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Starting a business may come naturally to some while it may not to many others. Here are a few key insights to keep in mind.
Founding a business is always tricky. Some get most things right from the word go, while others may have a fall or two before learning. That’s normal. Each business has its own story. While some aspects of founding and running a start-up may seem obvious, when in the thick of things there is a human tendency to throw caution to the wind or to simply forget some important underlying factors.
Choose Your Partners Wisely
Choosing the right people to work with, who share your vision, can go a long way in building the venture. Right from the culture to the direction the firm takes, the founders steer the ship. Needless to say, it is their drive, working style and objectives to partake in the venture that determine how successful the business will be.
Having a plan penned down helps direct the business in its actions and day-to-day dealings. A good plan is always an ideal checkpoint at different stages on how much on track a company is and what the next steps should be. It keeps focus on what the venture was founded for and avoids the temptation of skipping from one activity to another in a ‘take all that comes’ approach. And even if the business is not doing as well as initially thought, going back to the blueprints can help identify where the gaps lie and what to rectify. Good planning killed no one.
Communicate Communicate Communicate
The key to the smooth functioning of the business is good, no, great communication. Whether it is your partners, stakeholders or clients, it is the timely sharing of information that keeps the business growing. Its what helps keeping work efficient and taking advantage of opportunities. Its power in providing clarity should also not be undermined, as most misunderstandings are based on the lack of or poor communication, and some can be so bad as to cause wide rifts amidst founding parties.
Maintain Accounts Regularly
Have a system in place to maintain regular records. This not only helps you to gauge the areas in which your expenses are high but also helps you assess the areas where you need to allocate more funds. A normal book keeping system is sufficient to start off with and once funds start pouring in, one can invest in an accounting software to generate regular reports.
Build Clients and Not be Afraid to fail
Optioning clients or contracts is something which can take months to years. The key is to always focus on what a client requires and tailor your service or customisable product accordingly. In fact, prior to approaching a potential client, it is essential to study the client and assess whether the start-up is in a position to deliver the client’s needs and only then approach them.
Marketing is as important as financial planning. Thus, it becomes essential to have a marketing plan in place prior to starting social media campaigns. If your business is catering to a smaller locality, print marketing and viral marketing via word of mouth will suffice. However, if you intend to cover a larger geographical area, it is essential to figure out a plan and target specific customers and zones; once these have been identified develop marketing strategies accordingly and execute the same. Today there are various types of marketing tools. Patriotic Marketing is a rising trend and Neuromarketing is a new style that is picking up and being studied by students and marketing professionals alike. These can be explored and adopted.
Taking risks is important in business, but risks need to be taken wisely, and not just on the basis of gut!