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Calculated Risk Mangement for a Successful Startup

What is Risk Management?

It is basically taking risks for your startup in a controlled environment. So, when you take the risk you have got a backup plan to cover fire in case you run out of ammunition in the war zone (market). This is known as Risk Management in the world of startups. I will provide a brilliant example.

A person just started a small business of mobile accessories online. He knows there is enough market out there already that he needs to compete with to outreach his customers. So, before getting into the game he needs to understand that his product is unique and cheap at the very same time. Now, if the product is cheap; how can it be unique. For this particular purpose he needs to visit whole sale markets. When he finds what he needs, next step is placing a bulk order. Now, when he is selling his item online; he will get customers sooner or later. But, what matters is he took a risk placing a bulk order; at the same time he did research for uniqueness and price control. This is what exactly known as Risk Management in the world of startups.

Any start up in this world fails only when it runs out of a credit line. So, it’s completely clear that money is the lifeline of your startup. What needs your attention is Risk Management to check on the expenditure? How can you do that?

1) STOP SPENDING STUPIDLY:- You are not here to impress your girlfriend on a date. Don’t be a show off no one needs to know your spending capacity. Your clients are only seeking some brilliant product packaged with good services. They are not here to see your costly machineries, your heavily salaried employees and your mind blowing infrastructure. This is a big NO. It’s the beginning phase; focus only on good products, good services and amazing marketing. That’s all you need.

2) Don’t run with a blindfold on your eyes:- Another stupid reason for a startup failure is when you keep spending in the wrong product or services without seeking the market survey report. Why? You could lose a big fortune of money that’s why. Your customers are looking for something else and you are not ready to see that with your open eyes instead you choose to cover your eyes like a horse and run straight. Look around understand your market don’t get intimidated by a product or a service you like. Understand what the market needs, the customer’s demands and work accordingly.

I am not saying don’t take a risk. I am just saying don’t take one without a plan.

The Secrets for Successful Revenue in Digital Marketing – Benchmarking Process

According to the British Quality Association (1989) characterized TQM as follows:

“TQM is a corporate business the board reasoning which perceives that the client needs and business objectives are equivalent”.

The accomplishment of significant worth is in this manner achieved by near and dear incorporation and duty, given to a relentless improvement measure, with quantifiable level of execution by totally concerned.

The Basic Stages in Problem Solving are:

– Identify the issue, alongside progress objectives:

– Develop a System Orientations as follows:

A bit of the General Tools to Benchmark are:

(I) Cause and Effect Diagram (Ishikawa Sketch Diagram)

Conditions and sensible outcomes diagram helps with reviewing the assorted anticipated explanations behind an issue or situation. With this quality control instrument, one can assess the contributing components as arrangements and subcategories. You could fuse and find the hidden driver of an issue; uncover the bottlenecks in your cycles and perceive where and why a cycle isn’t working.

(ii) PERT

PERT speaks to Program Evaluation Review Technique. High-spirited charts are gadgets used to plan tasks inside an endeavor – making it less difficult to schedule and sort out partners accomplishing the work as a TEAMWORK.

Proactive diagrams were made during the 1950s to assist manage the creation of weapons and assurance envisions for the US Navy.

(iii) TAGUCHI Methods

The Taguchi procedure for quality control is an approach to manage planning that underlines the pieces of creative work (Research &Development), thing plan and headway in reducing the occasion of defects and disillusionments in made items.

(iv) KANBAN

Kanban is a system for managing the creation of things with a weight on consistent conveyance while not overburdening the improvement gathering. Like Scrum, Kanban is a cycle or cycle expected to gatherings to chip away at groups viably and with the standards of collaboration for non-stop achievement.

(v) JIT (Just in Time Principle)

These are the 5 essential principles of JIT Management:

Total Quality Management, Production Management, Supplier Management, Inventory Management, and Human Resource Management.

JIT won’t suffer if there is definitely not a strong emphasis on TQM (Total Quality Management).

(vi) BATNA

Is the ability to perceive an arbitrator most ideal choice as opposed to a Negotiated-Agreement, is among one of the various bits of information mediators search for when characterizing bargain making and trade systems.

If your current game-plan shows up at a gridlock, what’s your another Best Alternative.

I immovably suggest you read the book ‘Getting to Yes’ by William Ury.

Or on the other hand simultaneously, I recommend you read ‘Moving beyond NO ‘ by William Ury if your values and principles don’t agree to the customers / clients with a win-win deal.

(vii) Poka – Yoke

Poka-Yoke is a Japanese articulation that means “bungle fixing”, “botch sealing” or “coincidental bumble expectation”.

A Poka-Yoke is any instrument in any cycle that empowers a stuff executive to keep a Strategic Distance from Mismanagement or Miscalculating.

Its inspiration is to dispense with by Preventing, Adjusting, or Causing to Notice Human Mistakes as they occur.

