An entrepreneur always needs to be motivated and do better than what he was doing the day before.
When the work turns out to be boring or monotonous or piles up to become a lot, an entrepreneur usually loses interest and tends to slack off. This affects the company’s productivity as well as the entire morale of the team to work since the boss doesn’t seem pumped up. Thus, an entrepreneur always needs to be motivated and do better than what he was doing the day before.
Here are 6 ways to increase productivity:
1. Self imposed deadlines
You know better than anyone else what your capabilities are and how much time you actually require to complete a work. So, if a client gives you two days to finish a task and you know that you can get it done in a day, impose the deadline on yourself so that you complete the work in the set deadline and have remaining time for other things. This boosts productivity and helps you stay focused on one task.
2. Always follow the two-minute rule
Entrepreneur and strategist Steve Olenski once said that “if one can do a task in two minutes or lesser, one should do it right then”. This is a brilliant concept because it doesn’t leave any space for procrastination. Also, he claims that if a person leaves the smaller tasks for later, they tend to take longer to complete them.
Since you are the captain of the ship, you need to look over a million things, however, you job doesn’t demand you to attend unnecessary meetings which don’t really need you. According to a survey, most people spend an extra 30 hours weekly attending unproductive meetings. An entrepreneur can delegate and do more important work in that time.
4. Take breaks
By breaks, we don’t mean a lunch break; but when you’ve been staring at your computer screen all day, you eyes and brain need a break. It could be as simple as a 2 minute walk in the fresh air or going to a beverage dispenser to get coffee. Taking breaks get your blood flowing and when you return to your workstation, you are fresh and are able to focus better. Hence, taking breaks when you experience fatigue will actually boost your productivity.
An entrepreneur might have a million things he needs to accomplish in a day and as the day progresses, s/he might forget one or two of them. hence, it is always better to make a to-do list and do the tasks which are more important earlier and delegate the less important ones. Also, a to-do list helps you remember what you need to do and when. You can also have a do-later list for small things that aren’t crucial but demand your attention.
6. Reward yourself
It is always easier to work when you are bound to get incentives out of doing a task. So, your incentive could be a bonus or a nigh out with friends after a long time you’ve been waiting for. These things will come only when you work hard for them. so, just like a kid is made to do things by promising him an incentive, do the same for yourself. You’ll be amazed to see how focused and hardworking you become.
Today we’re going to look at asset management for startups, to help entrepreneurs keep track of resources wherever they may be.
There’s never been a better time to own a small business. Never before has a small business owner had so many powerful tools to help their business succeed. Small businesses are flourishing all over.
With so many going into business for themselves, it stands to reason that not everyone is going to have a solid background in business. Just because someone starts a business doesn’t mean they have the tools necessary for success.
Today we’re going to look at asset management, to help you keep track of your resources wherever they may be and in whatever form they may come. Having an experienced asset manager to work with you will benefit your company a lot. Like Global Partnrs have included Formerly at Natixis John Hailer in their board of directors.
What Is Small Business Asset Management?
Small business asset management is both simpler and more complex than it might seem at first glance. Unlike other compound words, it’s more than just a sum of its parts. Small business asset management is more than just asset management for smaller companies, this is why we recommend Business Asset management systems Australia.
First off, asset management itself refers to maintaining someone’s investment portfolio. Asset management for small businesses is a little different. It’s more akin to inventory management than any kind of investing.
The confusion comes from what constitutes an asset. Thinking of generic asset management software might conjure images of basic accounting software. If you own a business, however, you know there’s a lot more to it than that.
Why You Need Small Business Asset Management
Imagine you’re running a tech company. Does your development team upload to a communal GitHub repository? That’s an asset.
Assets could also include invoices and accounts payable. That means you need to keep track of when those payments are due. Asset management software and tools will keep track of all of that for you.
Modern asset management software tends to handle all of the things you need to keep track of, maintain, and process your assets.
Asset management software will often let you process invoices and payroll through one convenient portal. It includes the latest features for privacy and security, so you don’t need to worry about sending sensitive information.
Asset management software can also offer in-depth control over every component of your enterprise. Things like access and permissions become of utmost importance when you’re dealing with intellectual property. A good asset management resource will take care of that for you.
Of course, employees are one of a company’s biggest assets. If you need help optimizing your human resources, consulting with a headhunter is a sure-fire way to ensure you get what you need.
Business has gotten unbelievably complex in the 21st century. It becomes impractical to try to keep track of it all in your head past a certain point. Putting an asset management system in place helps clear your mind so you can focus on making your business its absolute best!
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Browse the rest of our site today for more business wisdom!
Whether you plan to own one successful business or to start an empire of enterprises, become an entrepreneur isn’t easy. How do you become a successful entrepreneur?
Whether you plan to own one successful business or to start an empire of enterprises, become an entrepreneur isn’t easy. It’s a career path that is full of challenges and risks, but if you do manage to achieve your goals and become a success, it will be one of the most rewarding experiences of your life. So, how do you become a successful entrepreneur? Well, there are many things you will need to do, but below are some of the basics you need to look out for.
Think About Your Education
You might not always have wanted to follow the path of an entrepreneur; it might be something you decided to pursue later in life. If this is the case, consider what your previous education has been in and how that can help you. If you have no previous experience in business management or any formal education in this, you should think about enrolling on a business management course or another relevant subject to help you succeed. You can always study online to make it work around your career if this is easier through online colleges like Nothern Michigan University Global Campus at https://nmu.edu/online/.
Network
If you want to get noticed and people to start believing in your ideas, you need to put yourself out there. Utilizing networking opportunities is an excellent way to get ahead as an entrepreneur, but you will need to make yourself stand out from the crowd. Practice your business pitches, be willing to collaborate with other professionals and businesses, and make sure you always conduct a professional manner at these events. Being friendly and fun is important, but be careful that you’re not letting your guard down too much.
Keep Up to Date
Another thing you need to do if you want to be successful in your endeavors is keeping up to date with the latest trends and industry news. Ideally, you want your business brand to be a trendsetter and be one of the most innovative companies within your industry. This will keep you relevant and have people coming to you asking for opportunities to work with you, interviews, and more. It’ll also work in your favor to show how knowledgeable you are regarding current events and industry news when you’re networking or speaking with potential investors.
Leadership Skills
If you’re going to start building businesses from the ground up, you need to have the right personality for the job. Strong leadership skills are required if you want to be an entrepreneur, as people will be looking to you for guidance on the next steps of the business plan, problem-solving, and people management. You must lead by example, but also be wary that you don’t begin to micro-manage your teams as this can create a toxic working environment.
Organization Skills
Last, but not least, you must have excellent organizational skills to be a successful entrepreneur. There will be a lot of work to do when it comes to starting a new business, from market research and developing your brand to business planning, events management, and so on. Accept that you might not have a lot of free time while your business is in its infancy, but make sure that you’re staying organized so you’re not wasting time on things that are unnecessary and keep things running smoothly.
There are a lot of things you will need to do if you want to be a successful entrepreneur, but these are some of the basics.
Entrepreneurship isn’t for the faint of heart. With 20% of all small businesses failing within the first year, it’s easy to see why the prospect of being an entrepreneur can feel overwhelming.
Entrepreneurship isn’t for the faint of heart. With 20% of all small businesses failing within the first year, it’s easy to see why the prospect of being an entrepreneur can feel overwhelming.
If you want to succeed in the business world, it’s critical to keep your own personality and mindset in mind. As the force spearheading your company, it’s up to you to guide your own strategy and chart a course toward success—which can be harder than it sounds.
Sound familiar? If you’re struggling with your small business, here are a few tips to help you find your best self and achieve entrepreneurial success.
