To start a business steadily, nurturing and expanding it in the process, requires a lot of effort, valour, resolutions, and determination. Yes, the basics steps to a successful business are having planned out a working business plan, putting money into it through investments/fundings, but in the real world, business plans pass through an evolution at every phase of the company’s expansion.
Many problems can break most of the excellent and well-planned business ideas and plans. These include native bazaar flux, drops in regulations and laws, world economy displacements, etc. This is where entrepreneur huge professional expertise, practicality and their experience comes into play in plotting a future low-risk line of motion, with beforehand strategies helping in minimizing loss from above problems if they ever occur.
While working out a future proof market approach, having professional know-how can be of tremendous help and is much needed in planning-plotting of the business plan. A Saying, Success rarely touches all the points of a triangle, the question is how does one can stay concentrated and fueled to one’s objective while overcoming all the hurdles.
A recent report published in “Business Value and Oxford Economics” by IBM Institute says, 90% of Indian Startups fail within the first five years of their course. For an Indian Startup, To be in the remaining 10% list is a very tough job. Here are a few important things which can take you up in that 10% List:-
Find the Problem
Entrepreneurship skills in some or other ways are to empathize with the pain points and remedy them. Find a severe and unobserved problem in the market that we can solve with a leading and permanent fix. Upon reaching the fix, all the critical aspects of our business from our planning to working plans to our recruitment process should revolve around this.
Suppose it is a fulcrum around which our business will move around. As the Indian real estate sector is facing hurdles because of confused management, lagging back in technology and continually operating on outmoded methods.
Keeping Tab on Market Segment Side by Side
We have found the problem and its perfect fix. Now we need to keep aside all our guesswork and dive into some honest market research. It helps in getting the picture of your market sector and it gets better with investing major time talking to market contributors.
For the craving entrepreneurs, focus on this – recognize your research as an important asset and use it to reevaluate or dismiss the guesswork and opinions by calling upon our practicality and professional experience. This is the ground step of our business. This thing is all about mastering the key points of our industry, clients, our rivals, our suppliers, etc. in its atomicity.
Call Your Inner Learnings – Professional Experience and Expertise
While being an entrepreneur, we will need to call upon our professional skills and experience many times during our company/venture growth cycle, even there are times where we will need our past learnings into action.
How we deal with multiple clients and How we get past through difficult times, How we handle the fall and What we learn, These are all cause of our past learnings. Why this is important, as it will save our precious hours, labour and capital, while at the same time helping us to focus on amassing other handy skills.
Be prepared for possible challenges beforehand
In any business model, the foundation in preparing for challenges is demanding. The field where we want to enter our venture will put objection and also openings at the same time, this is the time where we need to call upon our experience and know-how to counter these challenges and embrace that one opportunity we need. That’s why it is necessary to be prepared for coming events and challenges beforehand in creating a perfect contingency plan.
Having a sound clear and coherent Goal
There should be a single and simple answer to the question which people will ask at times, “ What is your goal for the future?”. So what should we tell them, Our goals should never be about just profitability but should be with a bigger mission and principle? When we start our entrepreneur journey, this bigger mission keeps us self inspired and predetermined.
Many think Entrepreneurs are risk-takers but they don’t know that they are calculated risk-takers. This difference between risk-takers and calculated risk-takers can often be equivalent to the main difference between a company fall and growth.
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.