(viii) Kaizen

Kaizen is a thought symbolic business practices that tirelessly improve all limits and incorporate all agents from the CEO to the consecutive development framework workers.

Kaizen is the Sino-Japanese word for “advancement and ceaseless improvement”.

(ix) Mission Statement – Have a convincing Statement of Purpose, with Brand Esteem, your Moral Methodology Systems and Standard centered organization in all times of your Digital Marketing approaches and prepares.

(x) CIT – (Continuous Improvement Team):

Nonstop Improvement Team a deliberate group from a comparable work fragment sitting reliably to improve a particular cycle, cycle or action

(xi) CAT (Corrective Action Taken): A work pack or Team under the activity of the local manager outlined to deal with a particular issue.

A segment of the Specific 7 Quality Control Tools are according to the accompanying:

STAGE (1) – STRATIFICATION: is portrayed as the show of organizing data, people, and articles into specific social affairs or layers… This data grouping and examination methodology confines the data with the goal that models can be seen and is seen as one of the seven basic quality instruments.

STAGE (2) – TALLY SHEET or Check Sheet is a structure (record) used to assemble data continuously at the region where the data is delivered. The data it gets can be quantitative or emotional. Exactly when the information is quantitative, the check sheet is sometimes called a tally sheet.

STAGE (3) – HISTOGRAM: It resembles a Bar Chart, anyway a Histogram bundles numbers into ranges.The height of each bar shows the quantity of fall into each span. Likewise, you pick what scopes to use! Model: Height of Olive Trees

STAGE (4) – PARETO ANALYSIS: is a regular strategy supportive where various potential diagrams are weighing for thought. Essentially, the issue solver assesses the favorable position passed on by every action, by then picks probably the best exercises that pass on a total bit of leeway reasonably close to the maximal possible one.

STAGE (5) – Cause and Effect Diagram: Ishikawa diagrams are causal graphs made by Kaoru Ishikawa that show the possible explanations behind a specific event. Typical occupations of the Ishikawa plot are thing plan and quality flaw expectation to recognize potential factors causing an overall effect.

STAGE (6) – Scatter Diagram: A disperse plot is such a plot or mathematical framework using Cartesian bearings to show regards for regularly two elements for a lot of data. If the centers are coded, one additional factor can be appeared.

STAGE (7) – Control Chart: A Control Chart shows how a cycle varies after some time, while perceiving uncommon explanations behind assortment and changes in execution. Like a run diagram, it fuses quantifiably made Upper and Lower Control Limits.

Watch the Benchmarking by Robert C Camp on YouTube for more details.

[Source / Reference: Dr. D. D. Sharma (Total Quality Management – Principle, Practices & Cases)

Planning for Successful Productivity During Your Career?

Looking for skills to help increase career opportunities or enhance current position? Then consider the importance of time, meeting, and project management skills and how gaining better control in these areas can lead you where you want to go in the business world. It may be easy to see these skills will help in current job, but how can you be sure they will apply to future opportunities? If you are skeptical, try looking at job descriptions on the various job-search websites and you will discover that most of them will require one or more of these management skills (also referred to as planning or organization skills). Think about how using these skills may be seen by others who may be able help with your desired career growth. Being able to organize yourself will be noticed by a few people within the organization. However, being able to organize others by leading meetings and projects will be visible by a wider audience.

The different managing skills related to time, meetings, and projects are not only similar in principles, but also in techniques used. Adopting one of these skills and applying the principles can progressively lead towards learning the others. An example principle would be, if you belief in the value of your individual time, it follows that you understand the value of other people’s time in groups as well. Therefore, meetings which will always involve the time of others, require proper planning and management to ensure no one feels the time was wasted. A well-planned and executed meeting can actually make most attendees feel it was well worth their time and their input was valued. Since meetings are an integral part of projects requiring team member and customer participation, it also follows that running them well will lead to more efficient project management and effective use of the time and skills of those involved.

Want more proof that these skills are related? A method that personal time management typically involves is having a written set of tasks to do and then prioritizing each task according to goals. The tasks considered of highest priority, which are those that get you closer to your goal, are given attention first and have the most time dedicated to them. In a well-planned meeting, the goal is the stated meeting purpose and the prioritized task list becomes the group’s meeting agenda followed by individual task assignments in the form of actions. Every project has a direct goal for what it is to accomplish in order for resources to be given to it. On a well-planned project, major tasks for reaching the goal are listed on a project plan and assigned to appropriately skilled people to meet their priority. Project priority then is stated as the critical path in which the tasks completion must take, as well as the start and finish dates assigned to each task.

Now that you know having these skills may help increase your career potential, consider what you need to do to develop them. Do you need training or an easy-to-use tool? Is there someone who can mentor or coach you? Should you closely observe meeting leaders for pointers or volunteer for more projects to increase planning skills? Think about the importance of time, meeting, and project management skills for your career growth and then plan accordingly.

