Akshay Patel’s Blog

Posted on June 9, 2015

Is there a way to make the business dream possible with low-budget and limited knowledge? Your ideas can answer this question positively. In the midst of an unprecedented entrepreneurial boom, many of those starting up are of the view that there are more hurdles than advantages in startup sector. Apart from the lack of policy support and innovative doors there is also a shortage of true risk capital that can back edgy new ideas. It is completely possible to make that happen if you have a firm policy with an excellent business plan. But a mere policy and business plan cannot just guarantee you a successful walk if you lack other important things like passion, risk taking ability, efficient decisions, an attractive and pleasing tongue, self-determination, ability to adapt a situation and a good idea.

Think of an idea. All successful businesses have evolved out of a good idea. People buy either to reduce the pain and discomfort or to gain benefits and pleasure. If your business idea has the potential to comply one of these, you will surely have a satisfactory outcome. All the further enterprise development process will depend upon your basic idea. Depending on the kind of idea, you may be required to hold research, develop a specific system, create an organisation and select a location.

A clear idea makes it possible to frame a policy upon which your entire procedures depends. There is always a connection between your basic thought and the people with whom you get along to accomplish your desires. Those liking your idea will tend to follow your plans and decisions. This undoubtedly generates contacts with some quality people having same ideology. Finding partners and sponsors can get relatively get easy with a good idea.

Nothing is worse than doing nothing. If you aspire to see yourself as a self-made successful entrepreneur then you need to put the habit of taking better decisions in less time. Count your positives and recount your negatives to melt them down for avoiding future hurdles. Someone with an idea already is never supposed to wait for the luck to turn on automatically.

A business plan is the detailed outline of enterprise management in accordance to finance, profit-loss relations, payback period, workers’ salary structure, taxes, import-export analysis, investment, quality, risk budget, consumer policies and other important details. It is a proper practice to frame a good business plan which considers all the practical and non practical issues that a company encounters during actual business. A business plan has to be ready before stepping into practicality. A clear business plan serves as a reference during functioning of business and any deviation from it should be avoided to get optimum outcome. Every business plan is incomplete without an exit policy which considers the worse scenarios in transparent manner. The fact that a plan has safe exit policy will always boost confidence to act in a focused way.

Marketing strategies have to be inculcated on a least profit assumption basis so that any gain above it can be considered as actual bonus or actual profit. Framing a business plan by taking in view every possible detail with buffer is the very basic to start any business.

• A practical step forward:

Depending upon your capital and type of business, your first step will be determined. It is important to know where your business is going to contribute whether Primary, secondary or tertiary sector. Your contribution to the GDP of this country counts no matter whether you are a small-scale or large-scale service provider. Those wanting to list their company on the stock market in future will have to be good at this detail right from the beginning itself.

The business plan comes into action every time you do something that you have never done before. Enterprise requiring construction and team usually takes more time to settle down to business while those requiring only methods and policies can start in less time.

• Satisfying your potential customers:

If you have taken a step forward then you must have surely identified who your potential customers are. At an early stage, you have no option than to compromise personal gains for your customers and clients. what counts is their level of satisfaction towards the service or product you promised them once. Once you have pocketed them in your trust it will get much possible to ease your policies with good degree of flexibility without risk and loss. It is advisable to spend most of the time in face-to-face meeting with potential clients which will land you some useful projects.

• Start showing your eloquence –

Being communicative without getting nervous in front of bunch of people is must. Discover the eloquence and show the boldness within you whenever required. Never underestimate the time frame in which it takes to build up leads and business contacts. This will teach you to say ‘ No’ as and when required to your own people without getting trapped into emotions. Start finding the magic answer to winning new customers to make it easier in the near future.