7 Reasons to Join your Family Managed Business

The generation today has become very innovative and creative. It has the urge to be different and achieve undiscovered heights of success. There is no doubt that the Business Industry has become competent like never before. Every single sector is facing competition and struggles tirelessly to establish new and retain the existing positions in the market.

Having a job is essential for living and is the necessity of almost every individual. But there are few who dare to take the untraveled path and seek to start new business. They are the ones who have a certain idea or a dream which they want to transform into reality. If you are a part of this type, then you have a very bright future waiting for you.

In India, we come across many families that run their own small or big scale business. This in general words is known as family managed business. Sometimes, we also see examples of individuals who refuse to join their family business. Such people lose the most amazing and rewarding opportunity of their lives. They fail to realize how fortunate they are. There are so many candidates who apply for a job but get refused. This is not because they aren't adequately qualified or they lack the skills for it. The reason for this is only the high level of competition in the corporate industry.

The rewards of being a part of your family managed business are as follows:

• When you work with likeminded people, the chances of failure or work stress are absolutely zero. In family managed business you are working with your family members and hence the level of understanding and the style of working are almost equal.

• Work as per your convenience. When you are a part of your own business, you can follow the work pattern which suits you the best. You don’t have to follow the working guidelines which are fixed by someone else.

• Your contribution will enhance the business even more making it more successful. You can contribute towards attaining better quality of returns from the business and hence can even increase the number of customers associated with your family business.

• You get the dual benefits; of earning as well as spending time with your family and loved ones. You don’t need to sacrifice or compromise on your family time.

• When different generations work together, there is an increased chance of better and more profitable outcomes. The reason for this is that the members of each generation have few attributes which would be absent in members of the second.

• No one knows you better than your family. Each family member can fit in the shortcomings of the other member. You may not be good in handling accounts but excel in sales and your brother would be vice versa. So in such a situation you both can switch the positions. Hence, in this way the process of gaining business success never ends.

• With the introduction of family managed business program, it has become possible to acquire all the missing knowledge of the concepts and operations of a family business.

Institute for Future Education, Entrepreneurship & Leadership (iFEEL) which is located at Lonavala is the best provider of such knowledge. It offers you an 11 months Family Managed Business (FMB) program/ Entrepreneurship Excellence Program (EEP). In this program you will learn the 3 main stages of business i.e. start your Business, Grow your Business and Turnaround your Business.

This is a residential FMB (Family managed business) program which gives you an exposure to the best global practices as well which allows the existing entrepreneurs to become future leaders. You get to learn about the most innovative business strategies which are applied worldwide.

You can make the most of your today for having the sunshine of endless opportunities shining on your tomorrow!!

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Be an Entrepreneur and Lead others

“It always seems impossible until it’s done.”- Nelson Mandela

Every dream has an inbuilt capacity of being real. It is the mindset of the bearer which makes the difference. We all have just this one lifetime to achieve all that we wish to. Then why do most of us ignore this fact and take life for advantage? Why do we assume that “my dream is too big to be turned in reality?” You are no one to decide this. Your only sole responsibility is to turn the tiny dream into a big idea for attaining its purpose in real life.

The person who sees the underlying benefits of his dream is called an Entrepreneur. There are few among us who feel that being an Entrepreneur is a risky job and hence it’s advisable to stick to the routine 9 to 5 office job. The important question here is that how secure is it? Can anyone guarantee longevity and life time security for a private job? Nobody can. Every business is subjective to risks and to face challenges that come without a warning.

Entrepreneurship skills make one entrepreneur different than the other. In order to succeed in this profession you need a lot of patience, hard work and self belief. You have to be a calculative risk taker; take each step very carefully but always try to be innovative and adopt out of the box thinking in the business. You will not find any two entrepreneurs possessing the same skill sets. The thinking process of every person is an individualistic factor.

When you decide to start your own business you indirectly start your journey of indefinite success. The biggest business empires which we see today started with a small idea. If the founder would have thought that it’s impossible to work this out then today we would have missed brands/ companies like TATA, RELIANCE, SNAPDEAL, QUIKR, and REDBUS etc.

Entrepreneurship Excellence starts within you. Unless you have confidence in your business, you cannot expect any other external source to have it. You should be your first fan and also the first critic. Every failure should be taken with a positive attitude. They have the hidden potential of getting converted into success.