Learn to Take Advice
When it comes to being self-employed, many people want to think of themselves as independent self-starters who don’t need to rely on others—but that’s a sure path to failure.
As an entrepreneur, you’re unlikely to have expertise in every area of business. Ignoring sound business advice, financial insights, and legal feedback could make it harder to chase success in the long run.
Start to Sell Yourself
Sure, few entrepreneurs jump into the business world out of a passion to sell themselves. Many cringe at the prospect of appearing “phony.”
But at the end of the day, gaining the confidence and skill you need to self-promote can mean the difference between a popular business idea and one no one ever hears about. Tell your own story and get comfortable sharing your passion!
Network
Linked to the tip above is networking. The truth is, the best entrepreneurs aren’t really alone, even solopreneurs.
Business owners who network tend to find themselves with more of the support, guidance, and connections they need than those who don’t. Find people with whom you want to cultivate professional relationships, and start making an effort! Over time, you may find yourself working through the 4 stages of psychological safety with people who could easily become your own informal mastermind group.
Know Your Strengths
Not only is it true that you can’t do everything, but you also shouldn’t do everythiing. Know your strengths, and know how to play to them.
If you love managing the big picture but struggle with financial details, hire someone to take care of your payroll and accounting. If you’re great at networking but struggle with organization, spring for some helpful professional software to create better organizational systems for you.
Set the Right Goals
Having SMART goals in place can help you launch your company toward the objectives you have in mind, one step at a time. Try setting just one or two long-term goals that you can break into bite-sized milestones. Creating a plan to reach these smaller milestones becomes much easier in the short-term, allowing you to celebrate smaller successes on the way to your destination.
Find Your Path to Success as an Entrepreneur
The path to success will look different for every entrepreneur based on their personal approaches and mindset. However, the tips above are a great way to help you carve your way forward and find your best self, creating the strategies that lead to growth. Take your first steps toward success today!
Want more of the guides you need to help your startup thrive? We’ve got you covered. Check out our other posts for more info.
The epic saga has a few management lessons which every entrepreneur can learn in order to prosper in the field of business.
Ramayana is an epic written by Valmiki which symbolises many things like values, virtues, the triumph of good over evil, etc. However, when viewed in an alternate light, the epic saga also has a few management lessons which every entrepreneur can learn in order to prosper in the field of business:
i. Over commitment is never okay
Dashrath over-committed to his wife Kaikei which led to a lot of problems later and was dangerous later. This can prove to be a great lesson to entrepreneurs as they learn that it is better to promise less and deliver more instead of the opposite as your credibility is at stake here.
ii. Build your team smartly
When Ram had to cross the sea to reach Lanka, it was important for him to build a team that consisted of dedicated and loyal members. Similarly, if one wants to prosper in the professional sphere, it is important to be able to find people who will share your vision in order to succeed as a company.
Just like Hanuman was burdened with the task of taking a decision when he couldn’t find Sanjeevani on a mountain, every entrepreneur is bombarded with choices and hard decisions that need to be made without consulting anyone. Hanuman decided to carry the whole mountain which might not be the best decision but seemed like the most feasible one to him.
A person has to make many sacrifices in order to succeed in the entrepreneurial field as one has to work long hours and let go of a personal life. Unless you are willing to let go of certain things, you can never make it big. The best lesson of sacrifice you can take from Ramayana is from Sita who sacrificed the comfort of a home and luxuries of a queen to accompany her husband to the forest.
Raavan was an able soldier and a great man in various aspects; however, what led to his downfall was his ego which he couldn’t curb. Similarly, a lot of entrepreneurs fail because their ego comes in the way and overshadows all the good things they have achieved. In order to be a good entrepreneur, put your ego aside and let your work do the talking.
It is not just hard work which you need to put in to become an entrepreneur.
We’ve often heard that hard work is what will get you where you want to be. However, it is not just hard work which you need to put in to become an entrepreneur. Instead, it is a combination of factors along with hard work which is the true reason for entrepreneurial success.
Here are 7 reasons why you need to put in more than just hard work to succeed as an entrepreneur:
1. Hard work doesn’t come up with a kick-ass idea
Hard work begins only after you have a brilliant idea which is innovative, out-of-the-box and appeals to the masses. No amount of hard work can boost your creativity to come up with an idea in an instance. An idea might come to you randomly or with some inspiration but hard work is certainly not the way to get one.
2. Entrepreneurship requires team effort
Hard work isn’t enough to succeed as an entrepreneur because it isn’t a one-man show. It is a collaborative team effort and you’re doomed if you’ve hired the wrong guys. No matter how hard-working you are, you might have to slow down for your team members to catch up and then, continue working as a team.
Some people are creative while some aren’t; no amount of hard work will make you as creative as the other person. You can look for inspiration which comes from within or the surroundings but putting in mindless hours of hard work won’t make you a creative person.
4. Earning money
In order to earn more money as an entrepreneur, one needs to be smart and take good decisions instead of slogging like a donkey. Hard work is necessary but what is more important is to apply it the correct places for maximum productivity and output. If you can earn 500$ in 5 hours, why put in 10 hours to earn the same money?
Just because you work for 20 hours a day doesn’t mean you can compete with people who’ve been in the scene for 20 years. No amount of hard work can match up to experience and it is only the latter which can help you make quick yet balanced decisions for your company.
6. You can’t kill competition with hard work
You competitors might be better than you because they have a more evolved idea and better investors. You need to buck up on those fronts rather than just adding hours to your work schedule. Hence, for an entrepreneur, it is necessary to strategise well and come up with a plan which informs you about the shortcomings you need to work on.
This is the worst thing you can do to yourself. Just because you work very hard doesn’t mean that you have the opportunity to ignore everything else. Instead, it is important to take breaks and spend time with loved ones so you can remain more focused on your work and eliminate the chances of emotional burnout.
This article doesn’t demean the importance of hard work in any way. All it says that an entrepreneur shouldn’t mindlessly put hours of work which might go for a waste. Instead, one should be smart and try to gain maximum benefits and success from the time one actually devotes to a task.
If this is your first plunge into the entrepreneurial scene, it is always advisable to learn from other mistakes.
Entrepreneurship is a serious business as one needs to be dedicated and passionate about what they are pursuing. Business lessons gathered from people who are more successful or experienced than you can prove to be useful which is why they need to be paid attention to. If this is your first plunge into the entrepreneurial scene, it is always advisable to learn from other mistakes.
Here are a few business tips from successful entrepreneurs which will help you to enhance your business knowledge:
“It is vitally important to present a clear, concise plan that investors can easily understand and repeat to their own people. In the first meeting, avoid overly complicated, numbers-laden presentations. Nothing stays the same for long, so explain how you plan to tackle the inevitable technological changes and market shifts that are heading your way.” -Richard Branson, Virgin CEO
“Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity. Because, when things get hard, if you’re chasing just the dollars, or a random market opportunity, you’re not going to be able to have the fortitude, the passion, to stay with it.” -Jarvis, CEO of CreativeLife
“ I learned that you can’t build a business with two centres of gravity. Your centre of gravity isn’t your product, or your customers, or your market. Rather, your true centre of gravity is somewhere at the intersection of what you’re passionate about + what problem you want to solve + why that problem matters.” -Dan Greenberg, CEO and co-founder of Sharethrough
“Focus. Don’t try to do too much. Entrepreneurs are always thinking of the next thing to do. It’s great, but we only have so much time and brain power to focus on the right areas.” -Sujan Patel, founder & CEO at Single Grain
“If you get a prototype out and you get enough people using it, you never have to write a business plan. A prototype is where you separate the BS from reality.” -Guy Kawasaki, chief evangelist of Canva, author of ‘The Art of the Start 2.0’
“Take your time to think through something and when you’re ready, act fast. This absence of this diligence has been a common thread among some of the failures I can think on – hiring vs. firing, inadequate snap judgments, arguments, etc. Firing people, for example, can be one of the most difficult parts of an entrepreneur’s journey. It can be important for a company to move forward, but they’re moments that are never devoid of emotion.” -Matt Galligan, CEO and co-founder of Circa
“Though my previous company was ultimately a failure, it taught me a very valuable lesson: be maniacally focused on your customers. Though my previous company was ultimately a failure, it taught me a very valuable lesson: be maniacally focused on your customers.”-Jon Beekman, the founder and CEO of Man Crates
A mind map is a particularly useful technique that a lot of entrepreneurs swear by as it helps them break the creative blocks and make brainstorming sessions more fruitful.
