Not every business that is started succeeds. Many of them falter and close down. Some businesses which are started with ample capital and resources don’t do well. Certain businesses which are on shaky ground when they are started, pickup and do well.
A small business started with limited resources cannot cater to all markets. So focus on a specific, specialized market. As you get along you would become an expert in the field. Do what you can do best. Catering to specialized needs, you will be facing less competition.
A small business will have both advantages and disadvantages over a large business. You might find it unnerving to take on big competitors. One of the advantages of a small business is that you can give personalized service to your customers. It is possible to respond immediately to any problem.
As a small business cannot afford expensive advertising, you may have to depend on your existing clients to refer you to potential customers. Building up a good reputation is very important.
It is possible to make, tailor made products for your customers. You can give personalized attention to their needs and fulfill them. Impress upon the customer that you are giving utmost attention to their needs. Once you establish a rapport with the customer, they will desist moving towards your competitors.
Innovation is also very important. Keep abreast of technological advances, incorporate them in your product.
Any entrepreneur will have to be open to new ideas and quick to adapt them. You have to be self confident and be able to sort out problems as and when they arise. If your plans are not working you should be able to devise alternate plans. You cannot be an expert at every thing. You should recognize your weak points and see how best to overcome them.
Monday, May 26, 2008
Sunday, May 18, 2008
Qualities of an Entrepreneur
Are you desperate to start a business of your own? Passion is one of the qualities required for an entrepreneur. Not every one can succeed in business. Quite a few businesses close down after trying to run for a while.
One of the most important qualities to succeed in business is common sense. Common sense can be described as the ability to judge things on the basis of past experience and acquired knowledge.
Self confidence is the key to any entrepreneur. An entrepreneur should have faith in his own ability. He should be willing to work hard. He should be willing to put in the extra effort.
Specialized knowledge in the field of your business would be of immense help for you to succeed.
You should be very passionate about what you are doing. Bjorn Borg said he is earning a living from his hobby. You should love what you are doing. It is only then you would not feel the strain of the extra hours you are working.
You should dream or visualize, the result of your effort. Imagining things and constantly striving towards your goals will give you the result. If you get this into your subconscious mind then it will drive you relentlessly towards your goal.
You should have a larger goal and smaller goals which would be steps in the attainment of the larger goal. You should have a plan and strive constantly towards its attainment. This does not mean that you have to stick to your plan with mulish obstinacy. As you gain experience mid course corrections in the plan can be made. But the ultimate aim should be achieve the goal at any cost.
One of the most important qualities to succeed in business is common sense. Common sense can be described as the ability to judge things on the basis of past experience and acquired knowledge.
Self confidence is the key to any entrepreneur. An entrepreneur should have faith in his own ability. He should be willing to work hard. He should be willing to put in the extra effort.
Specialized knowledge in the field of your business would be of immense help for you to succeed.
You should be very passionate about what you are doing. Bjorn Borg said he is earning a living from his hobby. You should love what you are doing. It is only then you would not feel the strain of the extra hours you are working.
You should dream or visualize, the result of your effort. Imagining things and constantly striving towards your goals will give you the result. If you get this into your subconscious mind then it will drive you relentlessly towards your goal.
You should have a larger goal and smaller goals which would be steps in the attainment of the larger goal. You should have a plan and strive constantly towards its attainment. This does not mean that you have to stick to your plan with mulish obstinacy. As you gain experience mid course corrections in the plan can be made. But the ultimate aim should be achieve the goal at any cost.
Saturday, May 10, 2008
Attention to Detail
Paying attention to detail could be the difference between success and failure in business. One shop sales man was approached by a lady who wanted to buy a shirt for her son. She did not have the size. She told the salesman that her son was about his size and requested him to wear a shirt she had selected. The salesman was wearing a jacket which covered his crumpled shirt and only the collar of his shirt was pressed. But he had to remove the jacket, which exposed his wrinkled shirt.
How many times we have been caught in a similar dilemma. Unless we pay attention to details we might be caught on the wrong foot. Your dress, your manners and your approach should always be well tuned.
You should think of the occasion. A sales meeting or a board meeting you should dress according to the occasion. The first impression is extremely important. You should realize you will not get a second chance to make the first impression. If you are not suitably attired the clients might think that you are not suitable for the job.
One a sweltering hot day President Charles De Gaulle met one of his minister’s who was in his shorts. A highly conservative De Gaulle stared long and hard. Then he asked his minister “monsieur, where is your hoop”
You should not offend the people whom you are going to meet. It is possible they may feel that you are not the person they want.
Your suit should be well pressed and your shoes well polished. The cloths you wear and your haircut should suit you image. Wearing clothes that are not tailored according to the current fashion might make you look outdated.
Even your car is an important factor in building up your image. An obsolete, outdated and not well maintained is car sure to tarnish your image.
How many times we have been caught in a similar dilemma. Unless we pay attention to details we might be caught on the wrong foot. Your dress, your manners and your approach should always be well tuned.
