5 Essentials of a Successful Business Model

“If you fail to plan, you are planning to fail”. - Benjamin Franklin

An Entrepreneur starts his journey with an idea which he believes in. Then he converts the idea into a successful business. The strategies and policies which he formulates, decide his fate as an Entrepreneur.

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!!!

Become a Global Entrepreneur

Starting your own business and the journey of becoming a successful Entrepreneur, involves a lot of expertise as well as being updated with the current developments in the business industry. No one wants to restrict his business only to few cities or countries. All aspiring entrepreneurs have the urge to make their business global. The thought is great but path to achieve this is not at all a straight road. It has lots of bumps and hurdles. Here is the reason why you need to get the exposure to best global practices being applied worldwide.

(picture of global business)

                    The iFEEL’s Entrepreneurship Excellence Program is designed to make you familiar with the global practices adopted around the globe. In this program you learn how to become global Entrepreneurs overcoming all the challenges in way. You get the inputs of experts from different industry backgrounds hence your knowledge gets diversified. Program includes Case Study from Harvard Business Review and other business schools which covers Business situation of Fortune 500 companies in the world.

To give you a better perspective of global practices, this program organizes international Industrial Tours of 8-10 days to china, Japan, Germany, Singapore, Sweden. These tours are organized to help you understand global business, culture and people. iFEEL provides its entire students one international study tour to give them good international exposure experience.

The benefit of such International Industrial Tours are:

  v Knowledge of the global culture: did you know that culture can play a significant role in your journey of Entrepreneurship? Yes it indeed does have an impact on your business success. Imagine yourself meeting client from china. If you won’t understand their gestures then your deal is surely cancelled. My point here is that when you are in business especially when you want to expand it globally, then you need to have a thorough knowledge of business etiquettes as well as the cultures of all countries. You never know who your next client would be!

The Following are some of the Global practices which we are talking about.

  v Kaizen: This is a Japanese word which means ‘Change for Better’. It refers to the activities done to continually improve all Functions and involves all the Employees of the organization right from the CEO to the line of Assembly workers. With the application of this business practice, you will grow your own business to a higher tangent.

  v LIFO (Last in First out): This business practice is rare but yet very helpful for sellers of Homogenous commodity products such as bricks, sand, stone etc who take huge piles of them. This makes the oldest batch of product to sit at bottom for much longer durations than newer ones. Companies like vending machine operators choose this because the first product they put in the machine is sold out last.

  v FIFO (First in first out): this business practice implies that the products purchased first are sold out first. Companies selling perishable goods like food, which expire after a certain time limit apply this practice. Even companies that sell products that have relatively short demand cycles such as designer fashion clothing apply this to ensure they are not stuck with outdated styles.

  v Just in time: this practice is used to increase efficiency and decrease waste by receiving only that much amount of products which match the estimates of demand by the production team. The products arrive just in time which reduces inventory costs. Best example here is of car manufacturing companies. They bring in parts only when it is demanded. This practice is a shift from just in case (where lump sum goods were purchased in case the demand goes high).this practice is very helpful to develop new businesses.

  v SIX SIGMA: This is a business quality improvement method that enables organization to streamline production by reducing the number of defects that impact customers and increase costs. This practice has its roots in manufacturing industry but now finance, banking, healthcare & government industries have also adopted this.DMAIC(define, measure, analyze, improve & control) is at the core of six sigma

iFEEL’s uniquely designed Entrepreneurship Excellence Program is completely Entrepreneur oriented. You get all of the above advantages & knowledge in the best package in this program. Opportunity knocks on your door once….grab it now!

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Awaken The Entrepreneur Within You

It is said that an individual has complete knowledge of himself. He knows what his strengths and weaknesses are. But we are often not familiar with few of our attributes. Some of our qualities lie unacknowledged. One has to do a self-assessment practice to identify his hidden qualities. Have you come across a situation when someone compliments your smile and then you suddenly realize that indeed you have a beautiful one? I am sure we all have been witnesses of such situations where we come to know of our qualities only after someone pointing it out to us. This holds truth in case of Entrepreneurship journey as well.