Basic Woodworking Skills You Need To Be Successful at Carpentry

There are a number of woodworking skills you will need to know with regards to being successful in carpentry. This is especially important if you want to start a business in the wood working business. These skills will be important in any type woodworking employment. This includes the building of a shed in your backyard or constructing furniture.

One of the basic skills you need to learn is safety using the various tools in your woodworking business. Safety is very important as you do not want to lose a finger or one of your eyes. Understanding safety is paramount in creating a successful woodworking business.

You will be using power tools such as a skill saw or a reciprocating saw. These power tools are very safe to use if operated according to the instructions they come with. However if operated improperly they can cause serious injury to your body.

When using power tools you need to keep the area you are working in safe. This involves keeping the surface you are standing on free of objects you can trip on such a power cords. Keeping power cords from becoming potential a tripping hazard is very important to keeping your work space safe. Also keep the floors clean as any potential slipping hazards can lead possible injury.

You also need to keep the are working in free of clutter especially if when using a ladder. Having a cluttered work area at the foot of a ladder can lead to a broken ankle.

Proper use of your power tools also mean that you should never carry them by their power cords. Also disconnect them from the power they are using such as a battery or power outlet. Also remove all power sources when they are not in use. If you are changing blades on your reciprocating or circular saw always remove the source of power.

Wearing proper personal protection equipment is a vital. This includes proper eye protection. Remember it only takes one mistake to lose an eye.

You will also need protection for you ears such as foam eye plugs or headphone-style ear muffs. Many power tools can cause hearing loss if used for prolong amount of time.

There are a number of common injuries related to the use of various power tools. Lacerations and burns are among the many Electrocution can also happen if proper care is not used with equipment that are plugged into an outlet. This can cause death or severe injury caused by electic shock. Using a power tool with a frayed power cord can lead to this, especially if you are working on a floor covered with water.

Always check the condition of your hand or power tools before you use them on your woodworking project.

Best Regards

The Qualities and Traits of a Successful Entrepreneur

Entrepreneurial activities are on the rise in Nigeria. This is mainly as a result of the lack of jobs that plague many Nigerians including university graduates. A study carried out by Gallup showed that 67 percent of Nigerians are willing to start their own businesses. Furthermore, 80 percent of those interviewed believed that their businesses would be successful in Nigeria. This is a large percentage as compared to the results of other West African countries whose median for those willing to start a business was 44 percent. This trend has not gone unnoticed and the former Nigerian president, Olusegun Obasanjo even mandated that entrepreneurial skills be taught to all university students irrespective of their major.

All this is in line with the Nigerian Economic Policy for 1999-2003 whose purpose is to promote education through the use of technology. The Nigerian president also has big plans for the country one of them being to see Nigeria as one of the top 20 economies of the world by the year 2020. This, he hopes will come to pass if the policy is duly implemented. According to this policy, one other way that these ambitious goals can be achieved is by partnering up with certain agencies such as the Fate Foundation in Nigeria and the United Nations Transfer of Knowledge through Expatriate Nationals (TOTKEN) which are dedicated to encourage entrepreneurship.

Entrepreneurs in Nigeria face unique challenges that hinder their entrepreneurial spirit and encourage rampant corruption. Nigeria has been previously known as one of the most corrupt countries in the world and this discouraged free enterprise. Nigeria has also been largely dependent on the income from oil that other economic sectors have been grossly underdeveloped. During the oil boom period of between 1973 and 1980, Nigeria’s GDP rose to $1,100 in 1980 from the previous $220 in 1971. However, due to inappropriate government policies Nigeria’s economy was left vulnerable. Investment was made mostly with the oil industry in mind that other sectors such as the manufacturing and the agricultural sector was rendered noncompetitive.

The fall of oil prices all over the world during the 1980’s combined with a general increase in the capital markets real interest rates, greatly affected the domestic and international fiscal situation of Nigeria. This led to a general economic slump which was characterized by a significant fall in GDP from 1,100 in the 1980’s to $340. According to the World Development Report of 1994, Nigeria had dropped from being a middle income level country into one of the poorest countries in the world. A devaluation of this kind created very high inflation, a general spread in poverty and high unemployment rates.

Other factors that have affected entrepreneurship in Nigeria include poor infrastructure, high cost of doing business, constant political, tribal, religious and ethnic violence, gender discrimination and lack of quality education. However, measures are being taken to cub all these negative influences and to make Nigeria conducive for entrepreneurship. Despite all the challenges that have affected the Nigerian economy, business development and entrepreneurship has taken root. It is especially known that individuals from the Ibo ethnic group have great entrepreneurial skills. The number of private firms has greatly increased since the 1980’s although they are quite small when it comes to employment, revenues and capital. Nigeria currently ranks second after South Africa in terms of GDP and if proper measures are taken and appropriate policies adopted then it may as well take the top spot.

