The Golden Mantras to Make Your Startup a Success

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!

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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.