“A mind map is a diagram used to visually organize information. A mind map is hierarchical and shows relationships among pieces of the whole. It is often created around a single concept, drawn as an image in the centre of a blank page, to which associated representations of ideas such as images, words and parts of words are added. Major ideas are connected directly to the central concept, and other ideas branch out from those.” -Wikipedia
A mind map is a particularly useful technique that a lot of entrepreneurs swear by as it helps them break the creative blocks and make brainstorming sessions more fruitful.
Here are a few reasons why you should use mind maps:
Increases efficiency
Mind maps can prove to be very efficient in increasing speed as it helps you break down huge volumes of data in an easy and efficient manner. Because mind maps are organised, changes or additions can be made to it without any hassle. The most important reason why people use mind maps is that they can have a large amount of data in one place which saves time and helps in better planning.
Structuring hierarchies
The mind map usually works on hierarchies which is why it allows the user to see all the levels of a hierarchy at once. By using the mind mapping, you make your job easier as you can use it to provide structure to the hierarchies in your map and understand the processes and relations in your map better. Because the map works on hierarchies, you are also clear of the more important objectives.
Generating more ideas
Sometimes during a brainstorming session, the panel might run out of ideas due to a creative block. In such dire situations, mind maps can prove to be useful as they evoke more creative and related words, concepts and ideas in your brain which can then be reassembled. Thus, the multi-layered, structured mind map can prove to be useful in getting your brain to think again.
Better decision making
Mind maps help you in making decisions because they are highly visual and detailed stuff which is listed down in a structured way. The map forces your mind to brainstorm potential solutions and list down the pros and cons attached to the solution. The map helps in reaching a balanced and thought out decision as you have enough information to rationalise your stance.
As an aspiring entrepreneur, Jack Ma should definitely be on your list of entrepreneurs to gain inspiration from.
Ma Yun better known as Jack Ma, is the founder and chairperson of one of the most successful e-commerce companies, Alibaba, which had recently been labelled as more successful than Walmart in terms of business. As an aspiring entrepreneur, he should definitely be on your list of entrepreneurs to gain inspiration from.
Listed below are a few quotes by him to help you through your entrepreneurial journey:
i.
The opportunities that everyone cannot see are real opportunities.
ii.
Hire the person best suited to the job, not the most talented. This can be a very painful lesson. There’s no point putting in a Boeing jet engine when you need to run a tractor.
iii.
Never deceive others, in business or in life. In 1995, I was deceived by four companies — four companies that are now closed. A company cannot go far by deceit.
iv.
We are never in lack of money. We lack people with dreams, who can die for those dreams.
v.
If you don’t give up, you still have a chance. Giving up is the greatest failure.
vi.
When you are small, you have to be very focused and rely on your brain, not your strength.
vii.
If we are a good team and know what we want to do, one of us can defeat ten of them.
viii.
You should learn from your competitor but never copy. Copy and you die.
ix.
A leader should have higher grit and tenacity, and be able to endure what the employees can’t.
x.
The opportunity lies in the place where the complaints are.
xi.
You’ve to make consumers smart. An e-commerce portal doesn’t sell a product at cheaper rates, instead, an offline shop sells it at a costlier price.
xii.
If you’re still poor at 35, you deserve it.
xiii.
I call myself a blind man riding on a blind tiger.
xiv.
Never ever compete on prices, instead compete on services and innovation.
xv.
It’s very difficult to know the outside world, but you know yourself. You know your need and what you want. If I know myself better, I can change myself to meet the outside world.
These TV shows and web series might or might not be based on entrepreneurship but the lessons derived from them are invaluable.
As we are aware of the fact that visual impact is more powerful as compared to simply hearing or trying to remember things. An entrepreneur can aspire to learn various lessons from certain TV shows and sitcoms. These TV shows or web series might or might not be based on entrepreneurship but the lessons derived from them are invaluable.
Shark Tank
This American reality series is a no brainer which every entrepreneur should watch. The panel of judges referred to as “Sharks” decide whether to invest in an entrepreneur’s idea or not based on a 10-minute dramatic pitch. This show teaches us about the reality and pressures of a pitch presentation and also teaches aspiring entrepreneurs to evaluate their idea like the sharks.
TVF Pitchers
Developed by TVF, this TV series went viral in no time. This show trails the life of four friends whose lives change after one of them gets drunk and quits his job. He then decides to build on the idea which had always been at the back of his mind. He also convinces his friends to leave their jobs and join him in his venture. They reach the final round of NASSCOM start-up conclave which triggers a chain of events which explain the ground reality of setting up a start-up perfectly.
This show is a must watch for all entrepreneurs if they want to learn about building up on an idea.
The Profit
This popular series isn’t all happy and teaches you the ground realities of entrepreneurship. Featuring one of the biggest tycoons, Marcus Lemonis, who decides whether or not to invest in an idea, this show focus on the triangular mantra for success- People, Process and Product. Also, this is a great learning experience for viewers as it teaches what not to do as an entrepreneur in the first part.
Simply watching this show won’t give you profits but you could focus on Marcus’ profitable tips to succeed in your venture.
Game Of Thrones
The most popular HBO series which focuses on the fight between various contenders for the iron throne teaches a lot of valuable lessons to the aspiring entrepreneurs. Daenerys teaches us the importance of building a strong and loyal team, Tyrion and Lord Varys through their cunning acts remind us why knowledge is important and Jon Snow reminds us why we should never underestimate ourselves in any situation.
How I Made My Millions
The popular CNBC original show focuses on common people who made it big with their idea and hard work. The show focuses on the whole journey from the start and then moves on to the various transitions and finally how the entrepreneur tastes success. This is a must watch for every entrepreneur aspiring to make million through his idea as stories of common people are bound to inspire him.
Orange Is The New Black
You might be shocked to see this Netflix series listed for entrepreneurs. But the series which focuses on lesbians in prison can teach you a lot about entrepreneurship through Galina ‘Red’ Reznikov. She is smart and builds a kick-ass supply chain to promote her innovative idea and ends up making profits in prison!
Here are the greatest failures/lessons from Jack Ma’s life.
Jack Ma, the 52 year old successful entrepreneur prefers considering himself to be an artist. The founder of the popular e-commerce platform, Alibaba, has had to face some major failures in his life which helped him succeed in the long run.
Here are the greatest failures/lessons of Jack Ma’s life:
1. He failed in school
Far from being the brightest student, he almost didn’t make it to middle school because he flunked too many subjects. However, he didn’t let this deter him and just like other successful men who weren’t the brightest in school like Winston Churchill, Albert Einstein etc, he went on to carve a niche for himself. “I failed a key primary school test two times, I failed the middle school test three times, I failed the college entrance exam two times.”
2. He scored less than 1% in Mathematics
Jack Ma has also had the misfortune of scoring 1 out of 120 in the math portion of his college entrance. Despite not having heard of the term “computer” in his childhood or acing maths or management or any required subject, he managed to get past the weaknesses and succeed in building the e-commerce giant, Alibaba.
