Entrepreneurship: A ladder of Success
I have a question for all – what is life?? does life exactly means to success and if yes !! Then how do you get the success?? Think for a while…
For me, Life is all about happiness and happiness is only achieved by satisfaction. How satisfied we are shows how happy we are. Have you ever seen the ECG report of the heart,
Full of waves, up and down lines, showing the health of our heart but if you have ever noticed, we are alive only till the heart beats. If the line goes straight it will mean we are dead.
Even and odds are the part of life, all have to ride the roller coaster of situations, how we tackle things is most important matter to look upon. Entrepreneurship is same roller coaster ride, not every one thinks of riding it but the one who rides it with excitement, enjoys the most. While painting the business idea in real pen, the main thing to look upon is the business idea and its real feasibility and profitability. Idea showing the real worth is taken into consideration.
Let’s start the brief sail on business strategies and key points to keep in mind.
INTERACTION:
An entrepreneurship is a social process, where interaction of people with each other is necessary to persuade them to act in a particular way concerning on maximum satisfaction of consumer needs.
Pillars of Entrepreneurship:
- Identification of customer market
- Understanding needs of customers and wants
- Developing goods and services to satisfy needs
- Satisfying consumer needs better than competitors
- Last, but not the least, Doing all this at profit.
MARKET OFFERING:
A good ‘market offering’ is one which is developed after analyzing the needs and preferences of potential buyers. While doing business, it becomes very important to impress customers more than similar brands in the market. Once the consumer gets exactly what he wants, our brand is publicized automatically. Our branding will shift in the hands of the customer and it will definitely up the charts of business success. Every consumer is rational and his monotonic preference bends to maximizing utility deals so, it becomes the charge of every Entrepreneur to feature the deals in such a way that consumer will bend only towards them.
CUSTOMER VALUE:
The consumer prefers those goods which provide them maximum satisfaction and utility on their 💰 money, the entrepreneur should look and aim at adding customer value to the product at profit, so that the consumer resort back every time to YOU. They look upon NEW and securing the NEW serving is in your court. Higher the customer value, bigger the profits.
MARKETING PLANNING:
The Entrepreneur should develop appropriate marketing plans to achieve the business objectives covering various important aspects of business growth and expansion.
Planning involves everything from the beginning either its be the promotion of an idea or selling goods better. Each and every pin is to be looked up so that customer will get as much utility from the commodity as they want.
Read Also: A to z of Entrepreneurship
ANALYSING YOURSELF:
By Analyzing and gathering information about the self-status, a business can float through the main business analysis of their strengths, weakness, potential opportunities and related threats.
SWOT analysis
- S – Business strengths and good points.
- W – Business weaknesses and negative points.
- O –upcoming business opportunities and subsequent plans.
- T –Business threats and related competitions.
Figuring out these things really help the organization to step in Better spaces. Faith and efforts all these are basic stuff in building the profitable house.
CUSTOMER SUPPORT SERVICE:
Business doesn’t end with selling its services but starts from it, selling products is not so much tough task but resorting the customers back in need is difficult one. A very important function of every Enterprise is to form customer support services for their consumers like after sale services, complaint management services, customer grievance cell etc.
All those activities build higher chances of customer satisfaction and repeat the person as consumers.
SET A USP (UNIQUE SELLING POINT):
Entrepreneurship is an idea, and execution of this idea requires a lot of efforts, riding the big wave is in the uniqueness. Starting from the organization’s promotion, one must create or identify its unique selling point which will differentiate it with others in the same boat. The X FACTOR is much more important for the growth of any business idea that one must identify before the product offering to the customer.