Benefits of being an Entrepreneur are many to pen down. But few of them are:

• You will get the direct and equal return of your hard work. So, you can bake the cake and then eat it too!!
• Use the power of your creativity through innovation in which you believe.
• Opportunity of hiring people as per your requirements.
•  Now, don’t long for holidays. Being an Entrepreneur is not life, it is a grand life style.
• You can adopt the business practices in which you have faith. After all, great         results are the outcomes of few high risk decisions.
• The joy of being your own boss is unmatchable with any other in the entire universe.

The list will go on but the benefits will not end. If you want to run a new business then you should have the essential knowledge of it. Without it, you will never succeed because knowing the business world is incredibly important for any startup.

At iFEEL, future entrepreneurs are created with an edge over the rest. This residential Business school is located at Lonavala and has world class amenities for the students. You will be exposed to the best learning ambiance at iFEEL. All the necessary elements which make acquiring knowledge an enriching experience are incorporated at iFEEL. Studying from this institute gives you quality knowledge along with a reputed and highly recognized degree.

iFEEL is offering you the opportunity of changing your life in just 11 months through its Entrepreneurship Program (EEP)/ Family Managed Business (FMB) Program. this is the best way to sharpen and develop entrepreneur and leadership skills.

Grab your chance of becoming the next successful entrepreneur today!

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6 Lifetime Companions of a Successful Entrepreneur

“The Entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”- Peter Ducker

No one is a born expert; the course of life makes you one. It is very wisely said that life is our best teacher. Some live it the way it comes, but there are few who dare to believe in their dreams and take the untraveled path. Such a person is called an “Entrepreneur”.

The business world today is very challenging and complex than ever before. The introduction of newer and advanced technologies has made the corporate industry even more competent. When you decide to start your own business, you agree to have chosen a path that would require a lot of hardwork and dedication. No one wants to invest huge amount in business and then incur larger proportions of loss. Every business is formed with the sole reason of earning profits and goodwill.

Entrepreneurship and Leadership skills are the combined results of various pre requisites for an Entrepreneur. Even the small retail shop which you have round the corner of the street has a defined plan of action which is religiously followed by the shop owner and the others who run it.

In order to reach the level of Entrepreneurship Excellence you need to have the following assets with you till the end of your life. If you do this, then success will no longer be out of your reach!

     A well functioning watch: 

     An entrepreneur cannot afford to be late. Imagine your every second= 1 gold coin. Then would you do? You will try to save the gold coins as many as you can or you will keep on wasting them? Obviously you will opt for the first option. So, in order to ensure that you are never late for anything, a watch is the most essential assets which every entrepreneur should have.

     Optimism: 

     Failure and success follow each other throughout the life of your business. An entrepreneur who stops at a failure losses the golden opportunity hidden behind it. Remember, everything that happens in business has an underlying reason to it. You should have the ability to identify that and turn every failure into a stepping stone to reach your success milestone.

     There is no substitute for hardwork: 

     If you think that money or any other element can take the place of hardwork, then you are absolutely wrong. All successful entrepreneurs will give you one common advice to grow your own business i.e. hardwork, hardwork and continuous hardwork. A business is never successful enough for its entrepreneur to stop doing hardwork.

     Honesty: 

     A small lie can cost you your entire business. Don’t make this foolish mistake of attempting to lie or misguide any one through your business. An honest entrepreneur will cover the extra mile and will retain the place in the minds of the target audience forever. Entrepreneurship is not only about making profits, but also about building strong bonds with the people whom your business serves.

     Competent: 

     Being competent is essential, but considering others less competent is a mistake. Once you develop an over confidence regarding yourself, you will never be able to develop new businesses or even prosper in the existing one.

     Values: 

     One should never forget that before being an entrepreneur, he/ she are a human being. You should never compromise on your value system to attain certain rewards in business. You as an entrepreneur are setting examples for your generations to come. Do you want them to learn running businesses with a dishonest and corrupt value system?

All of this and much more can be learnt from iFEEL who is creating new entrepreneurs and develop Leadership skills in the existing ones. iFEEL is a world class residential business school located at Lonavala and is AICTE affiliated. Global Education Trust has established this Institute in the year 2010.

Along with the other programs which this unique institute offers, Entrepreneurship Excellence Program (EEP)/ Family Managed Business (FMB) Program is the newbie in its basket.