“I am not good at math, have never studied management, and still cannot read accounting reports.”
It was Ma’s dream to study in Harvard which never worked out as he was rejected ten times. Even though he never made it to Harvard, this failure gives us a glimpse of his persistence and determination.
4. The only candidate who got rejected by KFC
After being turned down by almost 30 companies, Ma applied to KFC and he was the only one out of 24 candidates who didn’t get the job. Ma believes that he didn’t get the job only because he was short in stature and not good looking compared to the other applicants. This was a huge setback for him but he didn’t take it too personally and went on to do greater things.
He suffered a dearth of failures in the initial days of Alibaba as well. it wasn’t profitable, he couldn’t find Venture Capitalists for the company and the company almost went bankrupt after the dot-com bubble burst. He was relentless which is why the company still exists today.
Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option.
Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option. A lot of people believe these myths to be true which is why they don’t pursue their ambition of being an entrepreneur despite having a great idea. So, if you’re still confused, don’t worry, we’ve got the most common myths debunked for you.
Here’s a list of 7 most common myths about entrepreneurship:
1. Entrepreneurs are born, not made
This is the most common myth that deters people from becoming entrepreneurs. However, this is completely untrue. A normal person with an idea which solves a problem the society is dealing with can become an entrepreneur if he works on certain skills. If one is ready to develop on leadership and managerial skills and isn’t scared to take risks, one can aim to become a successful entrepreneur.
This myth is not completely justified because you may have great investors pumping in a lot of money into your venture but if your idea doesn’t appeal to the people, they will not buy your product or service. Thus, money might be important but it is more important to use the money wisely in places where it is required.
This is a common disbelieve because great people like Mark Zuckerberg, Mukesh Ambani and Steve Jobs have managed to become successful entrepreneurs without a college degree. However, a formal and educated background only helps an entrepreneur to understand concepts and the business better. An entrepreneur becomes one because of his idea and developed skills set and not his college degree.
This is another myth about entrepreneurship which needs to be debunked. It is true that you need an idea to develop on but the idea doesn’t need to be a completely new or innovative one. Running a restaurant, school or any kind of business or adding value to an already existing idea which solves problems of the society can also serve as a great base for entrepreneurship.
A lot of people consider entrepreneurship because they believe they will get to set their own terms at work and lead a team. However, this might not be a favourable scenario for every venture. With ideas like leadership coaches catching up, it is proved that even entrepreneurs who lead a team require help from superiors in order to succeed.
6. You need the perfect timing
People often comment saying that it is actually luck which will make you a successful entrepreneur. They believe that it is important that the time is right and destiny is in your favour. However, the history of entrepreneurs has proved this to be absolute rubbish as successful people like Reid Hoffman, the founder of LinkedIn, got success only later in their life in spite of a brilliant idea.
A lot of entrepreneurs we see aren’t college pass outs which have led to the common belief that entrepreneurship isn’t very difficult to achieve. Instead of attending rigorous classes, they concentrated on developing a skill set and an idea which they’ve grown only due to their hard work. A typical entrepreneur fails many times before s/he can succeed and defeat failure isn’t everyone’s cup of tea.
While contemplating whether or not to start your own business, ask yourself these questions.
A lot of people with great ideas venture into the world of entrepreneurship with the motive of making profits. However, setting up your own business isn’t an easy task as you need to look after a lot of things which might seem very new to you.
While contemplating whether or not to start your own business, ask yourself the following questions:
1. Why should I introduce this product into a market?
If you cannot answer this question successfully, it clearly means that your product is either not new or not enough to suffice the current problems of society. If you can answer this question without hesitating, go ahead and answer the rest as well.
2. How will my product/service help the society or any other stakeholders?
This is a crucial question which needs to be answered because the whole point of entrepreneurship is that you spot a problem and create a new solution. You need to make sure that your product/service affects your stakeholders for the better.
If you don’t have a mission and vision for your business, the whole thing could result in a failure. You need to have a goal besides profits which you want to achieve through the business you are setting up.
4. Which groups you need to target as your audience?
You can’t go around assuming that all people are your customers. You need to identify a proper target group for your product and focus on them more than other groups. You could also have secondary and tertiary target groups.
5. When are you likely to break even?
Break-even is a point where the total revenue earned is equal to the total cost incurred. This question is crucial because most businesses take about 6 quarters to break even. Also, this is the first question your potential investors will ask you because no one likes investing in a business which isn’t profitable.
USP is a unique selling proposition and it distinguishes your product from other competing products already available in the market. If you can clearly point out what is unique in your product and why it will work with your target group, go ahead with your idea.
7. What convinces you that customers are ready for your product?
Your product might be solving a problem and unique, but customers still might not want to buy it. In that case, you need to speak to some members of your target group and do basic research to see if introducing your idea into the market makes sense.
As a businessman, you should be aware of your competition in the market and learn from their strong points. Based on the present competition, you can mould your product or service to make it look more appealing to your target audience.
9. How and what will you price your product?
Pricing is a very sensitive and important part of a business. You need to identify which strategy you would use for maximum market share. You could opt for sales maximisation or profit maximisation depending upon the nature of your product.
10. What channels of sales and distribution would you employ?
You also need to figure out the medium of sales and distribution you would want to employ for your product. It could be an e-commerce based product/service or sold through personal selling. You also need to figure out where your product would be available.
11. How much capital would you need to set up the business initially?
You need to be sure about how much capital you would require to set up your business in terms of rent, labour, raw material etc. Calculate the cost of fixed and variable inputs for a better understanding.
12. What are the risks you might be facing?
Every business has its own risks. You need to figure out the risks of your own business and try and minimise them.
One needs to keep various factors in mind while aspiring to become an entrepreneur.
Entrepreneurship is one field which has grown leaps and bounds over the last few months. However, becoming an entrepreneur isn’t an easy task. One needs to keep various factors in mind while aspiring to become an entrepreneur.
Here are few powerful tips for first-time entrepreneurs:
1. Build a great team
Entrepreneurship isnt a one man show; it is a collaborative team effort which is why it is important for you to choose a kick ass team who you can trust with your vision and the future of your company.
2. Have a clear vision
It is important for an entrepreneur to have a clear vision about his company and its future because without a final goal, no one would know what they’re trying to achieve. This would lead to chaos and eventually to the downfall of the company.
Is the product/service you are offering to people solving a problem in the society? Because, if it’s not solving a problem, no one would buy it. Hence, it is absolutely important to find a problem or create it and then introduce your product accordingly.
4. Sometimes less is more
An entrepreneur wants to achieve everything in the beginning: offer a good quality product with extraordinary features and make profits. However, it is important for a new entrepreneur to deal with one issue at a time and focus on solving it rather than jumping in between 100 issues. Also, initially, offer a simple and nice product to attract your customers and then bother with the modifications.
5. Don’t price your product low for the sake of it
Sometimes just to enter the market, people price their products very low and later when they increase the prices, they have no customers. That’s why initially the prices must be sustainable and viable even if it means some less customers.
6. Your USP is your selling point
If you do not have a USP; you are doing something wrong because then your product is no different from your competitors. It is necessary to listen to the customer feedback and strengthen your USP and focus further marketing around it.
There’s no point in being a leader everyone fears; instead, become a leader who is fair, just and approachable. The leader needs to make sure that the team works as one and everyone’s ideas are taken into consideration before formulating a strategy.
8. Keep learning
A new entrepreneur needs to keep learning: sometimes it’s the tricks of the trade and sometimes it is simply life lessons. There are people who’ve been in this field longer than you have and it is always better to learn from those people. Also, reading books, watching videos and movies and hiring a coach can help you learn better.
