Business Strategies for Entrepreneurs

With the initial steps of the product development and the patenting out of the way, the entrepreneur must now look at some business strategies to successfully execute his idea. No matter how great the product is, the strategy for implementation differentiates a great entrepreneur from a good one.

Let me use an example to begin, one of the biggest startups of today – Flipkart. What was great about their idea? – Nothing. It was an idea that had already been thought of before and was in use abroad and had been tried by entrepreneurs in the Indian market before them. So what made them click? The execution and the strategy they used.

Every entrepreneur faces a common set of problems – low funds, lack of resources, lack of manpower, people not taking you seriously and so on. The skill is to get past these obstacles and reach a stage when these are not obstacles anymore. Since, the problems are common, there must be a common set of strategies that every entrepreneur must use in order to fight his way in this dog-eat-dog world. As an entrepreneur, you want to be your own boss, but you are afraid of the uncertainty of such a life.

 

This post is all about those very crucial strategies that an entrepreneur uses to forge his way ahead and attain success:

 

a. Network, network and network:

In “Dig Your Well Before You’re Thirsty”, Harvey Mackay wrote: “If I had to name the single characteristic shared truly by all the successful people I’ve met over a lifetime, I’d say it is the ability to create and nurture a network of contacts.” As an entrepreneur, you should network as much as possible, speak to people who can advise you and can offer constructive feedback and can help in the long run.

 

b. Learn Time Management

Time will become your most valuable commodity. Treasure it, protect it, use it wisely. Save time as much as you can. Stay organized. Use a scheduler or a to-do list for the day. Outsource work at reasonable rates. Invest the time in things which need your attention more.

c. Get Help – Involve People

Involve people – there is a huge pool of people looking to work. Involve your family so that they chip in whenever they can and however they can. Keep them involved so they also support you all the way. Recruit interns – sure they will be less talented and will be looking to learn more than to perform, but you have people who want to work. Bounce ideas off them. Get them to work.

 

d. Develop yourself: Get Physical and Technical

To endure your long work hours as an entrepreneur, you must remain in top physical shape. Exercise regularly, eat nutritious food, reserve adequate sleep time and take short stretch breaks.

Gain the technical expertise needed to manage the core of the company – You may not know all the technical details of the company, but be sure to be proficient in the basic Office tools and the Web Development end. It helps!

e. Spend Wisely and Reject Rejection

 

It’s essential to spend wisely as we understand that an entrepreneur’s income, typically, is cyclical. Don’t let a lucrative month lull you into lavish life styles. Soon you’ll face months with less income—possibly even no income. Save cash reserves for those non-revenue periods.

Yes, turndowns will happen, when you just knew your proposal was powerful, and your presentation flawless. How could they choose someone else? The more you are rejected, the more you question your ability. Your confidence drops.

The Solution: Reject Rejection. Realize that losing a contract doesn’t mean that you are inferior. Somehow, there wasn’t a fit between you and the organization. Think of the rejection as a rehearsal for your next potential client. Learn what you can from it, then go find someone who embraces the value your services will bring.

Use these strategies as the best entrepreneurs have in the past, and success is just a knock away!

 

Contributed by Mohit Agarwal

 

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