You should think of the occasion. A sales meeting or a board meeting you should dress according to the occasion. The first impression is extremely important. You should realize you will not get a second chance to make the first impression. If you are not suitably attired the clients might think that you are not suitable for the job.
One a sweltering hot day President Charles De Gaulle met one of his minister’s who was in his shorts. A highly conservative De Gaulle stared long and hard. Then he asked his minister “monsieur, where is your hoop”
You should not offend the people whom you are going to meet. It is possible they may feel that you are not the person they want.
Your suit should be well pressed and your shoes well polished. The cloths you wear and your haircut should suit you image. Wearing clothes that are not tailored according to the current fashion might make you look outdated.
Even your car is an important factor in building up your image. An obsolete, outdated and not well maintained is car sure to tarnish your image.
Tuesday, May 6, 2008
Starting a New Manufacturing Unit
Starting any new business venture is not easy. It is particularly so with a manufacturing unit. It involves both manufacturing and selling the product.
Henry Ford said “find a need and fill it.” That is what he did when he started the Ford motor company. First you have to identify a product that can sell in the market. If you are making a totally new product, it has to be determined whether the market will accept the product. You may have a great new idea or a product. Selling the product could be the major stumbling block.
If you are a new entrepreneur you should ask yourself whether you have the expertise to manufacture the product. Of course you can get people who have the expertise. In certain ways it can be said that people who have the ability to organize will succeed in any field.
Theoretically, to start any venture, it can be said that every ingredient is available. Finance can be obtained from venture capitalists and banks. Machinery required can be bought. You can hire people who have the technology and expertise to manufacture and also the people or companies to sell the product. To bring this all together you have to be an excellent organizer.
It is the capacity to organize that makes the difference. A person with good organizing capability can go far.
Planning is extremely important to start a new venture. It has to be meticulously planned. The steps are
• To identify the product
• To get the technical expertise
• How you are funding the project
• Land and machinery
• Manufacture of the product
• Marketing
• After sales service
Each of these points have to investigated in detail.
Henry Ford said “find a need and fill it.” That is what he did when he started the Ford motor company. First you have to identify a product that can sell in the market. If you are making a totally new product, it has to be determined whether the market will accept the product. You may have a great new idea or a product. Selling the product could be the major stumbling block.
If you are a new entrepreneur you should ask yourself whether you have the expertise to manufacture the product. Of course you can get people who have the expertise. In certain ways it can be said that people who have the ability to organize will succeed in any field.
Theoretically, to start any venture, it can be said that every ingredient is available. Finance can be obtained from venture capitalists and banks. Machinery required can be bought. You can hire people who have the technology and expertise to manufacture and also the people or companies to sell the product. To bring this all together you have to be an excellent organizer.
It is the capacity to organize that makes the difference. A person with good organizing capability can go far.
Planning is extremely important to start a new venture. It has to be meticulously planned. The steps are
• To identify the product
• To get the technical expertise
• How you are funding the project
• Land and machinery
• Manufacture of the product
• Marketing
• After sales service
Each of these points have to investigated in detail.
Thursday, May 1, 2008
Business Leadership- Qualities of a Good Leader
A leader in any field has to set an example to others. More so in business, he has to be a role model. He should inspire confidence in others. He should be cool and unflinching in a crisis. A leader should be supremely self confident. He should be able to recognize the talent of his subordinates and should harness it to the growth of his organization.
A leader has to be a good listener. Communication is extremely important for the smooth running of any business. The leader should be easily accessible. He should device new ways and means to communicate with others. Without good communication skills, it is impossible to become a good leader.
A leader has to be a fast learner. He should also be a skilled manager. He should be able to spot talent and nurture it. He should be able to take risk.
Honesty and integrity are extremely important for any good leader. A leader has to be pragmatic has to change with the roles he has to play. A leader has to know what is going on and should be able to sort out any problem his team ia facing. He has to instinctively know the necessities of the team and try to fulfill it.
The leader should choose team members who can complement each others skills. The leader has to fulfill the needs of the employees as well as that of the management.
A leader has to look after the needs of his team and stand by them. A leader should not get discouraged by criticism. He has to listen to various views and take the best decision in the interest of the organization.
A leader has to be a good listener. Communication is extremely important for the smooth running of any business. The leader should be easily accessible. He should device new ways and means to communicate with others. Without good communication skills, it is impossible to become a good leader.
A leader has to be a fast learner. He should also be a skilled manager. He should be able to spot talent and nurture it. He should be able to take risk.
Honesty and integrity are extremely important for any good leader. A leader has to be pragmatic has to change with the roles he has to play. A leader has to know what is going on and should be able to sort out any problem his team ia facing. He has to instinctively know the necessities of the team and try to fulfill it.
The leader should choose team members who can complement each others skills. The leader has to fulfill the needs of the employees as well as that of the management.
A leader has to look after the needs of his team and stand by them. A leader should not get discouraged by criticism. He has to listen to various views and take the best decision in the interest of the organization.
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