The decision to start your own business is similar to taking care of a small baby.
You have to take utmost care of every small thing to make sure there is no room
for any mistake. Your business will reach next stages in business only when the
startup is successful. But unfortunately, many great startup businesses fail. Reasons
behind this vary.
If you have the dream of being a successful Entrepreneur, then your dream is about to come true. You may have
a perfect business idea, but it is of no use unless given right direction. Your
efforts should meet objectives of your business. So how do you accomplish this?
The business world is getting complex day by day. There are new advancements
happening in every segment of the market. The number of competitors in each
field has increased incredibly. Many startups with unique ideas and MNC’s offer
challenging business environment where it is survival of the fittest. If this
is the prevailing condition, then how can you get a successful startup? Is it
possible in reality? Yes! Indeed it is. Let us see how.
INGREDIENTS OF A SUCCESSFUL STARTUP:
ü Realistic business idea: ideas are formed as a
result of our creativity and imagination. We know how abstract our approach can
get sometimes. Thoughts make an idea. Your eureka moment is the result of the
thoughts which you believe make a difference. Start up business ideas should be achievable in reality. An out of
the world idea which lacks compatibility with the market conditions will fail
even before it starts.
ü Getting reliable man power/ setting up the
correct team: business efficiency is measured by the work efforts of all the
members. A company doesn’t run solely because of the boss. It’s his employees
who help him to accomplish his targets and progress. If you run a new business, a talented and
focused team is the key to success.
ü Effective communication: you want to grow your own business, but will this
thought alone help you? Many businesses fail because the audience didn’t know
of their existence. How will your product sell if no one in the market is aware
of it? To avoid this situation, you need excellent communication plan and
strategy. The correct words have to reach on correct time to the correct
audience. The means of communication should be kept simple. Don’t imitate your competitor’s
strategy. The things which worked for them will not necessarily work for you.
Your communication style has to be different otherwise you will confuse the
buyers. Your loss will become your competitors gain!
ü Abide
by business legal norms: an entrepreneur has to keep himself updated with all
business laws and norms like laws of land, export- import law, the guidelines
for business operations in the country etc. you don’t want your startup to get
in the eyes of law at its first steps only. Get the advice from an expert and
follow it.
ü Selling
through patience: patience is at the core of entrepreneurship development. Your motive should be to make profits
but not by bombarding the audience with several advertisements all at the same
time. Once the audience gets annoyed, it is a lengthy process to gain back their
attention.
iFEEL is a residential business school set up on
five acres of lush green land situated at Lonavala. It has come up with one of
its kind Family managed business/ Entrepreneurship Excellence Program. It is of
11 months (become an entrepreneur in just 11 months!) you will get the best
exposure needed to start your Entrepreneurship journey. Contact iFEEL
executives today!
Click here for more details