This Entrepreneurship Excellence Program helps to build strong and capable entrepreneurs who would be more than efficient in contributing substantially towards the economy. Innovation is seen in everything of iFEEL; right from its best in class Infrastructure to its creative learning methods. The students at iFEEL enjoy an enriching journey that leads them directly to Entrepreneurship success.

Are you a student? start up or an aspiring Entrepreneur?

Whichever category you fall in, iFEEL will change your life into a lifestyle which is full of opportunities and happiness!

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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!!!

6 Unique Ways to Overcome Business Loss

“Success consists of going from failure to failure without loss of enthusiasm”. -    Winston Churchill (Former Prime Minister of the United Kingdom)

You started with a dream to start your own business. You had some specific goals and objectives to achieve. You wanted to establish the brand name of your company which you might have succeeded in. Today, there are many Entrepreneurs who stop their company because it is running in loss.

                 We all are familiar with the proverb; “try and try till you succeed”. Then why don’t we apply its meaning in our lives? Why do we lose hopes? Why can’t we keep an optimistic approach in life? Well, the answer to all these questions is FEAR. Yes. The human race is subjected to fear in all things. We fear the future and as a result of this we ruin our present.

Same implies in business. When you started your Entrepreneurial Journey, you might have faced many hurdles and obstacles in your way. Many people might have discouraged you and underestimated your potentials. Did you stop at this? Did you think they are right? No. Instead, you took the decision to prove all of them wrong. You wanted the world to praise your Entrepreneurship skills. Then why do you quit when you incur heavy losses in business?

Business is not as complicated as people tend to showcase it as. Belief in yourself, hard work, love your work, leadership, focus, knowledge, patience and an optimistic mind are among the key elements that contribute in the success of the business. Grand success comes only after great Failures. You will not know the significance of success if you haven’t experienced failure.

There are many reasons for a business to fail/incur loss:

• Poor communication strategy
• You are not able to reach out to your target audience in the appropriate manner
• There is scope of improvement in your product or services
• Your team is not working effectively or you need to recruit more talented and skillful people in your company
• You are not taking calculated risks
• You need to formulate a new marketing strategy for your business

You are not taking your competitors seriously etc.

Turning your business loss into profit is not impossible. Everything can be achieved if you have faith in yourself.

Ways to overcome business loss:

1.     Be optimistic: you can conquer the entire world with positive thinking. Keep telling yourself “NOTHING IS IMPOSSIBLE”.

2.     Nothing is constant in life: It is the golden rule of life. Everything goes through a change. In life, there are good and bad both days. There is no one who hasn’t faced a problem in life.

3.     Turn loss into positive loss: confused? It is very simple. Every failure that we face has some lesson hidden behind it. We should have the ability to identify it and make the most of it.

4.     Failure brings you closer to success: it is said that when one fails to achieve something, he is coming one step closer to his goal. Read the story of any successful Entrepreneur, you will find all of them had failed to attain their objectives initially. But they did not stop there. They turned it into a lesson and converted it to success.

5.     Don’t waste time worrying: “worry is like an armchair. It gives you something to do for the time being, but it gets you nowhere”. Firstly, you are facing heavy loss. Instead of doing something about it, you sit down worrying. Avoid this. Use that time for doing something about the loss. Think of ways unexplored and how you can achieve success.

6.     Motivate your employees: your team matters the most in order to succeed. If your team loses interest in the job, it will worsen the situation. Employees always inspire their boss. If you will have a tensed face, it will make the employees more nervous and insecure. Rather, have a smile on your face and hold your head high. Assure them the power of team work. Make them know how important their contribution is.

Institute of Future Education, Entrepreneurship and Leadership (iFEEL) is a residential Business School, established by the Global Education Trust in 2009. It is situated on five acres of lush green land at Lonavala. It is an AICTE affiliated residential business school that provides 2 years full time PGDM program.

Entrepreneurship Excellence Program (EEP) / Family Managed Business of iFEEL is a unique program which is designed keeping in mind knowledge, skills and the best global practices required to run businesses successfully in today’s time. Practical knowledge and tips from real life entrepreneurs help participants sail through ups and downs of business.

It has a 3 pronged structure; start, grow and turnaround. Contact iFEEL today and turnaround your business forever!!

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