Starting any type of a business requires planning, imagination or creativity, inner drive to succeed and of course hard work. However, the main traits and characteristics of entrepreneurs that make their businesses stand out from the crowd include; the desire to achieve. Entrepreneurs are people who highly desire to achieve. An entrepreneur should not wait for things to happen but should rather make them happen. They are also highly competitive and would always try to be informed about latest entrepreneurial developments. Entrepreneurs are also self starters. This is to mean that they motivate themselves to do something. They do not need an incentive to do anything but the desire to succeed is enough to get then started. They would rather make their own mistakes and learn from them

Entrepreneurship also requires hard work. As entrepreneurs, it is important to know that success does not come in a silver platter but has to be worked for. Entrepreneurs realize that they have to put in a lot of time and effort to see there dream come true. Focus is also another very essential characteristic of an entrepreneur. Entrepreneurs know what they want and will do anything to achieve that. This is related to positive thinking in that they believe that everything will turn out well in the end no matter what. Entrepreneurs are also non conformers and almost always wanting to stand out of the crowd. A successful Nigerian entrepreneur should also avoid being pinned down to anything and instead make their own goals and objectives rather than working for someone else.

Entrepreneurs are also born leaders. Good leaders inspire trust in others and motivate them to do something. A good leader efficiently influences, guides and directs people. This trait is especially important when hiring people for the newly founded business. An entrepreneur should possess good judgmental skills and be sharp and bright capable of making wise decisions. Good communication skills are also a must for an entrepreneur. This means that a successful entrepreneur can efficiently convey a message which will be clearly understood. This trait only works well if one is also a keen listener. Entrepreneurs are risk takers. Running a business in itself is a risk because if one does not make calculated choices it could easily collapse. Successful entrepreneurs therefore, take calculated risks in order to succeed. Entrepreneurship also requires dedication. Entrepreneurs tend to stick to their ventures no matter what. They do not easily give up and when they make a mistake, they learn and move on rather than obsessing on that one failure.

Starting and running a business has its ups and down and the ability to stick by it defines a true Nigerian entrepreneur. Creativity and innovation is also another trait that characterizes a successful entrepreneur. Entrepreneurs will always look for new ways of doing things. They are not afraid to try out new ideas and are highly imaginative. Their products or services therefore usually have an edge due to this creativeness. Generally, Nigerian entrepreneurs need a strong spirit that will endure all the trials and tribulations that come with a business. Nigerian entrepreneurs therefore need to make informed choices before deciding to enter into entrepreneurship.

How to Be a Successful Entrepreneur – Making Decisions, Part 4 of 6

Placed Successfully!

Congratulations! You are really doing well with your deep dive into planning, making conscious choices, sorting through a number of decisions, and crafting your strategy for starting a business. It might feel a little overwhelming – or maybe it feels a bit tedious and slow – but hopefully it is bringing you clarity and narrowing your focus! What you are doing now is ensuring your success and the ability to sustain your venture. You’re not leaping without thinking. Being actively engaged in creating a process is a lot of work and it will really help keep you moving in a common sense, organized fashion!

One of the things to consider is where do you want to do business. What are some of your options?

WHERE, personally, would you like to do business?

from your home with unrestricted hours (to meet a variety of time zones or because your life and work are intertwined by choice)
from your home, knowing that you are a part-time resident of several locations rather than of one year-round residence
from your home with standard business hours
from an office but with trips to clients, for instance, as a consultant or insurance broker or financial adviser
from a retail environment – your store or restaurant, for example)
from out in the field (think about drilling wells or training horses)
from a warehouse or manufacturing environment

WHERE would you like to your customers to be?

in cyberspace, shopping online from you
In your local market only (ie, someone who comes directly to your store for purchases)
In regional markets
In domestic only markets
In a combination of domestic and international markets
Only in one foreign country – or anywhere overseas

WHERE would you like your customers to work?

Are you selling directly to individual consumers (B2C)
Are you selling only to other businesses (B2B)
Are you selling to companies in a certain revenue category – only Fortune 500 companies, for example
Are you selling only to non-profits
Are you selling only to schools or to government entities or to religious organizations

WHERE can you access things important to small business start-ups – and what things are important to new business?

