5 Basics of Entrepreneurship you must know

Young Entrepreneur demonstrating a project in Royal BedroomHey there! I know, I know. I am very late but what can I do? The current time is vacation time for me and you also. I was busy in enjoying with my brothers and sisters. But finally, I am back with some unique and interesting topics. I have so many things to share which I have learnt from my brothers and sisters. So, Let’s get started!

What is the secret of Successful Entrepreneurs? Do you want to start online business or to learn the base of entrepreneurship? Do you want to make money online? Every business is got shut down after 5 years of startup.

So, if you don’t want your money to got wasted, then these 5 tips will help you a lot.

What is Entrepreneurship?

A person who sets up the online business successfully is known as Entrepreneur. If you want to start online business but you don’t have any guidance, then here I share the 5 base tips for Entrepreneurship.

(1). Plan a Unique, distinct and Powerful Strategy:

The first thing you need to learn is to plan an unique and distinct Strategy. You have to choose the interesting and unique strategy that people love to engage with you. Choose the product which makes your product unique compare to others. For example, if you want to start a food industry like Balaji, then you can add some distinct and tasty flavours to make your product unique. Therefore, first is to plan an unique strategy.

(2). Build a powerful team:

This is the 2nd thing you must keep in mind before moving forward towards Entrepreneurship. Build a powerful team. Hire only skill-based employees for your company. Employees with no skill and experience will not help you to grow a company. Loyalty is one of the important factors that must be in your employees. Your employees must be loyal towards yourself. It doesn’t mean that you should hire only people who are your relatives. Hire a skill-based and trustworthy people for your business. Okay! You have understood the first two points. Let’s move towards our 3rd point.

(3). Fulfil your employees with incentives:

Now, You already have a unique strategy and skill-based employees but what is the benefit if your employees don’t engage in your unique strategy? To clear this Big Why, incentives is the best tool. Incentives are of 2 types. First is Emotional incentives and second one is financial incentives. Engage with your workers and teach them about the positive sides of your strategy. That will help your employees to work more efficiently and will help you to grow your business. Keep your employees motivated and inspired by emotional and financial incentives. Rewarding them with gifts or money for their behavioral changes and enthusiasm towards work will keep your employees motivated. They will engage with you in every strategy with these type of incentives. Therefore, keep your employees motivated and dedicated towards their work.

(4). Choose what is right for customers rather than to you:

What will happen if your product is not useful for customers? Don’t see the margin of your product. Choose what your customers want. For example, if you are running a Dental company and you have to choose between two products. One toothpaste which is more useful for customers but has less margin and second has high margin but it is waste for your customers, what will you choose? Obviously, you must choose the first product. Therefore, choose what is right for people not for you.

(5). Marketing:

Before we intiate with our next point, let’s see the above 4 points collectively:

1. Unique Strategy
2. Powerful skill-based team
3. Fulfil your employees with incentives
4. Choose a demanding product
You already understand all these, now what is remaining?
Yes, Marketing! What is the benefit if your product don’t reach to customers? So, the strategic marketing becomes our last point as my tips for Entrepreneurship. Marketing is the very important point for the growth of your company. Strategic Marketing is very important. Reach to your customers by advertising.
You can make a website for your business. In this world, we are all surrounded with the rapidly growing technology. Take benefit of it. Establish your company through social media. Give low-cost products in start-up. I know that you will definitely face problems in the beginning but you have to Bounce back. Failure in 1st try is a Good sign. Because of which you will get motivation to Bounce Back. So, take benefit of Technology. Search for the marketplace where you can advertise your product.

-> Bonus Tip:

I am sharing my special tip of my father’s business that you should not give up in any situation. According to 2015 sensus, it is found that every business is shut down in just 5 Years after startup. Therefore, keep faith in God and wait for success. One great Indian author said,

“कर्म करते रहो, फल की चिंता मत करो!”

So, never give up. Keep working and you will be succeed.

At the end of this, I just want to say that keep working hard to get a good response. Consistency and Discipline are the two most important things you must keep in mind if you want to grow your business. In one of the speeches by a famous American Actor, Denzel Washington, it is stated that one must apply Discipline and be consistent to his or her work to get supposed results. So, be consistent and apply Discipline while working hard to achieve what you want. Thank you so much for applying consistency in reading. Keep inspiring and motivating! Stay Tuned!

Are you ready to set up your Business?

Advertisement

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s