       Not all Entrepreneurs knew from birth that they would want to be Entrepreneurs down the line of life. It all happens when one comes in connects with his/her inner self. Let’s see what qualities define an Entrepreneur: 

 

      Leadership: Being a team player is very different than being the team leader. A leader is the driving force which moves the team to success. It is the most essential quality required to be an Entrepreneur. How you use this quality determines the success or failure of your Business. An Entrepreneur has to monitor the performance of every team member closely and convert their individual objectives into the ones required by business. If you have always been complimented after being a leader in school, college or work teams then life has already given you the cue!

        Creative:  This quality makes an Entrepreneur stand out in the crowd. When you start a new business, you have to be creative. Actually I feel only if one is creative, only then he would be able to come up with the unique business idea. Creativity is one such element which has no ends. What better way can you use your creativity other than applying it in your business for earning great profits?  DON’T JUST BE CREATIVE, USE YOUR PRODUCTIVITY!

        Time management:  Time is the most precious asset of life. Unfortunately, very few understand its worth. To run a new business, time plays a crucial role. You have to use it in the best profitable manner because not a single minute would come back to you once wasted. In business you have manage different aspects such as:

•   Production

•   Marketing & Promotion

•   Sales

•   Finance & Accounts

•  Administration

•   Customer Relationship Management

•   Human Resource Management

You have to be a Pro in all of these and you have to monitor performance of all the departments to succeed.

Being clear about the vision and mission of the business: Entrepreneurship is successful only if the Entrepreneur has a clear understanding of the vision (ideology and principles of the business) as well as its mission (what the business wants to achieve, in how much time, how and its objectives). The employees get misguided if the Entrepreneur isn’t clear about the vision and mission of the business.

 Communication Expert: No business can succeed without effective communication. You have to be heard by the customers. Here, the quality of communication comes to action.

“The primary task of leadership is to communicate the vision and the values of an organization. Second, leaders must win support for the vision and the values they articulate. And third, leaders have to reinforce the vision and the values”

-         Frederick Smith, FedEx Chairman and CEO.

You will never know how good you are at something unless you try. Just sitting there and saying “this is not my cup of tea” doesn’t make sense. iFEEL has come up with a very unique Entrepreneur oriented Entrepreneurship Excellence Program of 11 months (also available in the form of a weekend program). This is the perfect program to Develop Entrepreneur and leadership skills in you. Identify the hidden Entrepreneur in you and make the most of it.

“What really matters is that they learn to think!”— Kant, unquoted

It is very important that you communicate ‘with’ the students rather than communicating ‘to’ the students. Now, when doing MBA, especially EEP, this statement holds even greater importance.

It is indeed very important to have extraordinary faculty communicating the right things to the students when doing an EEP program because it not only strengthens their basic knowledge roots but also fixes all the loop holes they have had before joining the program.

This article is basically all about how important it is to have good faculty. Read on if you want to know why.

Good faculty can actually teach you how to run a business—

It is often criticized that MBA only helps you manage, but not start your own venture. However this is very untrue. The modern time EEP programs are famously designed to impart knowledge on how to start the business. This, however, can be focused on or taken care of only with more than good faculty, who themselves have been there, done that!

Teachers help you attain ‘Real-world knowledge’—

This is another reason why it’s important to have the very best teachers teaching EEP. Business has never worked on 10*y hours of theories, but a few meticulous hours of ‘real world knowledge’.

Quality education for student satisfaction—

It is very important that the students feel satisfied with the kind of education provided to them. Sometimes, students just regret why they joined the institute with such poor quality of education provided by faculty. It’s a sad jest, but a fact. Quality education is a very important aspect which cannot be neglected.

David A. Ralston, Allan W. Bird, Dr. Arvind V. Phatak, Dr. John McIntyre et all are TITLES in books; Titles which carry million dollar weightage thanks to their wealthy qualification and their affluent experience. Now I’d be more than delighted to tell you that they are all lecturers at iFeel. iFeel is nothing less than a parent who knows just what you need in life to grow and succeed!  

Know more details about Entrepreneurship Excellence Program click here.