How many patents are issued per 10,000 people (the national average is 1.8)
What is the cost of living and can you find access to affordable and/or flexible lease space (the Council for Community and Economic Research calculates cost of living indexes specifically for the self-employed)
Can you find creative talent and/or a skilled work-force (what is the density of universities and/or tech schools and community colleges with job-training programs)
Is there a density of small businesses and/or incubators with a track record of creating start-ups
Is there access to private seed capital and/or a track record of such monies being available to start-ups
Is there a state income tax
What is the franchise tax cap
What are the local zoning laws (including parking regulations) and do they allow for or promote co-working space
Are there regular gatherings or networking events for start-up minded folks?
Are there financial incentives and are there mentoring opportunities, some of which are often provided by business incubators or business accelerator programs
Is there access to low-interest business loans
Is there access to government contracts
What is the corporate tax rate
Are there tax credits available promoting certain industries or certain geographic locations

The fact is new businesses start everyday and they start even in places that can’t claim to have everything on the list above. If you are willing to move and interested in moving, you might increase your odds of success by making a decision to move to a location that meets the majority of the considerations listed above. I happen to be quite fond of Beaufort and believe there are many attributes here that will contribute to your success, not the least of which is quality of place. My personal bias says that living in Beaufort, SC – a community where people you don’t know wave when they drive by or say hello when they walk by, with people who slow down to let you walk your dog across the street or who stop to chat in the grocery line even if it slows things down, a place that celebrates our Gullah influences, our French beginnings, our military presence and sacrifice, and a place that provides beautiful flowers and bench swings so that living here is calming and visually pleasant – means living in a place where you are reminded that being an entrepreneur is just one component of your life, a life that is interconnected with family, friends, and community. And besides, the more of us who commit to being part of job creation and the entrepreneurial scene here in Beaufort, the more vibrant our town will become!

DO’s

DO keep constantly in mind that planning to start a business is a process that requires you to lay a foundation. Keep deliberately slogging through this decision making process in order to create a business that meets your needs and lifestyle
DO consider your flexibility, or lack of it, in considering where you want to live when you start your business and as you grow your business. If you start a business with a physical location you have committed yourself to staying put. That is neither negative nor positive – just make sure you have decided in advance you are content with that outcome.
DO consider whether traveling is something you want or can accommodate. A good friend recently advised me he logged over 200,000 flying miles last year – and he has twin 9-yr-olds at home. He loves his work and is very successful – and he loves his family. But it takes a lot of energy to travel that much and there are very real sacrifices made by all because of the type of business he does. I also know of people who limit their travel by limiting the frequency and destination of their trips. But they go on buying trips to places they would have traveled even wthout a business. Having a business purpose to visit their favorite places is a real bonus for them on a number of levels!

DON’Ts

Don’t choose a new location for starting a business based on the false pretense that the grass is always greener somewhere else. If moving makes sense after doing your research and laying your foundation, then go. But don’t go TO somewhere new just to get away FROM your current dissatisfaction. Problems have a bad habit of traveling with you so it’s best to fix things right here first.
Don’t minimize the impact of a move on your family members. If you aren’t single, consider the issue of ‘the trailing spouse’ – will there be things your ‘significant other’ can do for work and recreation that they will enjoy enough to make the move satisfactory to both of you? These days we often spread out pretty far geographically but it does create considerations when there is a need to be close to aging parents or a desire to be close to young grandchildren. Don’t forget to consider the whole big picture when deciding on the best location for your new business and it’s success.

ACTION ITEMS:

Sit down and review this article. Write down where you want to work from ideally, where you anticipate your customers will come from, where you anticipate the bulk of your sales to come from, and where there are resources that your business will need for its success.
Think about where you spend the majority of your time now and where you’d like to spend your time – in one place year-round, in one location for the summer and a different one for the winter, not currently tied anywhere and interested in visiting or living briefly in as many places as possible? Also think about where your family members are now and determine if their circumstances will affect yours in the next 1-2 years and the next 5-10 years, and think about how this might affect your choice of where (and how) you want your business to operate. Depending on the type of business you choose and its success, you may create greater freedom through increased flexibility and finances. If these are your goals be sure you are clear on the outcome you want and in understanding if the business you propose to start will indeed land you this outcome.

5 Ingredients of Successful Entrepreneurship

Read the quintessential qualities required to become a consistently successful and growing entrepreneur.

No business can grow without the growth of the entrepreneur who runs it. It is the entrepreneur who becomes the central line of the growth of the business. If the owner isn’t upgrading himself or herself, their business isn’t going anywhere. That’s a given! Here I share with you the basic fundamentals that an entrepreneur must focus on at any given point of time irrespective of the stage or the scale.

Ideas

Entrepreneurship is developed, it is a skill. There are no born entrepreneurs, they build themselves. Entrepreneurship lies dormant in all of us. We all have that inherent desire and wish to do that one dream business or project one summer day. The fact is if we ask all the people we know to write down their dream business on a piece of paper you will get a huge pool of resourceful Business ideas to work on. The tragedy is very limited people can visualize it as a profitable venture. No business is a bad idea. Every business is a growth business. Successful entrepreneurship is about taking a crazy idea to its logical plan and then utilizing the available resources to commercialize the idea into a long term profitable venture. An entrepreneur must always have ideas at the drop of a hat to solve problems, address demands or to innovate new products. Working on creative thinking is imperative to be a continuous resource provider of ideas. The key is in continuous creation of new, better and different ideas without falling in love with the old ones. Creation is possible only when the entrepreneur is continuously learning.

