Becoming a smart businessman
Starting a new business and becoming successful in it is not a that easy. Lot of things need to be kept in mind before taking any great leap. Here, I am trying to jot down some interesting pointers that might help in becoming successful in business.
Mistakes = Opportunity to become better
It’s human to err. The secret to success is how you handle your failures. Will you let them triumph over you? or would you learn from your failures? Failure is a golden opportunity to learn and find out what went wrong, so that you wouldn’t fail the next time. Thomas Edison believed the more often you fail, the sooner you succeed. He had made thousands of bulbs before he became successful. What he thought about his failures is that her learned 1000 ways how not to make a bulb.
Capital and Financial Backup
Even though it’s not “the” most important, it is surely very necessary to have sufficient capital and financial backup when you are starting a new venture. Usually people fail in their new business because they start something new and has just the right amount of money to start it. Any business would require some time and good marketing before you see those profit graphs go up.
It is not a good idea to invest every penny in the pocket in a business that shows a continuous loss in the balance sheet. There should be a defined threshold after which the business would be closed temporarily or permanently.
Start small, grow fast
The best way to start a new business is to start it small. Even if you have all the resources in the world, starting small would come to the rescue if the new venture would fail. Yes, there would be some loss, but it would be minimal.
Once started and you see that the business is running smoothly, you could make some leaps repeatedly in the expansion. The initial few leaps should be small. Once you see that your customers have started liking the positive changes, you could start making major leaps in the business.
Collaboration is the new trend in many of the successful industries out there. Let’s take the Wikipedia, for example. It functions in a collaborative environment. Anybody and everybody can be a part of it’s growth. The best part is, the domain experts writes most of the articles in Wikipedia, thus making the articles more accurate. That is the power of collaboration. The growth is exponential.
Another example would be the reseller business, especially in the domains and internet services industry. Anybody can register as a reseller and sell the services to their customers according to their marketing strategy.
Dreams, come true.
I believe, a person can never be successful, if he/she hasn’t never dreamed. Successes are dreams come true. Similarly, any business should have it’s own dream, which it strives to achieve.
Always remember the team
It is very important to share the joy of achieving important milestones with everyone who had some role or the other in the success. Without the team effort, success would never had been a reality. It also keeps up the moral of the team.
Leave it to the experts
There are many things that we might need to consider in a business. Finance, Recruitment, Sales, Marketing, Branding, Development, Strategising etc. All these sectors are very important in the growth of the business. Leave all these sectors to people who know them the best. To communicate with these people, we need to have a basic knowledge in those sectors.