Business tips for entrepreneurs are considered as paramount in this era. By God’s grace, the spirit of Entrepreneurship has been revived again in the hearts of Indian citizens. It’s not that it was never there earlier, but with new initiatives like “Startup India” and “Make In India”, an opportunity has come to those who cannot travel to America to stay in India and help spread change to rural areas.
However, Entrepreneurship is not an easy task. As people say that “Rome was not built in a day”, similarly success doesn’t come to Entrepreneurs in a single day. Here comes the need of business tips for entrepreneurs.
A very good example, in this case, is Kiran Mazumdar Shaw, the current CEO and Chairman of BIOCON who went through several hurdles to build India’s 1st Biotech company in the 70s – A time when establishing a Business in India was restricted only to the rich and wealthy.
Our generation is fortunate to be born at a time when Indian Businesses are going through what several people would call “2nd liberalization” process.
While setting up a Business looks really fabulous, interviews with established Businessmen will give you the level of hard work and toil gone behind the scenes to stabilize Businesses before they start giving you back returns.
Take these steps to start your business as business tips for entrepreneurs, however, they suit you best.
50 BUSINESS TIPS FOR ENTREPRENEURS ARE AS FOLLOWS:
Your first step in business tips for entrepreneurs is to get inspired to be an entrepreneur. If you’re reading this article, you’re probably already there.
Have a passion:
Few business owners are successful without a sufficient passion driving their efforts. Find something you’re passionate about.
You don’t need a college degree, but you do need to be aware of the risks and realities of business ownership. This is a crucial point in the business tips for entrepreneurs.
Generate an idea:
This is the hard part: coming up with an ideathat has the potential to launch a full-fledged business.
Preliminarily research the idea:
Poke around the web and see what you can find. Are there other businesses like this?
Talk to others:
See what your friends and family think about your idea, and be open to criticism.
Develop the idea:
Brainstorm to work out the potential flaws and key advantages which is an important business tip for entrepreneurs.
Research and start a business plan:
Now’s your chance to get more involved. Find out what competitors there are and dig deep to create a full-fledged business plan (use the next steps to help you).
Determine your target market:
Not everyone will be your target customer. Find a niche.
Come up with a financial model:
How much are you going to charge? What will be the cost to run the business? How profitable can you be? Would Business tips for entrepreneurs work if you won’t focus on these points?
Research a good operations model:
Who and what do you need to maintain production?
Come up with a staffing plan:
Determine the people you need to hire to get things started.
Emerge with a sales and marketing plan:
This isn’t superfluous. This is the next vital step in business tips for entrepreneurs. Sales and marketing are what will drive your business to grow.
Come up with a growth plan:
How do you expect to scale in the first year? What about years two and three?
Decide on a legal structure for your business:
Every legal construct has advantages and disadvantages. Think carefully about what will work best.
Determine what you need to start:
Think about the people, resources and capital you need, and have both an “ideal” and “minimum” range.
Objectively analyze the risk:
Determine how much you stand to lose if the company goes under.
If you’re ready, quit your current job:
This is the next valuable step in business tips for entrepreneurs. If everything looks good, pull the trigger and invest yourself full-time in your enterprise.
Withdraw savings, borrow from friends, seek funding or set up a line of credit with a bank — or some combination of these.
Seek resources and aid:
Join a small-business development center and find local resources to help you succeed.
Scout for potential clients:
Keep your eyes peeled for individuals and businesses that might buy from you, and the earlier the better. Try to get at least one client before investing a dime.
Register your business name:
It’s a simple step, but a necessary one.
Get a tax ID:
Don’t forget about your tax responsibilities.
File for state and local taxes:
Don’t neglect this financial step in business tips for entrepreneurs.
Obtain any necessary permits or licenses:
Your business may require additional legal registrations.
Recruit one or more mentors:
Find experienced entrepreneurs who can help you with the remaining steps, offering insight and guidance.
Find your key locations:
Your office location, operations HQ and related issues are important decisions to make.
Establish a unique brand:
Find out what makes your business unique, and develop a brand around it.
Start building a personal brand:
While you’re at it, build a personal brand for yourself.
Create a test product or service:
Call it a prototype if you want. Create a sample if you haven’t already.
Establish key vendors and partners:
Find contractors, vendors, and suppliers to help your business succeed.
Learn, and apply your employer responsibilities:
You’ll have to offer certain benefits, conditions and withholdings.
Hire your first employees:
Hire the bare minimum you need to get started.
Create a human resource plan and company culture:
Create some guidelines, and hire people who will adhere to them.
Go out and sell the heck out of your products.
Launch a website:
As soon as you can, establish an online presence.
Outline and begin a digital marketing campaign:
Digital marketing is cheap, easy, and effective. SEO, content marketing, and social media are good places to start and crucial tip in business tips for entrepreneurs.
Network everywhere you go:
Make it a point to meet people. You never know who could be a new client or employee.
Find at least one dependable, long-term client:
Prioritize getting at least one surefire long-term client.
Use promotions and discounts to attract new customers:
Profitability is not as important as recognition in your early stages.
Learn from customer feedback and launch the second iteration of your products or services:
Business tips for entrepreneurs won’t help if you don’t make tweaks to your offerings.
Hire more employees if necessary:
When you’re ready, expand the team.
Tweak your operations to become more efficient:
No operation plan is perfect. Find ways to improve yours.
Ensure your cash flow remains positive, with proper safety measures:
Cash can kill an otherwise profitable business. Don’t neglect it.
Scale your sales strategy:
Do more and more.
