How To Be A Successful Entrepreneur?
As an employee one is responsible for the duties delegated but as an entrepreneur, a person is responsible for the organization as a whole.
When we look at burgeoning young entrepreneurs like Mark Zuckerberg who became successful at 25, most of us are all sparked to come up with a perfect business layout. As fancy as ‘entrepreneurship’ sounds, it rather requires strategic planning, thorough SWOT analysis and practical implementation. The work doesn’t end here, as an employee one is responsible for the duties delegated but as an entrepreneur, a person is responsible for the organization as a whole and thusly for the success, failure and follow-up plans of the business.
Come up with a fresh business idea
To come up with a brand new idea one way is to look at the gaps in existing goods or services. For an instance, “Just Dance” which is a rhythm game series developed by Ubisoft has a collection of English songs and songs from foreign languages mostly. The game may be popular among young people in India but people in late 20s, 30s and 40s would prefer a mix of songs in Hindi, vernacular and English for entertainment purpose. Thus, here is a new business plan completely derived from a gap. Likewise, an individual can come up with a creative and innovative plan tailored according to one’s interest and capability.
A thorough research of the rough plan is a must. The research shall contain components like the appropriate location, expenses and revenue, the demographics of target customers, right source of finance, legal procedure and the ideology of the government in power.
Even an appealing business plan is a flop if it does not qualify the feasibility parameter. Feasibility study must comprise of economic and technological considerations, target customers and marketing strategy, legal and political framework of the country and figuring out capital to labour ratio.
Make the right connections
By the virtue of internet wave, we have online platforms like LinkedIn that have eased making professional connections. It is also imperative to make as many connections with the right people at right time to sustain the business.
Reaching out to the masses is an essential step to increase the customer base. Therefore, an appropriate and ingenious marketing strategy must be laid out.
Bigger the risks, bigger the profits
Bringing about significant changes in business and taking risks comes with a treat of greater failure. Sometimes it is good to give up on being risk-averse and go for that very step that may turn out to be a positive game-changer for the business.
Adapt to the change
Environmental, economic and political calamity are hard to see through and thus businessmen often find themselves in chaos when hit by any of these. A business can stand out only when an entrepreneur can see the blessing in disguise. Pandemic has been a tough year for everyone but it was commendable how some of the apparel businesses adapted with the change and introduced a new line of products like masks. Many of the service-oriented industries moved everything online and witnessed a boom. So the key to stability and growth underlies in the ability to quickly adapt to change.
It is rightly pointed by Philip Kotler that customers dictate the market and hence it is necessary to pay attention to customer delight. Customer delight goes way beyond selling the quality product at the right price, it also encompasses taking note of constructive feedbacks and grievances from them and incorporating it in the follow-up plans.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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