START-UP BUSINESS 101
The realm of business and economics has undergone a sea change in recent years. Conventional avenues of employment have been affected by recent developments in technology, mostly in communication technology. In severe cases, they have even been rendered obsolete. Being successful in this cutthroat market requires constant reinvention and innovation.
In recent years, the business sphere has been dominated by multinationals with several thousand employees working like programmed drones, burning their midnight oil and petering out a droll existence. They mint money for someone else, with a life devoid of challenges and creativity. Such a work atmosphere renders it virtually impossible for individuals to explore their untapped potential. Of late, people have recognized the value of their suppressed potential, and are looking for ways and means to tap into the same. This shift in mentality has given rise to the trend of enterprises with a limited workforce but infinite potential, which have acquired the name start-ups in modern business lingo.
There is nothing better than being your own boss, and this is exactly what a start-up business gives you. The freedom to identify business opportunities and pursue them according to your own preferences and methodology is what leads several professionals to quit high paying jobs and start businesses of their own. In spite of the myriad opportunities and doors it opens, start-ups do come with their own set of risks and dangers. There are several cases of people who have pinned all their hopes on a single venture, only to see it collapse like a pack of cards. Mentioned below are a few tips to strengthen your chances of success.
- Think your business plan through: – There has to be clarity of thought in your planning which reflects on the services you provide. Ascertain why people will need your service, and what sets you apart from your competition.
- Choose staff carefully: – Your start-up is your baby, and your livelihood depends on it. Choose to work with people who share the same level of commitment and dedication to your dream. Encourage constructive criticism and involvement in important decisions so that they feel motivated to ensure success of the venture.
- Practice flexible planning: – In an ever changing business environment, versatility and flexibility are vital to survival. Don’t leave your venture with a rigid structure. Enable easy adaptation to new challenges and changes.
- Budget smart: – Insufficient funds slow down development and growth, and too much money leads to lavish and unnecessary expenditure. Achieve a balance between frugality and extravagance for optimum benefit to the company.