Entrepreneurship is in the vogue in recent times all across the world. Graduates fresh out of colleges and universities, salaried employees, retired people, homemakers, everyone is trying their hand in entrepreneurship and starting up their own business. Starting a new business is not a very difficult task but the truth is, very few of these entrepreneurial ventures ultimately sustain in the long run. The main reasons behind the failure of these businesses are the lack of planning, insufficient funds, conflicts of ideas, stiff competition, financial losses so on and so forth. Most of the small business owners invest a major portion of their savings in the business without any foresight and ultimately when the business faces the first loss, the owners are too uncertain to take it forward and eventually they close it in fear of further losses. So, it is of prime importance to do some prior research before you come up with your own business.
Few things to remember for entrepreneurs:
- Know the market: A good entrepreneur knows what the market wants and the more detailed knowledge you have about the market trends and customer’s preferences, the higher are your chances to succeed in your business. A good business man knows the pulse of the market as well as his customers. So, he can innovate and promote his offerings as per market demand.
- Keep it simple: The key to success in a new business it to make it simple and user-friendly. The entrepreneurs should think big and keep his eyes open to adapt any change that comes in his way. The simpler your offerings are the more are the chances to reach a wider audience in a limited time.
- Hire the right people: Employees play an important role in any start-up business. A team of good and dedicated employees can take your business to new heights whereas a bad hire can actually affect your growth. So, be careful while recruiting new people and judge them based on their past experiences or mindset. Most people look for a stable job in an established firm and join start-ups only as a stopgap. This mentality can be very harmful to your business as it might pollute the working environment in your office. Also, don’t think twice before sacking a bad employee. If the person is not performing or lacks the qualities to work in a start-up then you should get rid of him at the earliest as being a start-up business you can’t afford the luxury to continue with a bad recruit.
- Balance work and life: Most of the times, the entrepreneurship bug keeps people awake and restless for months or even years, making them neglect their personal life on the ordeal. But, this should be avoided completely. Don’t neglect your family and friends while focussing on your business. Maintain a proper work-life balance as this would only help you concentrate more on your work and let you think in a more creative manner. So, don’t overstress yourself. Stay healthy and happy to deliver more.
- Be receptive: Always be open to new suggestions and feedbacks. If you become over confident about yourself it might not take you anywhere. Keep your mind open and accept when your seniors or juniors come up with a new idea or a thought. As per the famous saying by Bill Gates, “Stay hungry stay foolish”. Don’t let self-satisfaction overpower your mind and grab every opportunity to learn new things.
These are the few mantras of a successful business venture. There are many other factors that decide the fate of a start-up. One more important thing to keep in mind is to identify the right market segment and target them in the most effective way. Advertisements and promotions play a major role in the rising of a new business. A positive word-of-mouth and good reviews can actually help you get more business and become profitable within a very short time. However, it is a challenge to remain successful and profitable in the long run. You need to constantly upgrade yourself and adopt necessary changes to survive and perform well in your business.