1. Know Your
Blood Group
Don’t get confused with your real
blood group, you should know your appetite, wether it is for money or to be own
boss.
a)
To earn money: Money
should be the destiny of your business.
b)
To be own Boss: One can have one or two bosses where
you are working, but where as in business organization, all customers are your
bosses and you need to satisfy them and to focus on retaining then which is not
a easy task in the current highly competitive world.
One should have “Noble” objective
like to build world class organization with values and enabling employees to
grow with it. For example, during the initial years of establishment of
Infosys, Narayanamurthy has to take the delivery of computers, for that he has
to pay Rs.25000 as a bribe, or has to pay Rs.100000 officially to take delivery
otherwise. But Narayanamurthy has chosen to pay one lakh and took the delivery
of the computers. This is an example of an organization with core values, and
such organizations stands to be successful in the long run and poised t face
any kind of challenges and deliver great value to its stakeholders.
2. When to Start
Definitely, there is no good time to start
a business. Some experiment while studying, some start it after completion of
their graduation and some will start after gaining work/job experience. Here
one can learn from animal “Tiger”. It goes back one step backward, before going
forward. Here, you must think about pros and cons before taking any decision.
And some says, it is always better to start the business as early as possible,
so that one commits mistakes and learn from it.
3. Idea Bank
Any business must be emanated
from an idea. For example, the famous VadaPav of Bombay, or jumbo king, or
calorie care, or cash your drive, all businesses were started with the birth of
new idea. An idea may be good or bad or poor, should not ignore, because it may
lead to give some other new ideas. Here, you should not only consider the idea,
but you should make some value addition to it. So that it must be new to the
market and innovative, otherwise you can not attract customers to your product.
You can attract customers to your product with right quality and price. According to Steve Jobs, “Business
offers what the customer wants and also offer what customer does not expect” in
order to delight the customers. It is certainly true in current business scenario.
Most of the companies try to satisfy the customers, but you should try to
delight the customers always.
You
should protect your business ideas with copyright or patents as there are so
many companies try to imitate and launch similar products in to the market. We
have been witnessing this from a longtime.
For new ideas or business
startups, one can contact National Innovation Foundation.
4.
Don’t Fear
Characteristics of Entrepreneur:
- Creativity
- Dedication
- Mental stability
- Ability to understand change
- Commitment
- Self confidence
- Knowledge
As a budding entrepreneur, one has to
take care of everything and can not escape that you don’t know. One has to know
the limits, try to overcome it, as it is related to individual life ambitions.
5. Goal Planning:
Plan your business first. Once
you have business idea, next step is to focus on getting investments. Now,
there are many banks ready offer loans for your business once they satisfy with
your business project. Next is to getting customers to your product which is
the most complex and difficult part. After that you need to focus on break even
sales, once crossed that you will be in profits.
6. New Organisation
New organization is like a new baby.
Imagine, how much care you would take for a new born baby. Whenever baby cries,
you need to take care, whether it is for milk or some other problem. You need
to find out it, so that baby sleeps happily. Likewise, you need to take care of
your new business or organization. Always take care about the problems faced by
the business in order to have cash cow like organization. Always maintain
income/expense data, go through it carefully. Next is plan to source money or
investment which is very important for running the business. Try to have angel investor who share similar
opinion like you, and always be careful while selecting partners.
7. Business as Water Flow
Business is compared to flow of
water. Though the company offers very quality product, after some time
customers are dissatisfied due to lack of innovation. So, it becomes the
responsibility of any organization to offer better product with better services
and try delight the customers with innovative features.
Eg: Apples iPhone
For any business organization, “Understanding
Customer is Very Important”. “Grilling Guru”, a restaurant in Bombay offers mineral water for free. There
is a strong reason behind this. The moment you enter into the restaurant,
waiter asks customer, ordinary/mineral water, thereby making the customer to
think about the price at the very beginning. Hence, the owner start offering
free mineral water to his customers. Today, the restaurant turnover is around
130 crores.
8. Technology
Undoubtedly, we are living in a
technology driven world. Nothing goes smooth without the use of the technology
right from cell phone to software. So understand the benefits of the technology
to the business and leverage it.
To mention, there are many firms
who made use of technology and reaped benefits. For example, aryanflorist.com,
the site owner earns 46000 per day. Way2sms, a website for sending free sms,
was sold for millions to other firm. Even sabir Bhatia’s hotmail.
9.Personality
Personality
of organization was established due to effective execution of business practices.
For example, Tata’s has established trust among its customers. It took over a decade
to establish that personality. Similarly, your organization can also have
personality. For that as a promoter or leader to a group, your behaviour & habits influence the existence
/survival of an orgnisation. After venturing in to the business, most individuals
have second thought of going back to job if situation not favourable/or into
losses.Never think of going back to job, you feel it as life and death
situation, then only you can lead the business successfully.
As a leader make your employees goal
oriented and motivate/influence them. Prepare them like You.
10. Social responsibility
After all business is getting all its
resources from the society, whether it money, men, materials etc. So it becomes
your responsibility to do something good to the society. That means giving back
to the society. And you could it any form, by providing employment training, by
imparting education, by providing medical facilities, and etc. Now a days,
there are social entrepreneurs, who transformed lives of societal members. Even
students from IIT’s are taking this as their profession.
