the skills that are required for the industry. The business expertise is a critical component as it ensures that the business people provide quality goods and services. Whenever the business owners are not experts in the given field, they need to outsource or employ experts. This ensures that the different operations of the business run smoothly as experts manage every operation. The distribution of the roles among different people according to their skills is the essential goal of teamwork (BiggerPockets). By working in a team with every person taking their role, the business leaders avoid the burden of being overwhelmed by everything. Therefore, knowing how to manage different skills in the business is an essential aspect in business leadership which is quintessential to business success.
Any successful business also requires to have good accounting acumens. This helps in avoiding running into legal or financial constraints. By having a competent accountancy system, the business owners can know how to increase their profits while lowering their expenses. The understanding of cash flows and financial management helps the business in having a good flow of its operations. Besides, the business can conform to the taxation system of the country it is operating in. Again, the business owners can understand the interaction between assets, inputs, and outputs.
Work Cited
BiggerPockets. “How to Invest in Real Estate: An Introduction.” BiggerPockets: The Real Estate Investing Social Network, www.biggerpockets.com/real-estate-investing/introduction.