We all have heard different stories on successful business. Steve Jobs built Apple, Mark Zuckerberg developed Facebook, Bill Gates made Microsoft and etc. All these people are an inspiration to millions to do something in life. However, their success did not come in a day rather it was a result of a great persistence. They followed their motto austerely. All these great stories started from zero and became immense. People with great stories did not stop rather followed their passion no matter what.
Things are different for different for new business compare big ones. What we see from the big organizations, those are just the output of years of work. These works should not random but all these organizations followed a pattern to succeed and sustain for a long time. There are things, an entrepreneur must follow to ensure the success of the business.
Know your product:
An entrepreneur must have a deep understanding of the product. Someone who would have no previous experience on business might start to develop the product without prior knowledge. In some cases, they are being wrongfully motivated to do so. As an entrepreneur, you have to know the probable features of the product, how people are going to react to this product, what are the future aspects of this product. In most cases, people start to work on something without proper research which is essential in such case to understand the acceptability of the product in the market. Knowing your product is essential for the successful business.
Swimming in a red sea
You want to start a business. Then the most important question popped up in your mind, “What business should I do?” In most cases, people choose what is the easiest thing to access and follow to do what is doing by others. Now in these two different cases, people miss something. First, despite in some business the access is easy but sustain in the business for a long time is hard. People usually enter into these businesses without any prior knowledge so when they find the hardship they go back. Second, when people do what people do when they just miss the opportunity to start a new type of business. Just because they don’t do enough research, so they don’t know that there any other business options are available in the market.
However, in such case, the major issue people face is to swim in a red sea. “The Red Sea & Blue Sea”, is a popular concept in the business world. “Red Sea” indicates the situation when there are many competitors are playing in the market. The war among competitors become messy and bloody. In such situation, it is always hard to sustain in the market in long-term, despite the fact it might be easy to access. The positive side in such a situation is, it’s a developed market and a proper strategy with a required amount of budget the business might thrive towards top. “Blue Sea” indicates the situation when the product is new to the market. The challenge is here to aware people about the product. This is the bit of risky but it gives the scope of dominating the market.
To make sure your product is accepted by people, you need to ensure your product is not complex. Users don’t have time to think about a new product. If they find the product is complicated and it is hard to understand then they would move on. There are thousands of options are in there, users would only like to purchase the service/product which would serve easily.
For entrepreneurs, it is also important to make their internal process simplified as well. Otherwise it would be hard to deliver the product/service on time.
Know your target group
The success of a business completely depends on the acceptance of the product by the general people. However, in the beginning, it is not possible to reach everyone. Also, the product is not applicable for all as well. So randomly targeting people would increase the cost big time. It would give the wrong idea about the market. Thus why it is important to understand the target group of the product. Such as, if you built an e-commerce website, then at the start you would not have all the products. You should have focused on specific products. It could be electronics or fashion or grocery based site. For each of these categories, there is a different target group in there. To understand the target group before starting the business is one of top priority fact checking’s.
Do more research
You need to know what is happening around the business. A business does not only depend on the product but also on the competitors and market situation. Introducing a new product is hard when competition is high. It is costly. The research is also important to understand the competitor’s product as well. For a similar category of product, competitor product’s feature might need to add in your product in a different modality. Research also requires to understand what is happening around the globe to be updated with the market. It also helps to understand market scenario such as the financial capability of the market, political stability of the state, need of the market etc.
Give less preference to own judgment rather focus on customers’ view
People love to give preference to their own judgment. When one opens a business it would be a self-destructive decision to rely on a person’s own idea rather than trying to understand what is happening in the market. The thing is, one takes a decision based on their own environment, however market does not work in same way. They might have a completely different idea. So it is important to ensure the success of the business, the entrepreneur must need to break his/her own idea to embrace the market feedback.
Don’t rush in work and plan properly
Don’t rush. People usually rush in a startup to come in the market as soon as possible. However, initially, it is important that the product must be developed properly. Rush in work might ruin it. Take your time, test it and solve the problem. Go into the market when you will find the product is 99% ready.
You need to know what and when it needs to do. As an entrepreneur, you have to have a plan. The timeline has to be prepared based on the capability of your resources. You need to understand what time each phase of the business or product development might need. Change in plan and timeline multiple times would hamper the overall process and the bond of the team.
Wrong allocation and miscommunication with the employees: Don’t do it
Allocation of resource in very important, especially in a startup. An owner must need to understand what is the capability of each resource. Based on the individual capability each resource the task should be divided. A startup is not a place where you can test your resource. You should need to make sure, your resources are working at their level best from the beginning.
Make sure you are not doing the same thing again and again if it does not work
It is important you must go back and check your strategy. You need to understand whether it is working or not. If it does not work, then you should not try it infinite time rather try to do something new.
Don’t give a wrong/double/confusing message to customers
Promotion is a very important part of startups. It has to be strategic, lucrative and hit on the point. An entrepreneur needs to check the message of promotion profoundly. The message should not be a double standard. If people get confused, then they might not come back for the service again. It is much tough to bring back a confused and disappointed user than a new user.
Stop increasing unnecessary operating cost
While you start a business, your investment is high. Sometimes entrepreneurs become too excited. They spent hugely on unnecessary items at the beginning to give the business posher looking. It is not necessary to print office T-shirt for everyone at the start, they should not spend a lot on entertainment such as team picnic at the start, they should not spend a lot on food and parties. A startup should do these when ensuring the revenue stream is working fine. Otherwise, after a short period, it would become a burden for the organization.
Stop focusing on too many things for successful business
A startup must not focus on multiple things. They should have focused on building a single product properly. Focusing on multiple products would create distract among the management and as well employee.
Think twice before you connect with any big organization
For every startup, it is an exciting story to connect with a big organization. However, the story might turn into bitter. Big organization invest in many projects, simultaneously. Usually, they only pick of few for the long term, from where they see the profit. Meanwhile, they push startups which might cause the damage the motto or objective or work process of startups. So before work with big firms, startups organizations need to understand whether they are ready for it or not.
The entrepreneurs must need to involve themselves in the process. They need to understand the whole thing. They might hire someone and allow them to do something. Yet their own involvement is required to take the decision, understand why it is important. Otherwise, they might be misguided.
Take a reasonable target:
What do you want to achieve from your business? Everyone has a dream to achieve. However, for that won’t be hard on yourself to set an unachievable target. It creates a burden on the entrepreneur and also on the team. The target should set based on the market status.
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