Empowering an entrepreneur – Secret revealed for success in a startup concern.
Empowering an entrepreneur with all tools so he may be enabled with effectiveness to move forward in his visionary of making his concept company a reality.
Here we discuss the frequent stumbles an entrepreneur may face in a startup company and solutions detailed with experience as a spokesperson.
- Managing the cash flow.
- Placements and Recruitment.
- Time management.
- Delegating commissioning of tasks to employees.
- Product to sell
- Good marketing strategy.
- Capital
- Cashless situation.
- Growth of the business.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.
Managing the cash flow
Definition
An investment in knowledge pays the best interest.
–Benjamin Franklin
Manging the cash flow with either limited or unlimited cash is an art to be cultivated by any entrepreneur starting with insufficient or excess cash flow.
Limited cash flow with excess invoices to be entertained or unlimited cash flow will only allure an entrepreneur to invest more than the requested capital in the project.
The solution in Empowering an entrepreneur
The solution is tightening the belt on any given situation with excess cash flow or insufficient cash flow.
A good relationship with vendors or suppliers will always let the entrepreneur seek additional payments tenure. A good relationship with clients will ensure payments dues are released well before the due date.
Cash management is an art to be exhibited in any entrepreneur thriving to be on the success path.
“Money is a lousy master but an exemplary slave.”
The excess cash flow will be a stumble and will allure any entrepreneurs seeking to do business.
Limites cash flow will tame the businessman to step his ways to perfection on dry days.
Preparing a cash flow statement is one-way of planning well in advance for the forthcoming months can be fruitful. To be fully equipped If in case of any unforeseen circumstances that may stumble upon as per envisioned. Precautionary measures to tackle situations unforeseen to be planned.
A good businessperson will never take his eyes off the cash flow as it is the lifeblood of a business.
Every liability the business has is an asset to the lender. The borrowings of the company is an asset to the banker.
Overdrafts or cash credits in banks has to be as a last resort for any business for payments to vendors.
Split payment of dues to vendors is another way to let the cash flow move on for the time being.
The most significant planning in the interests of borrowed capital, even if it is bank borrowings. Any overflow of money to an undue expenditure like interests or private borrowings will take its toll in the long run in any business that has envisioned for a longer-term.
Borrowings should be the priority to be wiped off to create cash surplus for a business to thrive in the long run with a healthy status.
Private borrowings and relatives financings need curtailing to the minimalistic level as the interests and family involvement may create tensions in the days to come.
Cash surplus or cash reserves has to be the ultimate for any business to thrive in the long run. Liquidity of cash will ensure the company grows to the next level in a longer-term.
Short time borrowings form private financiers on hefty interest rates, or pledging of family jewels for business growth is never a permanent solution for an entrepreneur in the longer run.
The total toll in the health of the business will reflect in an overflow of cash to unproductive expenses as interests on borrowings.
A cash discipline needs to be inherited quality for any entrepreneur envisioning a longer run in his business. Cutthroat budgeting policies on any cash outflow in regards to any expenses that may not be productive for the company is mandatory.
Cash discipline is art for fine-tuning to perfection for any businessman seeking to reach his goals.
The ultimo delight for the businessman is to see cash surplus in the long run in his account. Liquidity means reinvestment in his business for growth, or his private life is the winning edge of a success story.
I will tell you the secret to getting rich on Wall Street. You try to be greedy when others are fearful. And you try to be fearful when others are greedy.
—Warren Buffett
Placements and Recruitment.
Definition
“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.”
Steve Jobs
People are the right investment for any business to move on to the envisioned goals. The right people in an organization can take the concern to the next level, and the wrong person can lead the enterprise the disastrous path.
The solution in Empowering an entrepreneur
Only a stringent selection policy can bring in an efficient candidate who may contribute to concerns growth as well his career growth. It is a win-win situation for both the company and the candidate.
A positively motivated candidate will be willingly contributing to company growth where his career growth also envisioned along with the business.
A wrong hire can take its toll on the balance sheet quite instantly with the impact of the wrong hire affecting the good hires also.
