Business Logic 101 for Startups
You’ve heard about business rules, but don’t know where to begin. This course will help you understand the basics of business logic so you can build your own rules.
Business Logic is a set of rules that govern how an organization operates. It includes things like “If this condition occurs, then do this.” Business Logic is often used in software development, but also applies to other areas of life.
Understand what business logic is
Business Logic is a collection of rules that govern how organizations operate. These rules are usually written by people who work at the company.
They’re called business rules because they apply to businesses, not individuals.
Learn how to use business rules to automate repetitive tasks
Business rules are used to automate repetitive tasks. For example, an organization might write a rule that automatically sends out invoices when a customer’s payment status changes.
Or, a business rule might send out an email reminder to customers when their account balance falls below $100.
Develop Your Sales Skills
If you want your company to succeed, you must become an excellent salesperson. You will need to learn how to “sell” your company not only to customers but also to potential investors and employees.
It is critical to be optimistic, trustworthy, and to learn to listen. You must practice your sales pitch, solicit feedback from a variety of people, and then fine-tune it.
Even if you are not an extrovert by nature, you must demonstrate confidence, follow up, and ask for the sale.
Recognize Financial Statements and Budgets
It’s critical to keep track of your expenses and learn how to fully comprehend financial statements and budgeting.
Many startups fail because the founder is unable to adjust their spending in order to avoid running out of cash. It is critical to create a detailed, month-by-month budget that is reviewed on a regular basis.
Improve Your Elevator Pitch
An “elevator” pitch is a succinct, compelling introduction to your company. Your elevator pitch should be slightly different depending on whether you are pitching to prospective investors, customers, employees, or partners.
Clarify the Agreement With Co-Founders
If you start your company with co-founders, you should agree on the terms of your business relationship early on.
Failure to do so may result in significant legal issues down the road (a good example is the infamous Zuckerberg/Winklevoss Facebook litigation).
Consider the founder agreement to be a type of “pre-nuptial agreement.”
Perform a thorough reference check before hiring an employee.
When interviewing job candidates, many employers conduct a limited and incomplete reference check, which can result in hiring people who are unable to perform their required duties or who do not work well with others.