Effective Administration and Achieving Goals!
Here are a few critical points to be considered for starting and succeeding in your own business and owning profitable and successful business.
Identifying the best business opportunity
In the emerging country like India, business opportunities are innumerable and many new business opportunities with innovative ideas. Choosing what kind of business to start can be huge task when faced with the multiple opportunities. Choosing a particular type of business should be very balanced choice between your Passion, Personality, Expertise, market reach and last but not least the financial parameters like amount of investment, payback period and IRR. The key in choosing the type of business should be with business sense rather than emotions. Ultimately, business comes down to the simple task of providing goods and services, which add value to people. Business opportunity is rated high if it meets customer wants.
Every business opportunity, however small it can be need to be evaluated against cost of building the business and sustaining the management till it is self sufficient to generate required fund flow. The best business opportunity is the one that matches your ability to deal with and raise attainable cash. Often, the new entrepreneur pays attention only to the initial investment but do not consider the initial running cost. The other mistake commonly made by new entrepreneur is investing in setting up the non-value added infrastructure including human resources with mind set to attract customer but seldom, customer is focused on the performance rather than set up. The infrastructure and resources should be in line with actual business in hand instead of possible business. Strongly suggest that would-be entrepreneurs do a realistic business plan. As a result of completing the plan you will be much better prepared and know whether or not your business idea is feasible.
Your skills matter the most
You as an entrepreneur can contribute incredible value to your business only if you can deliver skills required to succeed. Business requires motivated and skilled work force and this is one of the critical success factor.
Innovation a must
The pace of today’s business requires creativity, new ideas, news ways of doing things. These innovative ways of doing business not only give you the edge over competition but position you best in the market for brand building and pricing. There is need to build the uniqueness in the business for creating value to customer in a cost effective manner. Innovation simple mean making somebody’s life better or improve the experience of large number of stakeholders
A SWOT is simply stands for Strength, Weaknesses, Opportunities and Threats. Strengths and Weakness focuses internally at what your business can do but this would be incomplete if without looking at Opportunities and Threats that are external to a business. This is where a SWOT analysis is helpful. It challenges you to see beyond your company walls to determine what opportunities are open for your company and how to capitalize on your strengths. SWOT analysis is a quick and simple tool to understand the big picture and the most important take away from this exercise is take necessary action to reduce the threats to your company and position yourself to take advantage of the opportunities.
Working within legal framework
Starting a new business can be challenging, aside from all planning and preparation that comes with launching a new business, the new owners must understand and familiarize themselves with compliance and regulations before setting up their business.
As an entrepreneur, it is challenging to ensure legal compliance When you start a business you organize many activities like marketing strategies, business plan, location etc but one important thing you should always add is that of necessary legal compliance applicable to your business and this is required to protect your business and its name. To name few of important compliance are selecting the right name to the business and getting it registered, registration with tax authorities, registration with labor law authorities, registration with business administration regularity authority like company law or partnership firm, trade mark registration, patent registration, compliance under the applicable regulations, filing of periodic return and representation before concerned authorities for any query raised by them and information called for. Working within legal framework is most critical part of the business, failing which could lead to various penal consequences including closure of business.