“If you fail to plan, you are planning to fail”. - Benjamin
Franklin
To start your own
Business is a wonderful
thought, if it is executed in the right manner. There are many different things
which have to be taken into account. You have to take each step carefully. Your
one mistake can cost you a lot. We read success stories of many Entrepreneurs
and wonder the secret behind their success. Everyone
does hard work, then why is it that few succeed and others fail? The success of a Business is
determined by the efficiency of its business model.
What is a Business Model?
A Business Model is the detailed plan of the business functions,
the target audience, the sources of revenues and profits, products/services
offered details of finance sources, policies and marketing strategies.
The essentials of a Successful
Business Model:
Your business goals and objectives:
The goals and objectives of the Business
should be understood in a detailed manner. Entrepreneurship is about
leadership. If you will not be clear about the goals and objectives, then how
would you convey it to your employees? Success will come only when you have a
defined vision and are motivated to reach a particular goal/ target.
Product/ services offered:
The Business model should have complete
knowledge of all the specifications and features of the products and services
offered by the company. To develop
new businesses, innovation is required. It helps you to understand the
strengths and areas of improvement in the business.
Customer base/ Target Audience:
Each Business operates on a different tangent. Having same target audience is
common, but the way of reaching them makes the difference. The Business should be focused and
dedicated towards its customers. Having a clear idea of who is your target
audience is an essential component of reaching business success.
Marketing strategies:
Marketing is the soul
of any business. It plays the role of representing your company and its
products/ services in front of all stakeholders. The strategies of marketing
include advertising ways, ATL & BTL activities and Digital marketing etc.
Channels of distribution:
The product of a Business Company will be of
no use unless it reaches the consumers on time. Choosing the correct channel of
distribution means transporting the products to the right target audience
through the right channel (mode of transport) on right time. The channel of
Distribution should be time and cost effective. To run a new business, adopting
the most appropriate and suitable channel of distribution is important.
iFEEL is a unique Residential Business School located at Lonavala.
It was established by Global Education Trust in 2010. It is an AICTE affiliated residential business school.
iFEEL is offering Family Managed Business (FMB)/ Entrepreneurship Excellence
Program (EEP). This program is of 11 months. Below are few features of this
Program:
Ø Focus on Three Pronged Structure for
Entrepreneurs (Start, Grow or Turnaround Businesses)
Ø Guest Lectures by CEO/COO’s
Ø International and Indian Industrial Tours
Ø Residential Campus
Ø Holistic Approach to Management Learning
Ø ONLINE LECTURES (Anytime Anywhere
Learning)
Ø Case Study Based Learning Approach
Ø Program Advisory Cell for Providing
Guidance to Participants
Ø Exposure to Business and Trade
Associations
Ø Customized Study Material
Grab this golden opportunity today! Click here to feel the iFEEL difference!!!
