A business is always under threat, either internal or external or a bit og both. Staying alive under all circumstances is a critical trait of a good entrepreneur. Policy changes, natural calamities, emerging new competition, customer’s business going down etc are all possible external factors which can threaten your business. management becoming arrogant and so complacent, employees becoming bored or inefficient, old internal policies becoming ineffective etc become part of the internal factors which can bring your business down. One of the continuous activities of a CEO / Entrepreneur is to monitor such risks and preempt actions to mitigate them. Ability to stay alive is a necessary to long term growth and stability.
13 Aug 2011 Comments Off on Staying alive…
02 Jul 2011 Comments Off on Thinking like an Entrepreneur…
A thin line divided an efficient Manager and an Entrepreneur. entrepreneurship takes management to a higher plane with more risks and rewards waiting to be conquered. Needless to say that an entrepreneur should be an efficient Manager first. Secondly, he needs to have a broader perspective of the business world. This includes policies, competition, economy, relationships etc etc. He also has to have a strong understanding of all functions within an organization. The ability to make decisions against all odds, creating a balance between data and gut feel also are traits which an Entrepreneur thrives on. Lastly, he should have a strong social skills which enables him to move towards a larger good than himself. It is an exciting journey beyond management.
12 Mar 2011 Comments Off on Customers drive your business…
Unlike the view that the Entrepreneur drives a business, it is actually the customers who drive a business much more. They have a need to be satisfied or create a need based on a availbility of a product or service. They decide a price at which they are comfortable buying. They research the market to find out about your competitors and drive your price point and also the features they need for a product or service. They finally take a risk of buying, using the product or service and then indirectly start promoting it to others. The Smart Entrepreneur just identifies with all these and positions his business accordingly and then the business happens. Never underestimate the power the customers have on your business and no customer is permanant and lack of competition is only a windowm of oppurtunity which may go away.
27 Feb 2011 1 Comment
100’s of Millions of Indians who are not educated and poor from the unorganized sector in India and have taken entrepreneurship or contracting as a way to survive in their life. They live for a day, borrow from money lenders at high interest, brave the cops and thugs who come demanding money, find their customers, sell their goods or services, make a profit and live the day for their family. A daily positive business cycle keeps them going. These include veg vendors, ironing service, cobbler service, newspaper vending, food vendors, toy vendors etc etc. Without their indomitable spirit, Indians at large will have large numbers of petty criminals. No one really respects them, no media cares of them, no politician fights for them though they choose and try so hard to make a living in an honest way. They are entrepreneurs in their own right driving the country but also get treated like an unwanted orphan in their country. It is the educated and rich who have to take responsibility to improve their quality of life and bring them into the organized sector of our country where they also feel proud to be part of our Indian economy.
12 Feb 2011 2 Comments
Beyond all the detailed planning, loads of information collected, smart strategies, volumes of data, numerous external inputs, discussions, arguments, failed views etc, most decisions are finally is based on the instinct of an entrepreneur and/or his team. This comes from feelings like the passion to take up something which looks risky, love for the profession, comfort that this is good for people around and a personal unknown journey which one is excited to enter into. Right or wrong, a decision is taken and then a series of balancing and compromising stances lead to a stable path of happiness and new achievements.