The wrong hire can be a disaster influencing his colleagues in negative growth wherein positivity is being assassinated in the process.
A good liaisoning with a placements consultancy or an in-house human resources team can address the problem of hiring with proper analytical tools in the interview process.
A startup will have to avoid all unproductive expenses in the starting stage. Hiring is an activity which is more a non-productive bill in the accounts for an entrepreneur trying to move vertically in his business.
Hiring internally for a company can be entrusted with vendors who specialize in placement and recruitment so an entrepreneur can concentrate on the core line of activity.
“If we weren’t still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become a mediocre company.”
Bill Gates
Time management in Empowering an entrepreneur
Definition
Once you have mastered time, you will understand how true it is that most people overestimate what they can accomplish in a year – and underestimate what they can achieve in a decade!
Anthony Robbins
With enough said about time management.we would like to be brief in saying all about managing the time.
The timer starts once the business operations start. The minute an employee spends in the office is a clock ticking with a STOP clock in the month-end. The time spent is calculated in regards to productivity so far on time spent.
Time management defined as the utilization of time productively in a limited time with a more smart way of managing the given limited time.
The solution in Empowering an entrepreneur
Procrastination is the foundation of all errors in time management.
A scheduled task had to be in completion before the stipulated time.
A check on employee productivity is mandatory daily with measures to improve the same.
Time management is all about distinguishing between what is in priority and what matters less in the day.
Productivity in an employee is directly equivalent to the ability to eliminate unnecessary labour instead to implement efficient techniques to master the time utilized.
An Entrepreneur needs to become so strategic that procrastination has no choice in his daily chorus.
The key to schedule time of the employees is to focus on objectives, not on activities that may delay the goal.
Habitual procrastinators will readily testify an all the lost opportunities. Missed deadlines, failed alliances. Monetary losses incurred just because of one nasty habit of putting things off until it is often too late.
The best way is to eliminate unproductivity in employee work timings and plan accelerated productivity in the most efficient manner.
Time is really the only capital that any human being has, and the only thing he can’t afford to lose.
Thomas Edison
Delegating and commissioning of tasks to employees
Definition
A positive attitude causes a chain reaction of positive thoughts, events and outcomes. It is a catalyst…a spark that creates extraordinary results.”
– Successories
The right task assigned to the right employee will bring results and the job assigned to the wrong employee can be disastrous in the long run.
The solution in Empowering an entrepreneur
Analytical study of the employee performance with the time frames performed periodically will level up the review status of each employee down in the lane.
A direct face to face meeting with the low performing employee will boost the morale and tempo in the team moving towards a common goal.
The right employee gets identified in the delegation of tasks with the scale in performance done periodically in the company as a daily chorus as the attendance works.
Right task delegated to the high performer with a positivity edge will do wonders to a startup trying to climb the ladder with a firm foot.
“Discipline is the bridge between goals and accomplishments.” –
Successories
Product to sell
Definition
“Sales Success Comes After You Stretch Yourself Past Your Limits On A Daily Basis.”
Omar Periu
A product to sell should be a product to buy by the seller. The product for sale should be an alluring enough for the seller to buy for himself.
Flat promoters should get convinced of the homes they sell is meant for themselves.
Hoteliers should get assured of the quality of food he serves his customers is as good as his home food.
A doctor should be treating his patients with care and affection as he will deal with his kith and kin.
The solution in Empowering an entrepreneur
In short, an entrepreneur should be selling a product that is convincing himself to buy or for his personal use.
If the product is not convincing enough for himself, he cannot convince a buyer to buy.
The product should be architected in such a way that it is alluring for the entrepreneur to buy for himself before he starts to venture out to market the product for the consumers.
“Sales Are Contingent Upon The Attitude Of The Salesman – Not The Attitude Of The Prospect.”
W. Clement Stone
Good marketing strategy.
Definition
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
Peter Drucker
Good marketing strategy is never to copy an existing successful marketing plan.
Best marketing tactics is to be rupees wise street smart.
Money spent on marketing is like filling the sea with salt. Unless smart thinking works in selling a product, the money spent will be like the slat in the sea.