Plan

Once the idea is in place, the next step would be to create a clearly written down execution plan with step by step precision of what is to be done to make the idea convert into a business venture. Writing down the magic questions and their answers is the key. Magic questions include the what, where, when, how, who and why. A plan is nothing but a detailed execution methodology shared and supported by all the members concerned in a venture. Most entrepreneurs fall short of penning down their ideas simply because of lack of will or laziness. It is said that when you write your plans down, they help you remain motivated and on track when you are most knocked down in business. A plan consists of series of short, medium and long term goals. A goal is nothing but a dream with a deadline. Having a well thought of PLAN A and a contingency PLAN B are crucial in any entrepreneurial voyage.

Risk

This is what separates the men from the boys. Starting a venture requires the rare quality to challenge our comfort zones. Doing things that make us uncomfortable and destroying the status quo remains the fundamental essential quality of successful entrepreneurship. Entrepreneurship is doing things that are contrary to everything that has to do with the words security and comfort. It’s about choosing the short term pains to actualize and materialize the long term gains. Risk taking involves an emotional and mental decision first which translates into a financial or logical decision later to do something that has the probability to fail as much as to succeed. Risk taking becomes easy when the entrepreneur develops the ability to remain confident about the strengths and talent especially in times of crises.

Time

Entrepreneurship is about being ahead of time by planning your priorities. Entrepreneurs wear multiple hats and hence it is imperative that they wisely choose to do the most crucial and important activities in their business which only they have the expertise of doing. Entrepreneur’s must focus only on key success driving activities in their business and delegate the rest to people who are better at doing those things than the entrepreneur. Initially entrepreneurship takes a toll on the personal time and space of the individual, however, at later stages, the individual develops the habit of ignoring personal time and this leads to an unbalanced life. Spending quality time on crucial revenue generating and business growth related activities coupled with taking time out for family, fitness and hobbies is mandatory for a successful entrepreneurial life. Developing the discipline to follow learnable routines and at the same time having the flexibility to adjust as per changing demands is very important sign in entrepreneurship.

Team

Can you imagine the pyramids in Egypt built with a single rock? Can nations be built by the effort of a single person alone? Difficult to imagine, isn’t it? The sum of the parts makes the whole and the whole is incomplete without its parts. You cannot build a fantastic business unless you have fantastic people working with you. It’s easier to attract and nurture talent when you have a strong vision and purpose for your business. Business building and entrepreneurship thrives on collective efforts of like minded people moving together towards a common goal. Entrepreneurs tend to be self involved to the extent of not sharing their ideas, frustrations and dreams with others. Their initial experience of solitude makes them closed emotionally and as business grows the entrepreneur doesn’t realize the benefits of sharing. Leadership is about helping others bring out their strengths towards the achievement of a strong purpose. Entrepreneurs must learn to instill other people’s confidence and other people’s capabilities. It is only when you build a team, can you build a great business.

The above ingredients, if mixed passionately with solid persistence can help anyone build a fantastic entrepreneurial venture. Here’s wishing you all the best for your Businesses journey.

17 "Must Ask" Questions for Planning Successful Projects

Why do some projects proceed without a hitch, yet others flounder? One reason may be the type and quality of the questions people ask at the very start. Below are 17 insightful queries that can expose the uncertain aspects of your project, and thereby help you avoid expensive surprises later on.

1. How Would You Describe Your Project?

Explain as expressively as possible the ultimate, “big picture” vision and purpose of your completed endeavor. How will it look, feel, taste, sound, perform, increase productivity, help your customers, or otherwise benefit human kind?

2. What Are Your Goals and Objectives?

What are you trying to accomplish? List the project goals and objectives in terms that are clear, concise, achievable, and measurable. Example: “Produce a four-hour video training series on self-defense along with a training resource guide and database, to be accessible by college students on the Internet by May 2006.”

3. Who Will Benefit From Your Project?

Examples of audiences or beneficiaries include: Clients, customers, customers’ customers, local communities, wildlife, students, and specific population segments.

4. Will You Be Creating Any Products?

Examples include: Books, publications, studies, reports, manuals, video, audio, multimedia productions, tools, instructional materials, graphics, software and information systems, Web sites, databases, widgets, and special equipment.

5. Will You Be Providing Any Services?

Examples include: Providing telephone support, business software training, day care, statistical analysis, copy editing, and customer satisfaction surveying.

6. What Methods Will You Use?

For example, will you start by researching your audiences’ needs? Will you use phases for design, development, implementation, pilot testing, and rollout?

7. What Kind of Schedule Do You Anticipate?

Will your project or program involve an incremental implementation process that might occur over many months or years? If so, what long-term phases are you anticipating? Are there critical milestones within these phases? Can you create a detailed schedule for near-term tasks you will be performing?