9. Your business isn’t your life; it’s only a part of it
A lot of entreprenuers make the mistake of making their business a part of their soul and start getting defensive with their ideas and operations. It is good to be serious but needs to know where to draw the line. Focus on the more important things in life as well: family, hobbies, health etc.
10. Public speaking will get you places
As an entrepreneur one needs to be confident about their public speaking skills because pitching to VCs or giving a speech or a talk to the team isn’t an easy task. You need to be impactful and reasonable. Also, for the right ideas and words to come to you at a particular time, it is important to practice this art.
Failure and successes are a part of the job that you’ve chosen and the worst thing you can do is be hard on yourself because of a setback you’ve faced. After the setback, identify the mistakes and make sure you don’t repeat them again.
12. Try changing the current scenario
You should be focused on changing the world with your idea and inspire people to buy your product for the same reason. Money, success and other materialistic aspects are momentary and will come with time.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
It seems that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. Think of Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress) and Pete Cashmore (Mashable) — all in their early 20s, and high up on the list of successful entrepreneurs. But the age of the founder is not the primary factor that determines whether a business will be successful or not.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
In fact, there is an argument that those who start businesses later in life have a better chance of reaching success. Studies have shown that if you’re over 55 years old, you are twice as likely as your counterparts who are under 30 to launch a high-growth start-up. Not convinced? Here are 10 reasons you would make a better entrepreneur now than you would have when you were younger.
1. You have life experience
The most obvious and undeniable benefit of starting a business later in life is the fact that you now have years of life experience to pull from in your new venture. You are seasoned in the ways of the world, and you have a level of business acumen that you didn’t have in your 20s. You are more patient and willing to take each step in the business start-up process one-by-one in order to give your business the best chance it has at success.
While you may not have hands-on experience in every segment of the start-up process, it is very likely that you understand the importance of things like having a business plan, creating a solid financial plan and conducting thorough market research. And you know who you need to help you with the pieces you can’t do yourself.
2. You know more people (and they know people who know people)
At this stage of your life, you have likely built a large and diverse network of peers and colleagues. And because a new business often requires a village to thrive, your connections will be invaluable as you get started. Think about all the experts you have met in your life that could share their advice or provide services to help you in your new venture — attorneys, accountants, marketers, venture capitalists, financial planners, real estate agents, contractors, designers, and writers. This depth of a thriving network often takes years to build, so age is certainly an asset in this situation.
Having experience in the business world, you also understand the importance of networking and can ask for introductions when needed to move projects forward. This can often expand your network by double or even triple, giving you all the resources you need to get started.
3. You know how to set and achieve goals
Goal setting is an integral part of starting and running a business, and is necessary on a consistent basis during the life of the business. In our younger years, we don’t always understand the power of smart goal-setting for getting from one place in life to another.
As a seasoned goal-setter, the process of outlining a desired outcome, as well as the actions you will take to make that outcome a reality, will come as second nature. Your life experience will also help you remain objective as you consider different paths you can take to reach your goals so you can move forward in a more efficient, cost-effective and productive way.
4. You may have an advantage with investors
While young entrepreneurs are often favoured by investors because it can be easier for them to get a bigger ownership stake and have more control in the business, it can be argued that older entrepreneurs offer better chances of success because of what they bring to the table.
Many venture capitalists are looking for older, seasoned and experienced entrepreneurs who have “been there, done that.” The best investors are opportunistic, and by backing older and wiser entrepreneurs who have already made mistakes, they are able to make smarter investments.
5. You know what you’re passionate about
Many young entrepreneurs know they want to start a business of some kind, but they may not know exactly how they want to do it. This is because they haven’t had enough time to develop an idea of what they are truly passionate about. Richard Branson says that “Passion is one of the most effective motivators when it comes to launching a business — and often one of the strongest predictors of whether an idea will lead to success.” Without passion for your work, it’s very likely your business idea will fizzle out at some point. Older entrepreneurs know what they enjoy doing — and what they don’t — and can tailor a new business to fit that.
6. You have knowledge that is valued in today’s economy
7. You are financially secure
Starting a business when you’re young means you will probably be juggling the cost of business ownership along with the rest of life’s major investments many of us face: mortgage payments, children’s expenses (childcare, education, sports, vacations), healthcare, insurance, automobile payments, student loan repayment and retirement savings. While the expenses never really go away, the older you get, the more likely you are to have paid off a significant percentage of the big stuff. This frees up cash to invest in your business. Plus, having less financial responsibilities makes the idea of starting a business less risky since theoretically you will have a lot less to lose if things don’t work out.
8. You have a lot of start-up options
When you’re young, you have limited experience, a limited network and limited capital, so your start-up options are often limited as well — usually a bootstrapped start-up is the only way to go unless you can secure the ever-elusive financial backer. As a financially secure, seasoned professional, you have more options when it comes to your path to entrepreneurship. Sure, you can start a new business from the ground, but that is not the only option on the table. You can buy into a franchise, leveraging the power of an already successful brand and making it your own legacy. You can also form a partnership with a fellow entrepreneur and split the costs, workload and profits. Or, you can become an investor yourself, moving to the other side of the table by providing capital for someone else’s business idea. In return you get a percentage of the business, leaving the “in the trenches” work for them to handle.
9. You’ve failed before
Failure is a part of life, and the older we get the more failures we have on our tally. Whether you have two big failures on your list or 22, they are a huge benefit for two main reasons. First, the most valuable part of each failure is the lessons you learned in the process. Each failure taught you the importance of being prepared, hard work and why you need a contingency plan. Second, your fear of failure is probably a lot less significant now than it was in your youth. Since being afraid to fail can result in an inability to make a decision, lack of confidence and inaction, having less to fear can be a powerful reason why older entrepreneurs have an easier start.
10. You are self-confident
You know all of these failures we just talked about? In addition to valuable lessons learned, these failures also create one more big benefit as soon as you are able to rebound — they boost your self-confidence and motivate you to do better. Many young entrepreneurs have high self-esteem and a certain level of confidence naturally, but much of that comes from pure optimism that their business idea will turn into a hit. Optimism is definitely needed when starting a business, but when you take that optimism and add in confidence that comes with a track record of proven success, it’s unbeatable. As a seasoned professional, you have already experienced both wins and defeats, and have emerged with a powerful confidence that will allow you to take the challenges of business ownership in stride and come out ahead.
So if you are getting older and feel like your chance at entrepreneurship is fading away a little bit every year, think again. Now just may be the perfect time to take the plunge and start a small business.
These websites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for a successful business experience.
Learning is an integral process for every entrepreneur and with the gamut of data available, an entrepreneur definitely receives a lot of help. The website has sufficient information which helps the budding entrepreneur to strategize and build his company accordingly.
The following sites are absolutely important for an entrepreneur to follow as it provides them with information, strategies and also teaches to use the various tools for successful business experience.
1. Entrepreneur.com
This website definitely lives up to its name by motivating budding entrepreneurs and helping them learn the tricks of the trade. The content on this site is packed with information, tools and strategies regarding how to start and build a whole company. The blog of the website is filled with articles related to marketing, business and finance tips to guide an entrepreneur. This website will educate and motivate the entrepreneur at the same time.
2. BusinessOwnersToolKit.com
This website helps to you start at the very basic stage. It is a simple guide which doesn’t believe in frills and provides you with relevant and versatile content. The versatility appeals to all kinds of entrepreneurs and while starting from scratch, this is the website to be hooked on to.
3. ChicCEO.com
This website calls out to the female entrepreneurs of the world as the name suggest. However, due to the nature of its enriching content, it garners traffic from both genders. The website helps you by providing step-by-step tutorials of website creation, creating a mission statement and more, all through e-mail. To make your life easier, the website also offers downloadable guides on a variety of subjects.
