Basic rules for successful entrepreneurship

The reason that inspired you to start a business may be anything like ambition, passion, freedom, innovation, customer demand and sometimes it could be a simple reason that you are a subject matter expert. What so ever may be the reason; the following rules will help you to build a great company and a successful entrepreneurship.

Rule 1: Understand your business well

A business is like a river; they flow, they find their own path as they go. The responsibility left with most entrepreneurs is to identify the starting point, name it and closely watch the flow. If they flow right then it becomes the sign of prosperity and if they flow wrong then it is becomes a disaster. In short the starting point of any business is very important; the rest of the most will be guided by business itself. The critical role for any businessman is to have a clear understanding about his business in the market.  Then second most important role is to develop the ability to convey others about the business.

You will be forced to clear two tests while you do this 1) Justify yourself 2) Justify others. The first step will make you confident and the second step will help you understand others perspective. Be open-minded to accept lot of critics, advice, feedbacks, recommendation and sometimes help. Here is where the river flow will come into the picture, you will be forced to consider and de-consider your ideas but do not worry the flow is towards the prosperity.

Rule 2: Create your own business model

Business and Business model are totally different. Do not confuse the both as same. It does not matter whether your business will compete or compliment your neighbor. It only matters what your selling point is. For example, in hospitality sector (boarding lodges), the business is always a competition to the neighbor but they engage in business in such a way where the business model is different from one to other. Some sell luxury stay, some sell economy stay, some sell heritage stay and some sell modern stay. So if you closely watch, the business is no different but the business model is different. So in most cases, the business model becomes the selling point for business.

Rule 3: Identify your customer

In my opinion, customers are everywhere; even beggars who don’t sell anything have customers and sometimes a regular customer. In my opinion, identifying customer is no big difficult task, if you have a clear understanding towards your business and your business model. The following example will help you understand how to identify your customers. CRM is a product that will address the requirement of multiple industries but the customization is the key. You cannot be “know it all” when you are a start-up. So pick one industry, where your expert skills are. In that industry you see your customers.

This blog is an outcome of my experience and my understanding by working with great sales team and great successful companies.