With a new buzz and initiatives taken by the Indian Government like “Make in India” and “Start-up India” India’s start-up scenario over the last decade has been in the limelight in recent years. These initiatives gave birth to several investors, start-ups, and accelerators, to support and promote an individual’s entrepreneurial journey. All these activities have resulted in a decent boom in the start-up culture and an entire eco-system in India.
So, what’s triggering this ever-changing start-up eco-system? It is, of course, the sudden cultural shift that inspires an individual to think offbeat and take calculated risks to capitalize the concept and dream he or she believes in. There is no dearth of availability of resources and capital and support by corporate giants like and investors like Walmart, Google etc. For the limited resources start-ups who look forward to raising funds from their customers, the challenges are much more.
Unfortunately, despite all this, only a handful of enterprises and start-ups could make it big with some struggle for survival or merger with some mighty company. Let’s find out those mechanisms and tips that can be the core to run a successful enterprise and start-up!
1. Don’t Avoid Performing the Groundwork
Having enough funds to start a business and cover the rent is not sufficient for a business to grow. Before you jump into the venture, please do not forget to conduct a thorough research of the market you plan to take the leap. Have a clear perception of your prospective customer base/target market and their requirements. This groundwork is immensely important to position your business where you want to see it. Spend time on basic marketing and take feedback from the customers as this is important to understand their preference in getting repeat business and maintaining a long-term customer relationship.
2. Define a Clear Vision, Mission and Goal
A well-designed purpose statement and your business story interlink all your stakeholders to this common goal. Through this, you can regularly interact with both the internal and external stakeholders using practical and updated methods.
For strategic direction and guidance, the vision and mission of the company are essential. They manifest the motive and purpose of any company. So, it is extremely important to have a clear vision and mission statement as it will always inspire you to keep the focus intact.
3. Concentrate on Single Idea at Once
To become a successful entrepreneur you must not juggle with multiple ideas. Even if you plan to do lots of things in the future do not create a clutter of it all at once. Just remember every successful venture builds itself slowly as Rome was not built in a day. To create something well-structured and articulate it will take years to form that ecosystem. Similarly, to build a powerful and successful business takes grit and focus. Better to take baby steps, and dive deep into executing strategies and implementing ideas one at a time. Do not ever try to implement all the ideas at once as it is practically not possible and will not lead you to anywhere.
4. Create your Business Visibility
Availability and visibility are two cornerstones upon which any business stands. In today’s digitized world of online ecosystem, it is imperative for a business especially a start-up be visible to its target audiences at right platforms and with right messages. What could be the better platform to position your business and find the greatest pool of your customers than social media and especially through the influencers? You can also hire a PR (Public Relations) firm that can help you become a popular name through both digital and traditional PR practices.
Although online platforms have their benefits, you can also leverage offline tools like on-site events and print media for a better reach.
5. Get Out of your Comfort Zone
There are many business stories where start-ups lag behind because they are scared to take risks. If you cannot take risk running a business is not your baby. It is not always possible to play safe. You have to take some calculated risks and decisions in your journey of business. You will always have a choice in your business journey, and you need to select the most befitting one but often with risks. Learn to move on when a decision that you’ve made haven’t worked. Look ahead towards the future and learn from failures instead of getting bogged down.
6. Develop an Understanding Among Co-Workers
Make sure your co-workers have a clear understanding of their respective goals. Communicate with each one of your team members to make them understand their goals, expectations, planning, execution of ideas, etc. It is very important that everyone gets an opportunity to speak out about perceptions which in turn can help build a progressive and healthy organization.
Of course, there are many a path that will lead you to success, but you must pull up your socks and face new and a few bumps on the way too. Coming out of your comfort zone is yet another aspect you must not deny which will help you understand the ways that you must not choose. The ultimate goal should be to stay positive and keep growing though gradually.