4. ASmartBear.com
This platform created and managed by Jason Chen has over 40,000 subscribers because of the level of information they churn out. A lot of marketing and entrepreneurial advice and tips are doled out on the website which have helped struggling entrepreneurs over the years to build and run their companies.
5. Ben’s blog
Living up to its tagline “CEOs are made, not born. Teaching You To Become One”, Horowitz’s website teachers entrepreneurs at a nascent stage about how to build their company and serve as proper and diligent leaders and CEOs. Once you delve into this blog, a lot of relevant information presented in a unique form is made available to you. The rap lyrics and accompanying music used will entertain you and help you make your business more alive.
6. YourStory.com
An Indian website founded by Shradha Sharma aspires to help all budding entrepreneurs to make it big by providing them with exclusive tips, guides and success stories which motivate entrepreneurs to make their companies successful.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions.
Starting a business can be a stressful experience. You don’t know if people will like your product or service. Is it something people really need? What about the competition? How do I hire the best talent? There is so much to do with so little resources that all these concerns can weigh you down, distract your focus and even cloud your judgment.
On the other hand, top executives in big companies, from Google to Goldman Sachs, are beginning to realize the importance of mindfulness to achieve their full potential. Worrying less about today’s problems and losing sleep over future obstacles can pave the way for mental as well as physical well-being, leading to better performance.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions. It also alleviates the physical stress that stops you from giving your best. So how can it help entrepreneurs: the startups, small businesses and solopreneurs striking out on their own trying to change the world?
Here are 7 ways entrepreneurs can apply mindfulness to bring order to their chaotic lives and realize their dreams:
1. Don’t be a sleep hero
Running a business is like running a marathon. You need to be able to put in your best effort for weeks, if not months, together. If you don’t get adequate sleep, you’ll feel tired quickly and your startup will suffer.
Sure, you may pull the occasional all-nighter but ensure that you get a good 6-8 hours of sleep every night. You may have read mythical stories of successful entrepreneurs who sleep for just 4 hours a day. But understand that it’s only one side of the story. Such people often make this up later by sleeping for a long time.
Lack of sleep will affect your cognitive abilities – you won’t be able to think clearly and make important decisions. Go to bed early. Wake up early. If you feel tired or sleepy, take a quick nap.
Email is a great tool to communicate with people and grow your business, but it can hurt your productivity if you spend too much time on it.
Set aside a specific time (before you start your work, after lunch, or before you leave for the day) when you check your inbox every day. Filter your emails into folders, prioritizing those that need to be answered the same day.
Also, avoid replying to all your emails. It’s wonderful to help others but not at the cost of your own focus and productivity.
“Concentrate all your thoughts upon the work at hand. The sun’s rays do not burn until brought to a focus.” -Alexander Graham Bell
3. Keep aside “thinking time”
It’s easy to fall into a routine carrying out the day-to-day tasks required to run your business. Although it’s a good habit that helps you stay focused, you might miss the big picture if you don’t look at your business from a different perspective.
Devote at least an hour a week to thinking about the next steps, analyzing if you’re headed the right way and what can be done better. It’s essential to give your brain some space and time to explore creative ideas and discover the ‘Eureka’ moments.
4. Spend some time developing your beliefs
To drive your startup to greater heights, you need to truly believe in what you’re doing and know why you’re doing it. If not, you’ll get demotivated whenever you face an obstacle. In your life’s most challenging moments, it is only your belief that will pull you through.
As Steve Jobs said in his Stanford commencement speech, “I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
Spend 15-30 minutes every week reminding yourself why you’re doing what you do. Write down a mission statement and keep it in your wallet. Read it whenever the going gets tough. It will help you calm down, and recharge yourself.
5. Regain your focus every morning
The focus isn’t about typing away on your laptop for hours, or spending all day in meetings. It’s a bigger commitment to yourself to see through a task and do everything it takes to make it happen.
Such focus is present with you at all times, even when you’re not working. It moulds your attitude, your way of thinking and even your approach to life. It guides you in the right direction and enables you to quickly spot and avoid distractions.
Spend some time every morning before work developing your focus through meditation or similar activities.
Don’t make decisions when you’re feeling super-high or low with anger, sadness, or anxious. Make these key decisions when you’re treading the middle path. Every business decision costs a lot of man-hours and money, so never hesitate to put off a decision until the next day unless you’re not feeling emotionally balanced about it.
7. Organize your office (and your mind)
Whether you have a proper office or just work from a laptop at cafes and parks, it’s essential to keep it tidy in order to be more productive. A well-organized and tidy office will not only help you get things done faster but also develop a space conducive for strategic, logical and creative thinking.
Start by decluttering your office space. Only keep things there related to your work such as books, files, office stationery, and laptops. Remove unnecessary items such as last week’s plates and relics that should probably be at your home.
Also, clear out extra stuff from your laptop and phone. Delete unused files and icons from your desktop, and remove unwanted apps from your smartphone.
“Eliminate physical clutter. More importantly, eliminate spiritual clutter.” -D.H. Mondfleur
These tips will enable you to channel your efforts in the right direction and avoid getting overwhelmed with the tasks at hand. Put aside some time every day to clear your mind and practice the above habits. Within 2-3 weeks, you’ll begin seeing results – an organized mind with a focused mindset to achieve its dreams. How do I know this? It has worked for me.
Which one of these tips did you find most helpful for developing your career? Let us know in the comments below!
If you want to be successful in your life and business, you need to know how to safely set both on the balance beam.
If you want to be successful in your life and business, you need to know how to safely set both on the balance beam. Two years ago I started an online business. I was thrilled and scared at the same time; the thought of strangers paying me to implement solutions I recommend was far from what my 5+ years of college education taught me.
But that excitement was short-lived. While I was inaugurating my online business, I started a new life as a graduate student in an accelerated nursing program. Now my life consisted of these things: writing blog posts, social media promotion, interviewing guests, studying for classes, going for clinical rotations, working my almost full-time job, and launching an online business.
For the first time in my life, I was diagnosed with critically low vitamin D levels. My memory suffered as I could not keep up with the demands of school, running a blog, and creating a course. Finally, I crashed. It has taken me 2 years to regain my mind-body balance and get back in the game.
Here’s 5 things that I’ve learned about the recovery process after burnout:
1. Check where your intention is coming from
With the number of online entrepreneurs closing down shops, pivoting to other business ideas, and just getting burned out in general, it is important to address your WHY.
Making money is cool but ask yourself why you’re really doing this. Are you in business to cash in on the next marketing fad or organically working your way towards building an audience? Are you just concerned with conversion tactics and traffic instead of selling with integrity?
This sounds very trivial, however, the only thing that would keep you from pulling the plug on your business on days you don’t feel like showing up is your WHY. Your intentions for starting your business will always find a way to become relevant when you’re stuck with indecision. When you feel like you’ve lost your voice in the sea of entrepreneurs who operate in similar niches like you, checking in with your intention will give you a boost in clarity.
“Self-awareness is your most important attribute.” –Gary Vaynerchuk
Before you jump on the next popular challenge to create a video or audio series, know your body and mind more than anyone else. At some point during my burnout period, I was sitting in front of my laptop for 12 hours straight.
There were social media posts to schedule, lead generation systems to automate, CSS and HTML to be learned, and tons of webinars to sift through. If anything, what your passion needs right now is serenity. Delete the multiple checklists on your desktop to allow serenity to prevail.
3. Pivot to a business model that works for YOU
In July 2017, I exited the online copywriting scene with relief. Prior to that, I listened to some coaches and online mentors who want you to do things exactly the way they envision them, with their exact blueprints, in their exact language. If this makes you cringe or makes you want to claw your way to freedom, I’ve got good news for you.
