Success tips for Start-ups and Small Businesses
Startup or Small Business : While there are many small scale business ideas and opportunities in India with low investment and potential profits, the initial hitch to break the ice, always remains a challenge.
Small business works on following principles in order to be successful irrespective of its environment:
Product or Service has to deliver value to the end user or customer.
To Adapt with changing environment & thus meet the gap on Knowledge & Skills.
Connect and work with both Internal and External Stakeholders & thus build consensus.
Visibility drives the passion and with increased transparency and commitment, Effort is always perceived low..
Integration between Software, Tools and Third Party Systems often cut down on cost heavy processes to become lean and achieve operations efficiency.
Here are few tips to set-up a Start up
- Identify your Strength– Even before we start, First thing is to know what are we good at i.e. Individual Skills and Areas of Interest.
- Idea with Passion– Idea need to be backed with thoughts and foresight to be future ready and consistent.
- Mentoring– Good to follow a role model as often their experience teaches perseverance and commitment.
- Competition– Key Learnings from Competition can also help in business strategy, as we gain on insight analysis for successes & failure.
- Smaller Shorter Cycles– Testing is always a good strategy before the launch and hence small successful cycles can be really fruitful with lot of insights and working experience
- Breakeven– Look to optimize on your Unproductive Costs and thus be cost breakeven as early as possible.
- Adapt & Build– Make the necessary alternations and Build the Concept in a working Model. Invest and Grow!
The key takeaway is to automate business processes and focus on Value, Innovation & Growth.
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