8. Will You Need Any Partners or Collaborators?

Many types of projects will benefit from teaming up with partners who can offer complementary strengths or a long-term track record in an important area. Do you anticipate joining forces with other organizations, consultants, or agencies to complete the project? If so, what experience, expertise, credibility, funding, or other benefits will each party bring to the table?

9. Will You Need Specific Information or Advice?

Do you plan to seek information and help from subject matter experts or other advisors? Will you need to perform research, and if so, what sources will you tap? Examples include Internet resources, company documentation, service reports, trouble logs, customer feedback, surveys, focus group data, evaluation forms, census data, libraries, and formal studies.

10. Will You Need Special Systems or Equipment?

Some projects require setting up a technology infrastructure to create or deliver the products or services. Examples of items in your infrastructure might include: Servers, networks, computers and peripheral devices, and multimedia, sound, or video systems.

11. Will You Need to Use Special Tools or Templates?

Some projects require using a certain set of software tools or a specific set of templates or techniques. It’s important to specify these at the beginning so that everyone will be clear about what’s required.

12. How Will You Evaluate Project Success?

How will you measure the progress and effectiveness of your project? Will you collect information on how you are carrying out your stated objectives (process evaluations), and how well you are serving the needs of your target audiences (outcome evaluations)?

13. Who Needs to Review and Approve Decisions?

Will there be a clear process for submitting items for review and approval, and a set timeframe for receiving comments back? What protocol will be used? A key consideration is whether there will be a single responsible party with the authority to reconcile differing opinions if a review team can’t reach a consensus.

14. How Might Your Project Evolve over Time?

Why should what happens in the future be so important today? One reason is that implementing downstream opportunities can be hindered or helped by decisions that occur at the start. It’s not unusual for a short-lived, “one-time only” effort to take on a life of its own by adding unexpected phases, variations, and versions – so why not plan ahead?

15. Who Will Be Responsible for What?

This aspect is especially important when multiple parties will contribute to the outcome, and even more so when they are dependent on one another. For example, your detailed schedule for Task X might specify that “Completing Task X depends on Person Y in Company C providing the ABC Results by such-and-such a date.”

16. What Risks Should You Plan to Manage?

Nothing is more difficult that anticipating, flagging, and managing potential risks to a project as a whole, or to the successful completion of your part of it. After all, no one wants to admit potential failure, right? However, risk is a normal part of everyday life, and with proper attention, we can manage it!

17. What Open Issues Remain?

What issues and concerns remain after all topics above have been considered? You and your team may be keeping a running list of unanswered questions and unknowns. What are these items, and how and when do you think they will be resolved? Do they present risks until they are answered?

By thinking through the questions above, you can achieve your project goals with much less guesswork and far fewer problems than you may have experienced in the past.

7 Tips for a Successful Business Venture

It is pretty easy to set up a new business but the actual challenge lies in surviving the cutthroat competition and to stimulate growth over the years. One of the prime reasons why most of the businesses face a very tough time is the lack of proper marketing plan and minimal focus on branding. After all, only when you are able to market your products properly to your target segment will you have a chance to generate revenue to take your business forward.

While a business success is largely dependent on concerted effort of various major functions, during the early years it is most important to focus on branding. Your branding effort should be strong enough not just to introduce your company name to your target segments but also create an impact on them. For a new business the marketing and branding strategy should ideally be able to establish its presence, create name recognition, build credibility among the target market segment and contribute to its status and reputation. Here are seven tips that would actually help you to achieve success with your new business.