It is okay to only do work that excites you. It is absolutely okay to be brave enough to hold pause on a product that seems like a cash cow but locks you in an unsustainable lifestyle. If producing monthly content for a membership site gives you anxiety every month, you need to examine why you think you need this in your life. You should never sacrifice your health or relationships for money.
4. Develop tiny sustainable habits instead of to-do lists
For the longest time, I hated to-do lists and always found procrastination more fascinating. To me, these lists were never ending and was always a sign of busyness and lack of freedom. So I did away with all lists and what every marketing expert said I should do.
This sounds like a controversial way to be productive but it soon paid off. Instead of sticking to lengthy to-do lists and schedules, I focused on little incremental changes I could manage and track.
For example, waking up an hour early than my usual time made me realize that my thoughts flow better when there is less chatter around me. Before I wasn’t aware of this but this realization now comes handy when I need to schedule time for content creation.
So, ask yourself, “Would I be able to do this thing for the next 21 days, unhindered?” Commit to little tiny steps to get in the habit of respecting your time and energy. As a result, you will know where your margin is and how you can optimize this creatively and productively.
“Meditation is not about stopping thoughts, but recognizing that we are more than our thoughts and our feelings.”–Arianna Huffington
5. Seek a community that embraces and supports the entrepreneurial spirit
If you are currently navigating the space between being an employee, a hustler, and a full-time business owner, the realities of what it takes to be an entrepreneur can be frightening. There are days when you will question your calling and be tempted to quit because you aren’t making sales. Maybe your most recent promotion flopped despite all the careful planning and expenses on a strategy coach.
In moments like this, I have found membership in a community that embraces the fragile dynamics of the entrepreneurial life to be comforting. Sharing and marketing your work can be scary, soul-draining, and make you want to hide under the covers. Yet, as an entrepreneur, you simply can’t do it alone. Just as you would feel compelled to share your wins and successes, you need a community of like-minded people who will rally around you and encourage you to take the next adventure.
Recovering from my burnout has taken over two years but it has now equipped me with the strategies I need to thrive as a creative entrepreneur.
Have you ever experienced an entrepreneurial burnout? How have you recovered from one? Please share your thoughts below.
Margaret Olatunbosun is a writer and creative entrepreneur who helps passionate & creative misfits uncover profitable ideas so that they can design a life and business on their own terms and build meaningful brands that leave a legacy. Most of her work is dedicated to helping you find your path to creative freedom through her insightful weekly emails and free ultimate guide on how to create profitable offers dream clients want. Her thoughts on career and entrepreneurship have been featured on MSN Money, Thrive Global, The Huffington Post, Career Contessa, UYD Media, Inspired COACH magazine, and many more.
You need to build a solid financial plan that will help you boost your cash flow and manage your available resources wisely.
So you’ve finally plucked up the courage to turn your dream of becoming the next Steve Jobs into reality. You’ve already ditched your job, chosen a perfect name and a logo for your startup, and even started building your website. In a month or two, the whole world will know about you.
What in the world can be simpler than that?
Unfortunately, even though this all plays out perfectly well in your head, setting up a business is not just about having brilliant ideas. Money makes the world go round, remember? To survive in the first year of your entrepreneurship, you need to build a solid financial plan that will help you boost your cash flow and manage your available resources wisely.
Here are a few financial tips that will help you do so.
Set Realistic Goals
The only way to succeed is to dream big, right? However, in this turbulent entrepreneurial world, this doesn’t have to be so. On the contrary, setting unrealistically high objectives may leave you holding a bag of worms. The key to success lies in scaling down your business ideas and setting achievable goals.
In the beginning, you should focus on staying on budget and keeping unnecessary expenses low. So, there is no need to go into the red by investing in a fancy office in the heart of the city or buying the state-of-the-art equipment. Instead, you should consider outsourcing your workflow. Namely, statistics show that remote working programs help businesses save on up to $11,000 a year, allowing you to allocate your budget to some more important aspects of your business, such as paying taxes, salaries, and health insurance.
Once you launch your startup, expenses will be coming at you from numerous directions. And, the only way to survive is to know where every single dollar is going or coming from. However, if you don’t have any experience in accounting, managing hundreds of bills, receipts, taxes, and invoices on a monthly basis on your own is not an option.
One of the most effective ways to stay on top of your finances is to invest in cloud-based accounting software, such as FreshBooks, Xero, QuickBooks, and Kashoo. These highly intuitive solutions will do all the hard work for you, allowing you to access, monitor, and manage your finances in real-time. Of course, as your business grows and your accounting becomes more complex, you should consider hiring a pro to handle the books for you.
Without customers, your business wouldn’t exist. To build an extensive customer base, you should promote your business through a wide range of acquisition channels. For starters, you could focus on building a digital marketing campaign, as one of the most affordable and effective ways to hook your customers’ attention. Launch a user-friendly site and optimize it for search engines, start your company’s blog, be active on social networks your customers use, invest in a solid email marketing campaign, and get featured on all major business directories. You could even turn to some effective guerrilla marketing techniques, such as street art, organizing stunts, or throwing flash mobs, and promote them via your social media profiles or website.
Once you attract new customers, you should go the extra mile in retaining them. Namely, reports show that 80% of your business’ revenue comes from 20% of your current customers. Ranging from providing loyalty programs to giving out promotional products, there are numerous ways to show your customers a little appreciation.
Keep Calm And Have A Backup Plan
Did you know that 82% of small businesses fail due to cash flow problems? This is exactly why you should have a backup plan when starting a business. Given the fact that it takes your business two years before it becomes self-sustainable, you should never get carried away and quit your job as your main source of income.
Also, the chances are that you will face numerous cash flow problems during this period and, to survive, you need to act fast. This is why you need to choose a funding option that will meet your needs and get you going no matter what. Always go with the financing solutions that will boost your liquidity immediately and yet won’t compromise your company’s future, such as applying for equity funding, selling invoices, taking out online loans, or crowdfunding.
“Our success has really been based on partnerships from the very beginning,” Bill Gates claims. However, you don’t have to be one of the richest people in the world, owning a tech giant to harness the benefits of business partnerships. On the contrary, they may be necessary for your survival in such an overcrowded market.
Teaming up with another company in the same niche that has a similar corporate culture and mission statement gives you an opportunity to expand your customer base, generate more revenue streams, save money on shared expenses, and gain more experience in a given area.
Back To You
Even though launching your company may now seem like some sort of self-punishment to you, this shouldn’t discourage you. Against all the odds, with a strong financial plan, dedication, and patience, you will manage to launch your dream company and stay competitive.
David Webb is a Sydney-based business consultant,online marketing analyst and a writer. With six years of experience and a degree in business management, he continuously informs the public about the latest trends in the industry. He is a regular author at BizzmarkBlog. You can reach him on Twitter or Facebook.
The pioneer of online travels in India; Deep Kalra is the proud founder of Gurgaon based – MakeMyTrip.com.
The pioneer of online travels in India; Deep Kalra is the proud founder of Gurgaon based – MakeMyTrip.com.
The Million-dollar MakeMyTrip in a nut shell, is an Indian online travel company which provides online travel services like flight tickets, domestic and international holiday packages, hotel reservations, rail and bus tickets, etc.
Speaking of his qualification; Deep holds a Bachelor’s degree in Economics from the St. Stephen’s College, Delhi, after which he went on to pursue his Masters in Business Administration degree from the Indian Institute of Management, Ahmedabad (IIM-A).
Presently, he lives with his wife Amrita, his 11-year-old daughter Manya, and his 9-year-old son Armaan. Some of his favourite past times include adventure sports, yoga, swimming, quizzing and travelling to places off the beaten path.
Deep’s career started soon after he completed his Masters with IIM-A & went on to work for companies like GE Capital, ABN AMRO Bank, etc!
