One day, a great idea strikes you while observing how people are struggling with their day-to-day lives. With your idea, you intend to provide them with a solution that, if performed on a large scale, could help benefit generations and enable building a legacy. Now, this idea stays with you, and you start hunting for every possible way in which you could make things happen. You talk to the experts in your circle, discuss with family and friends, conduct your research, and strive to reach every possible source that could help you put into action what is right now in your mind. This is how one conceives the idea of starting a business.
Last observed in the financial year 2021-22, about 65,861 start-ups could be seen picking up. “Youth today, in specific, is more bent upon coming up with zealous ideas that could help bring an unparalleled change to the society and the world. Plus, the sustained efforts of the government in this direction are possibly going to yield double the results with time. But it is important to realise that it takes more than just an idea to start one’s own business. It involves passion, consistency, focus, research, adaptation, risk-taking and decision-making," says Aakanksha Bhargava, CEO, PM Relocations Pvt. Ltd.
In the beginning, all of this might seem hard to achieve. About 80% of people who plan to start a business drop it on the initial level thinking they can’t put in what it takes to establish a business. There might be other reasons to the same such as procrastination, demotivation, lack of funds and resources. However, some of the tips as mentioned below by Bhargava can aid you in starting a business and ensuring that it sustains.
Know Your Calling
Before you begin to work upon the idea you have conceived, make sure you know what your calling is in life and if your idea corresponds to that? Do you see yourself satisfied 5 or 10 years later when you’re doing the same thing and progressing in the same field? Start only if you’re passionate about your idea. You must be devoted enough to sustain through any impediment that might fall in your way. After all, a sustainable business is not about just serving the purpose but also staying consistent in meeting that goal over again and again, no matter how many challenges strike you.
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Know your market and keep customers at the heart of your business
Make sure you do your homework before you begin. Research about your industry and know your market well because a novice with incomplete understanding would never be able to sustain through. So, you must be a pro at your work because the market pays only for the expert. However, do not think you can’t do wonders as a beginner. There are ‘n’ number of entrepreneurs who started small but made their way to huge success because they stayed consistent in innovating, knew the market they were approaching, had complete idea about their industry, and adapted to changing trends.
Also, keep the customers at the heart of your business because ultimately, they are the bosses. If they don’t avail your services, it would be hard for you to ensure sustainability as well as scalability. It is the customer one has to serve, and this should be done with complete dedication. Bring innovative ideas from time to time to serve their needs, have a great customer support to address their queries, work on their feedbacks and value them always.
Find your team and set them up for better or for worse
One of the foundational aspects to a sustainable business is having a good team. By a good team, I am not emphasising on the need of having talent and expertise but rather concentrating on the more important aspects. A good team is the one that is always open to new learnings and acquiring of skills. It not only shares the common vision of the company but also sticks by through all ups and downs.
It’s important to connect with your team to a level where they could freely come up with their queries and suggestions rather than hesitating in putting forth their point. Keep training them regularly to upgrade their skills according to the changing demands of the industry. Above all, enforce an understanding where they stay prepared for better or worse that the company gets to face at any point of time. Build an engaged workforce that works aggressively towards achieving the goals and objectives and knows how to overcome any obstacle like a pro.
Set up a business which is for growth and legacy
Starting Up doesn’t mean that you work for an organisation only for a specific time period. In order to make an impact and earn value as a brand, you must think of providing sustainable growth to the business so that it expands into a legacy. It is important to understand how being profitable can help you retain as well as scale up. Also, to build a legacy, focus upon inculcating in the work culture the foundational values that you and your people should always work by. These values are what will help you stand out amongst all the players in the market.
Promote your brand with the right intent
The right intent in life can help you achieve anything you put your mind to. And when it comes to promoting one’s idea, the same intent must be reflected in the marketing strategies that you opt for. Marketing seconds innovation in the race of characteristics that are needed by any enterprise to bring value in common-people’s lives. Thus, by positioning oneself in the right manner, you can ensure sustainability and development of your brand.
Your idea is surely driven by a cause, and you could use marketing as a tool to promote it before the world. By narrating success stories and promoting them, many entrepreneurs have built sustainable legacies and have led by example. Above all, as observed in the evolving scenario for various enterprises, marketing is becoming the future of brand growth.
Therefore, when planning to start a business, you must always have the conviction, expertise, and the will to adapt to new changes coupled with consistency standing at the core of your plans. And when you have the right intent to achieve what you want, nothing is hard to conquer.
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