Write Down Your Business Plan – This should be the first step. Probably the most common and biggest mistake that most entrepreneurs do is not creating a proper documentation of their business plan. We all know what we plan to do; yet it is important to write it down in a formal business plan. It is always easier to follow a written plan. Your business plan should contain your business description. Objectives, marketing strategy and budget, Business overview, facilities and infrastructure, description of products and service, Industry overview, Regulatory Issues, Implementation plan and financial plan.
Focus on your Branding – Do everything you can to promote your brand. Get a professionally designed logo that would justifiably represent your business to the people. Get your business cards, letterheads, brochure and marketing collaterals designed and printed by professional design and printing house. Ensure that your logo design is properly placed in all these. Don’t fall pray to those cheap DIY logo and branding solutions, they might save you a few $$ to start with but it would actually take a toll on your brand image.
Create a Web Presence – It is most crucial for every business, irrespective of its size, to have a website of its own. Most consumers do their initial research on the web before making a buying decision. It is important that they are able to find you at that stage. Also a website adds value to your brand and gives you an added medium to communicate with your customers. Get your website designed and developed by professional web developers. Your website should ideally be an extension to your brand and provide complimentary information to that of your brochures and print materials. Try to update your website often with useful information, this gives your visitors a reason to check back your website regularly.
Create an Advertising Strategy – Most business organizations invest in advertisements but often a business does not get the maximum ROI on its advertising spend because the advertising strategy is not effective or at times, there is even no fixed strategy. Make sure your advertisement is targeted specifically at your market; for example, if you are a local store, it doesn’t make sense for you to advertise on a global media, rather the local newspaper is a much better option for you. Be consistent in your advertising effort. The more your customers see your company ad, the deeper impact it creates on them. It has been observed that a 5-minute ad film served 10 times creates a greater impact on the consumer than a 50-minute ad film. For your ad composition, it is always advisable to consult a PR agency. If you are trying it yourself, ensure that your advertisement leaves your customers with a good reason to contact you and your brand and USP is properly presented.
Publicity is the Key – Yes, do whatever you can to put your business on the forefront. There are various things that you can do for publicity. Send out a press release announcing a Grand opening for your new business, with a short description of your products and services. Keep your press release short, error free and interesting. Write letters to the editors of local newspapers and magazines about your industry and product. Send out further press releases to communicate other business happenings. For example, if you win a business award, get membership to a professional organization, offer services to any charity or even if you are hiring an industry recognized for a key position in your business. Try writing articles and reviews for local publications and industry magazines. This would help to build your credibility as an expert and would add value to your business brand as well. The amount of trust people place on such experts is much more than what you can get by buying the best ad slots on top magazines.
Business Networking – Word of mouth is undoubtedly the best form of advertisement and the more you expand your business network, the more you can have such publicity. Try joining professional organizations in your industry; be a member of Chamber of Commerce; attend networking meets and special events that give you a chance to interact with more people. Volunteer to join a NGO, get associated with a charity organization, or school board. You will not only be paying back your community but also be putting yourself and your business in front of the public.
Measure, Analyze and Decide – These should actually be continuous processes in your business life cycle. You have laid out a business plan but this doesn’t mean you will be blindly following it. Measure the output that you are getting from all the efforts that you put into your business. See if it is more or less than what you projected. Analyze the reasons for any variance, whether positive or negative, and then use the result of this analysis to make educated decisions for the future. You need to keep in mind that you should not be too quick to judge anything. To get a decent understanding of your business processes, you should give them sufficient time to run, which will allow you to have enough data to perform a fruitful analysis.

9 Elements of a Successful Business Plan

A business plan is your road map to profitability and success. A well-conceived plan describes the vision you have for the business and the path you will take to achieve that vision. It also serves as a communication vehicle for employees, customers and potential financial resources. An effective business plan has nine key elements.

1. Executive summary. The executive summary outlines the plan’s key sections such as the company’s mission and goals, target markets, products and services, primary competitors, marketing strategy and financials. The summary should be one to two pages long and should convince the reader to review the entire business plan.

2. Company description. The company description provides a clear idea of what your company is all about, what it does, and how it will operate. In other words, it articulates your company’s mission statement, which is a brief, formal declaration that describes the specific purpose for your business.

3. Market niche. This section of the plan describes your target customers, the larger environment in which your business will operate and why this environment is viable. The key is to identify your desired niche and to explain why you can be successful. To do this, you must answer three questions:

Who do I serve (who are my customers, who are the people I want to have as customers)?

What value do I offer (what are my customers able to do because of me = value proposition)?

How do I help customers achieve this value (what goods and services do I provide)?

4. Competition. This section of the plan describes your primary business competition, including their strengths and weaknesses. The most important factor is the identification of your competitive advantages. You can effectively develop this section by addressing the following questions:

Who is my primary competition?

How does what I provide differ from these competitors (think about your value proposition)?

What are my competitive advantages and disadvantages?

5. Marketing strategy. The single most important step you can take as an entrepreneur is to effectively market your goods and services. You can have the best products in the world, but if no one knows about them, your business will fail. Creating a successful marketing strategy is all about addressing the 5 P’s:

Product – What are you selling?

Price – How much will you charge?

Person – What is your target market (i.e., market niche)?

Place – How will your goods and services be distributed?

Promotion – How will you let potential customers know about your goods and services?

6. Operations. The operations section describes how the work will be done. This is not a particularly detailed section of your business plan, but it should describe your company’s typical business activities.

7. Management and organization. This section identifies the key business managers and the organizational structure. This is a very important section when you have a staff. It is also critical when you are seeking capital. Investors will thoroughly examine the backgrounds of the management team in charge of your business.

8. Long-term development. This section of the plan describes how your business will grow over time. You should provide a specific timetable for the company’s development, including identification of the potential risks your business faces. You can begin this process by addressing the following questions:

Where do you want your business to be 1 year from now in terms of product, person and place?

Where do you want your business to be 3 years from now in terms of product, person and place?

9. Financials. The last section of the business plan outlines your financial projections for the first several years of the business. Ideally, this includes the production of several forms including an income statement (describes anticipated profits over a specified timeframe), a cash-flow analysis (estimates the movement of cash into and out of the business), and a break-even analysis (estimates the point at which revenue received equals the cost of generating that revenue).