Now back in 1995, Deep Kalra took a huge risk by quitting his stable & good-paying but boring job at ABN Bank to join AMF Bowling – an American company that was hoping to enter the Indian market to setup bowling alleys and billiard halls.
He put in all that he had and managed to open more than 200 lanes, most of them in small centres. What was even worse was that, the venture wasn’t really his own thing, and he had a remote boss back in America who threw him in the market without giving him the appropriate mentorship or guidance.
Evidently, for obvious reasons, this did not appeal to him and he also realized that they were all not worth his talent. He needed something more to showcase the same!
At the same time, he noticed that the Internet industry was growing at the speed of fire and held a lot that could be capitalized on! Having said that, he quit his job & began the old-age brainstorming session! He saw that, with all the brokers, the agents & middlemen in place, the online travel booking industry was messier than a man’s bedroom!
Hence, with a backing of USD 2-Million from eVentures and along with co-founders like – Keyur Joshi, Rajesh Magow and Sachin Bhatia, deep began his new found journey with MakeMyTrip.com (earlier known as India Ahoy) in 2000.
Untold story of MakeMyTrip.com!
Phase I – Rough Start
Now it is somehow a fantasy of almost every living creature to travel and explore new destinations. But unlike Birds we have to sort out a lot of things before we start our trip and unfortunately we have to pay heavily for them as well.
But now that we have so many websites available to help us sort our trips, it has gotten a lot easier. And entering new in this race of websites we had – MakeMyTrip!
Now initially, he had also seen that the Indian market was yet to evolve & mature, when it came to the internet industry and playing it safe seemed far more viable than otherwise! Hence, he started off by catering to the overseas Indian community for their US-to-India travel needs.
Anyways just within two years from their launch, their business got jinxed and the dot com market crashed, taking down everything they had begun to make!
This was a very hard time for them and literally everyone who belonged to the internet market. VC’s weren’t ready to touch the internet industry. Their VC, who once ready to offer any hefty capital they demanded, now wasn’t even ready to give USD 1-million.
The situation was so bad that in-order to save the company, Deep had to take some very harsh decisions. They had to reduce their employee strength by a literal half, and what was even worse was that, he also had to let go of their & few other top-management employee’s salaries for the next 18-months.
Taking some thoughtful, stern yet intelligent decisions, MakeMyTrip turned out to be one of those few who managed to survive the tsunami. And as time passed, the situation got better and their decision turned out to be fruitful as well.
Their business now had begun to pick up & was reaching a decent customer base. That is when IRCTC (Indian Railways Catering and Tourism Corporation) launched their first online business model which enabled the Indian traveller to purchase railway tickets on the Internet.
This model of IRCTC was well accepted but the Indian masses and turned out to be a huge hit. Additionally, Low-Cost Carriers had also recently entered the Indian Aviation space. These chains of events opened a whole new level of opportunities for the travel market in India.
It was now time to broaden their portfolio and although this venture for the Indian market was too ahead of time for various reasons like using their credit cards online, trust issues for non-established brands, etc. they risked it anyway.
And in September 2005, they officially launched their services for the Indian market as well.
As a first; apart from flight ticketing MakeMyTrip began by offering holiday packages and hotel bookings which was followed by their tie-up with IRCTC’s online business model.
This move not only increased their presence in railway ticket booking but also gave the much desired boost the Indian market was looking for!
And in a matter of no time, the company started making awesome revenues. The demand was so much that 1-out-of-every-12 domestic flights in India were booked through MakeMyTrip.
Within a year, the company had acquired 200,000 happy customers. As a matter of fact, when the world was in recession in 2008, the company was crossing their Rs1000-Cr mark.
The same year the company also recorded profits worth $5-million with gross revenues being approx $500-million.
From here onwards, the company brought about a lot of additions to its existing profile; be it launching a multi-city flight booking service “Alootechie.com,” adding chauffeur-driven online cab rental services or creating several travel-related Apps for all types of mobile devices, they made sure to leave no table unturned.
But the biggest news that came to light was their listing on NASDAQ, in August 2010!
This was like the ultimate blow for all its potential competitors. As satisfying and happy the moment was for them, it was equally a proud moment for India too, because MakeMyTrip was one of the very few Indian Dotcom companies to be listed on the US stock exchange.
This also bridged the gap between the foreign investors & Indian businesses; thus opening doors for a pool of foreign investments in India in the IT sector. Additionally, this also boosted the confidence of the young entrepreneurs which gave rise to a lot of start-ups in the future.
Since then, MakeMyTrip has majorly focused on expansion and up-ping the revenue which has been done through various mediums such as unique marketing strategies, product development, etc!
During this phase of expansion; even though the company faced their share of problems, but at the same time they also managed to rise out of it bravely and used these hurdles to expand their reach far beyond their imaginations! These comebacks have also time-&-again been proved through their numbers.
One such problem they faced was in December 2013; the wealth of MakeMyTrip which was over $50-mil had been cut by halve & their net revenues declined 5.5% as well. MakeMyTrip was also seen to be booking losses worth $2.6-million.
Times were hard for them but as they had faced problems earlier, they were more prepared and experienced to tackle issues this time, and hence in the next quarter, MakeMyTrip successfully came back with a bang & proved themselves by reporting a 27.7% rise in revenues.
If that wasn’t enough then in march 2014, MakeMyTrip announced a $15 million innovation fund for new entrepreneurs in the travel circuit. And when we looked at the recent stats of the NASDAQ listed company; with a current market cap of $934-Million they seem to be growing drastically too.
And lastly; apart from initial investment of 2-million, MakeMyTrip has raised USD 10-million in 2005, USD 13-million in 2006 & USD 15-million in 2007 from investors such as SAIF (Softbank Asia Infrastructure Fund) Partners, Helion Venture Partners, Sierra Ventures & Tiger Global, till date!
Phase IV – Mergers, Acquisitions & Investments
Over the period of time, MakeMyTrip has also done some notable mergers, acquisitions & Investments, some of these include:
1. MyGola: A start-up travel guide firm was acquired by MakeMyTrip for an undisclosed amount in April 2015.
2. com: A Gurgaon based online health store received investment worth $6 million from Deep Kalra along with other investors such as Sequoia Capital, Omidyar Network, Intel Capital and Kae capital April 2015.
3. TrulyMadly: Deep Kalra also made angel investments in the matchmaking website in March 2015.
4. com (ETB): An online hotel operator based in Amsterdam was recently acquired by MakeMyTrip in February 2014.
5. Hotel Travel Group (HT Group): Again a Travel firm with operations in Thailand, Singapore and Malaysia was acquired in November 2012.
6. ITC Group: A Tour operating company based in Thailand was acquired in November 2012.
7. My Guest House Accommodation: A Budget Lodging / Hotel Operator based in Delhi was acquired in November 2011.
8. Le Travenues Technology Private Limited: The Parent company of Ixigo.com based in Gurgaon, which performs ‘online travel meta search engine’ was acquired by MakeMyTrip in August 2011.
9. Luxury Tours and Travel Private Limited: A Singapore based Travel Agency was acquired by MakeMyTrip in May 2011.
Achievements
• Chairperson of the NASSCOM Internet Working Group
• Member of the Executive Council of NASSCOM
• Member of CII’s Tourism sub-committee
• Awarded as the “Best Travel Portal India” by World Travel Awards (2014, 2013)
• Awarded as the “E-tailer of the Year” by ET Retail Awards (2014, 2013)
• Awarded as the “Best Online Travel Service Firm” by Times Travel Honours (2011)
• Listed as “Ten Best Companies to Work For in India” by Great Place to Work Institute (2013, 2012, 2011, 2010)
