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Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts Read More

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Sunday, April 27, 2014

How to start your Business

How-to-Start-a-Small-Retail-Business

If I had……………………………………, I would have been a successful entrepreneur

The blank in the title is not a printing error; it is an expression of disappointment and disgust from a large number of people who have not made it as a successful entrepreneur. I have interacted with 5000 startups, professionals and students, of all age and if there is I thing that’s make a difference between a successful and an average company. It’s the never-say die of the entrepreneur.

So what are the things people usually need to fill the blanks?

  • Money
  • Team
  • Office, infrastructures and miscellaneous items

 

 

Money

money

If I had money, I would have grown much faster, but investors do not support my idea-this has been the most frequent complaints as well as reason I have come across. When I ask them, “How many investor have you met and how many banks have you applied for bank loan?” the answer is usually 0! Money does not make a business successful, but it is definitely a very important part of business. So if you feel the need of money, reach out the investor, make a good business plan, and polish your pitch. Reach out of people who believe your idea, and are willing to back you even with a small amount-1-2 lakhs is as important as 1-2 crores. Do not forget that the most important source of cash in your customer- make him happy.

 

Team

Team-1000x500

I recently met an excited young man. Who was little disturbed as his venture was going nowhere. I asked him why, and this is what told me, “if only I could clone myself- I need someone as energetic and passionate as I am,” Wow-you should thank your parents for your birth but can not go back to them to give you another brother or sister like you! Go out, network, meet people, take part in exhibitions, attend business plane competitions, share your vision with friends and ask for acquaintances, post your requirements in Linkedin, or tie up with someone who can do some part of your job-but keep moving. There are few people who also doubt their own abilities. Like finance, marketing etc. for them. I advise them to start working on these areas, and learn the art of selling financial review with CA friend etc. and keep learning regular.

Office, infrastructures and miscellaneous items

I call these the ‘hygiene factors’-the just add to the comfort level of an entrepreneur in their ventures -but do not any real value to customers. Neither does their absence lead to any real issues. Remember, some of the great companies were started in garage- Apple, Hp, Microsoft. Even Facebook, the biggest sensation of internet world, was started in a hostel room. So keep an eye on the big picture without under complaints about what you do not have. It is the pride of creating a solution that the world will use happily, that make a successful entrepreneur- so get down and start up.,

Dear readers a really humble thanks for appreciating me. I always care of my followers. for better understanding or entrepreneur let see these article also

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Thanx for your valuable openion.