Several times in our lives, we get our dream idea, an idea which we think is totally unique and new. And just while we are twiddling our fingers, you come across other business with the same idea and turns it into a great business. So the take away of the story is that an idea is not enough to become a famous entrepreneur. You need resources and planning to turn your idea into a real “business”.
There are certain aspects of the business which when handled well can do wonders.
Let’s talk about a few of them:
1.Bring something new for the customer – Before you bring any product to the user, go for an in-depth research. The business world is crowded with ideas, you need to bring an idea that can create a revolution. For example Paytm completely changed the way we paid and received money by introducing QR codes and Uber brought cabs to our door step, with their app.
2.A sound business model- You must have strategies defined to keep the expenses low and profits up. Cash is the king for an entrepreneur, so make sure you never run out of cash. A tough and well-envisioned business strategy will pave out a way to reach all your business goals. Design a model that creates a win-win situation for you and your partners. For example the incentive model for drivers for popular ride hailing apps, created a win win for both the cab aggregator by increasing rides and sustainable commission as well as for driver partners by giving them a strong income model.
3.Value the customer feedback- Customer is and will always be the king. “Customer’s view” is what differentiates big giants from rest of the service providers, its a good customer treatment that creates all the differences. It is extremely important to have a good customer support system. You should also have a proper system to record and implement customer’s feedback.
4.Treat your people well- Treat your people well, your team is the most important resource that you have. You will have to work along with everyone, train them, empower them and treat them so well that they feel like part of the business and work on it like their own. People are the faces of any brand, happy employees lead to happy customers.
5.Self-motivational skills: Business is not a bed of roses, the growth is slow and comes with time. You need to ensure that you don’t give up on our dreams. There will be days when you will get tired and feel like giving up, but you must still believe in your vision. Keep yourself motivated by reading, remaining physically active, meditating and talking to your mentor.
“Tough times never last, but tough people do” – Robert H. Schuller
