Have you recently initiated a move to realize your very own start-up?
Or, are you still stuck in your “planning phase” for the same?
Before you dive-in to face the cut-throat competition, you must be aware of what lies ahead of your, considered, for now, an adventurous journey in the business world.
Have you ever had the chance to watch any episode of the famous TV show Shark Tank?
The show is about persuading negotiations between budding entrepreneurs and innovators, for their unique products and experiments, with the investors (called Sharks). Business and Marketing is all about earning profits and selling your product(s) simultaneously. What these entrepreneurs and innovators receive, when a deal with one or more investors is finalized, is the experience, multi-dimensional field expertise, potentially winning core business strategies, encouragement, guidance, troubleshooting and motivation along with the capital investment. Merely investing money is NEVER going to help you. You HAVE to find a mentor (within yourself or someone else) or a thought leadership to back your cause. Thought leaders are unique in their own versions of looking at how things function & evolve.
As a business enthusiast, you must have some crucial things up your sleeves at all times. Few of them are mentioned as follows: –
Know your product(s) beforehand before you sell it:
It will be really a matter of shame and a huge loss in confidence if you end up stammering about your product before a potential investor. Without proper homework, it is almost perilous for fresh entrepreneurs to make the very first move, i.e. explain their product(s) to anyone. You MUST have an in-depth knowledge of your product(s). All the pros & cons, all the ups & downs, all the dimensions & measurements, all the benefits and side-effects, all the paperwork regarding patent, trademark and copyright both done & pending; EVERYTHING should be at the tip of your tongue. Of course, you have got to be totally honest with your investor(s) or else you will end up with a breach in a trustful partnership; which is not good at all. If you DO NOT KNOW your product, you DO NOT OWN it; intellectually writing.
How can you sell your product on the market without knowing about it?
Always remember, no one likes a meal undercooked or overcooked. So, you have to create that balance of selling it properly as well as not overselling it simultaneously. Remember, the market is not a playground. You are up against many big fishes in the already troubled waters.
Understand your primary target customer base:
After gaining the knowledge of your product, it’s time to deal with the customers, their types, target age-groups, likes/dislikes, buyers’ sentiments, customer retention strategies and numerous other such factors. If you wish to make a very long run in the business, you will need strategies that evolve with time; targeting a customer base synchronous to your product is one of the primary ones. For fulfilment of this purpose, you’ll need to hire some top-class marketing and sales division expertise. An added benefit will be the right choice & amount of advertisement to be done for luring-in the customers. Targeting an optimum customer base will guarantee a lengthy business-run as well as more profits & far lesser unexpected losses.
Improvise the key basics of the business:
As a business enthusiast, along with multi-dimensional strategies and a game-face on, you also need to have an influential persona that exhibits sincerity, commitment, adherence to ethics, responsibility and optimism. Your business planning, including the planning for –
- Allocation of resources.
- Work distribution.
- Sales drive, Marketing & Advertisement.
- Internal / External strategies.
- Operations & Feasibility.
needs to be clearly articulated in the long-term business plan. Without proper planning, it will be just hitting the target in the dark; and believe that you’re in no luck for a bull’s eye.
Planning also incorporates the Do’s and Don’ts for appropriateness of your product’s launch. The striking strategy that needs to be cooked for gathering attention from all spheres, comes from intensive planning. The selection of venue, day, date, month, invitees, collaborators, partners, investors, dignitaries, sponsors, etc. is included in that. Planning is also required for determining the expansion of your business. This comes as an addendum to strategizing for target customer base.
While in business, you’re likely to face many legal hurdles from your competitors. So, if you’re righteous in your work, always create a paper trail for literally everything happening. You never know which scrap of paper might come in handy to save you from infringement charges.
Avoid contraventions at all costs:
Engaging in the legal drama is a nightmare for business enthusiasts. Double check everything before finalizing to avoid contraventions and breach of the IPR. If you do not want your business to sink, make it unsinkable on your own.
As a business enthusiast, your troubles are not going to end sooner or later because your competitors won’t turn down.
Don’t belittle them, raise yourself so that they can’t reach you.
Only YOU are the maker & mentor of yourself. Always believe in that thought!