Scale your marketing strategy:
Invest in infrastructural improvements:
Improve whatever you can afford to improve to make your customers happier.
Learn more about your industry:
Reach out to competitors, and attend industry conferences.
Become a thought leader:
Establish yourself as an authority by speaking, writing and hosting webinars.
Evaluate your progress thus far, and adjust your business plan:
Determine where you are in contrast to where you thought you’d be, and think about what expectations you had that were wrong. Revisit your business plan and adjust it to reflect your current situation and understandings. This will succeed you in implementing these business tips for entrepreneurs.
Every business is unique, so yours may not perfectly adhere to the formula. Use these business tips for entrepreneurs as a loose guideline for the course of your business’ development, and thrust yourself into the process as much as you can.
A few case studies can help you understand what needs to be done (an outside perspective, of course) and to enact these business tips for entrepreneurs. Making the Business strong from the inside will depend on your abilities, your connectivity with your stakeholders(the people who are involved with your business) and how you are able to take advantage of opportunities as they come.
CASE STUDY #1: CHUMBAK
The first case study in the Business tips for entrepreneurs is Chumbak. In the midst of Flipkart, PepperFry, and others, there was one startup which rose silently in the bylanes of metros like Mumbai, Delhi, and Bengaluru.
Chumbak started as a business in 2010 when its founders Shubra Chadda and Vivek Prabhakar raised Rs.45 lakhs by selling their house. The idea behind the initiative was to be able to provide high-quality souvenirs to tourists across the world which are durable and also give a bright platform on which Indian designers and traditional works can be promoted to suit global fashion trends.
With increasing popularity bringing in huge revenues, Chumbak then started out its first store in Bengaluru in May 2013 after 3 years of online business. Today, Chumbak has moved on from fridge magnets (the word ‘Chumbak’ meaning magnets) to a various assortment of lifestyle products making Indian designs look hip and stylish, also giving Indian designers to shoe their work to the world.
CASE STUDY #2: OLA
The next case study in the Business tips for entrepreneurs is MERU Cabs. They might have started the taxi aggregator business dream, but it was OLA which gave owning a taxi business a hip and modern look. The company was started by Bhavish Aggarwal and Ankit Bhati in December 2010 as an opportunity to bring together dozens of local taxi business holders across the country under a single umbrella.
The company’s business model can be explained simply as a ‘FRANCHISE’ where the franchise (local taxi owners) pay a certain sum on a periodic basis to the company and undergo strict discipline and quality checks so that OLA’s customers don’t face issues while traveling.
The company’s vision is simple-to make travel affordable and comfortable for its customers and for this it has come up with GPS enabled apps for smartphone users (Android and Windows Store) which can help travellers book their desired cabs with simple steps.
The purpose of giving these 2 case studies in significant Business tips for entrepreneurs is to pinpoint the following through practical examples: The Businesses above had done a careful research to build strategies before venturing into their respective Businesses.
They had established their companies on legal grounds by registering them in designated books of authorities handling such task (in the case of India, its Registrar of Companies).
They had managed to take advantage of opportunities as they came. ‘OLA’ took advantage of the disorganised passenger transport community of our country to create a line of Business which can help curtail illegal and unethical acts in society (like Rapes in cars) if the Government can work in equal co-ordination with such companies doing such Business.
The Businesses came into reality thanks to robust Business models done through expert individuals ably supported by their social network ranging from their families to friends, social accomplices who worked with them in running and stabilising the Business during its early stages.
The Businesses’ survived through diversification when times changed. ‘CHUMBAK’ diversified into other accessories and design items when they found that simple fridge magnets won’t suffice.
Setting up a Business has indeed its own set of hardships. Business tips for entrepreneurs are prime for the emerging entrepreneurs. There is also a matter of trust one needs to have in case of a partnership in Business. I say this from my own experience as I have seen certain friends of mine being stripped of their Business ownership by their partners when things got going. Those who are aware of cases like ‘FACEBOOK’ and our very own ‘Housing.com’ will know what I am talking about.
Despite the pessimism, I would say that the best way to start a business in the prime business tips for entrepreneurs is by coming up with a strategy where you require absolutely min. Working Capital as a proper Working Capital is the difference between a good company and a bad/insolvent one. But a minimal working capital company will save you enough money for investing in the long run objective of Business expansion.
Having friends always helps. Always have a team of specialized officials who you can trust (It’s a bonus if one of your cousins/siblings are willing to be part of your initiative). ‘FACEBOOK’ founders were experts in different parts of the Business (Each of the founders). While Mark Zuckerburg handled the tech part, Adam D’ Angelo handled promotions and the company’s CFO was Eduardo Saverin. Such a combination helps bring focus and compatibility in Business management. You should keep this point in mind as an important business tip for entrepreneurs.
Lastly, I would like to talk about the single most important yet basic component as crucial business tips for entrepreneurs: LEADERSHIP. It doesn’t mean having a dictatorial approach to things but it means giving a message out to your employees that where you do mean Business, you also mean to take care of their needs as well. To make this work, you yourself need to be a good listener.
Many will say that degree is not reqd but they fail to realise that enrolling for a degree helps one undergo a disciplined training in areas of Finance, Marketing, Economics etc. which can help run the Business or any Enterprise. While you can keep yourself abreast of what’s happening in the world, undergoing an organized training does help you understand what are the factors needed to be looked at.
Hope this article helps you understand the basics of entrepreneurship. So, are you ready to use these valuable Business tips for entrepreneurs?
If you have any questions, leave a comment below. Do share and spread the love.