The solution in Empowering an entrepreneur
- The right audience should be marked initially to get targetted.
- The Perfect and right timings to reach out to him for a presentation of the product should be listed out in detail.
- The mode of communications to reach the buyer will be in elaborate planning strategy.
- Pricing factor in a similar product category will get into consideration on pricing.
- Ovre pricing or undervaluation of the product will not get considered in the long run.
- Discounts and perks will get added to the product to enhance a boost in sales.
“Marketing is no longer about the stuff that you make, but about the stories you tell.
Seth Godin
The rule book
Marketing is a big game with various methods adapted in consideration to the budget for the time being.
- The digital era is propelling the sales graphs of products. A digital marketing plan is essential for any product that can get sold over the internet.
- Social media is a significant impact on sales. With spread fo social media websites, a dedicated team to promote social media is essential for a longer run.
- The old way of Television advertisements and paper ads is still in its crowning glory with viewership slightly lower with the penetration of youtube channels.
- Email marketing is one way to get to the targetted audience quickly and efficiently.
- Search engine optimization of the website is crucial with the right keywords planning.
- Telemarketing has pros and cons. It needs a debate before launching a telemarketing plan.
- An excellent after-sales service can accelerate word of mouth by clients can propel the sales in triple.
- Influencers are the latest buzz word in the market with youtube and Insta gram followers blindly taking the Influencers word as a mantra.
- Recruit and associate with an army of affiliates to drive the sales graph.
- Add good value to the product before selling it in the market.
- Creating a brand identity assists in the long run.
- To understand the consumers and to give them the product they had been aspiring instead of luring them to busy the merchandise.
Listen to your customers, not your competitors.
Joel Spolsky
Capital
“Chase the vision, not the money; the money will end up following you.”
Tony Hsieh, Zappos CEO
To start a business just for the sake of doing something is vain Instead being idle is a better way to wait for the right time to venture.
Capital is never the own money or hard-earned money to invest neither the inherited wealth to be pooled.
Capital to business gets generated from various sources with the viability of the project in concern.
Capital is an essential component in any business venture to take off its operations in a smooth manner.
The solution in Empowering an entrepreneur
The Smart Capital
Capital for a startup concern can get greeted in many ways.
- Own Funds
- Borrowings from banks / Moneylenders.
- Borrowings from friends and family
- Equity and bonds
- Share Market
- Venture capital
- Crowdfunding.
- Angel Investors.
A smart investment plan is crucial with forward-thinking ability to steer a business in the long run.
“I have not failed. I’ve just found 10,000 ways that won’t work.” —
Thomas Edison, American inventor and businessman
Cashless situation.
Definition
Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail.
Shane Filan
A cashless situation in a business does arise in times on unforeseen reasons. A crisis occurs in any company at any given point of time. A deadlock situation will come in an unpredictable time.
The solution in Empowering an entrepreneur
A crisis arises to make a businessman better to be on the most positivity note on the given situation.
The dilemma of a cash crunch stage cab is handled only be an efficient and able-minded person who will not lose hope in his vision.
The quandary stage of no cash makes the business to be stringent in the day to come with more on cash surplus stage.
The puzzle of making things in order in an emergency of cash crisis need the businessman to be focussed and positive in his business.
Explication
- To enable short term borrowings to tackle in the situation with less burden on the interest paid out.
- To have a cordial relationship with vendors and suppliers for an extended payment tenure of the invoices to be paid.
- To level up the product growth laterally and to leverage more business.
- Internal Growth and External Growth Strategies to be implemented intensively after studying the downfall session in the concern.
- Backward integration and froward integration in business cycle mean to move and be present in all aspects of the business.
Example
A hotelier can start to venture in vegetable farming or milk-producing to cut the payables to vendors.
A textile retailer can venture into making to sell his shirts. South India largest textile retail shops Pothys has enough of its own brands in its own retails outlets.
- To reduce any unproductive expenses on all front personally and in the business.
- Encashing all assets to reduce the interest burden a company may incur in the long run.
“Millions of business people are each constantly forced to choose between their desire to not be a bad person and their desire to be a good business person, that is to say, to make as much money as they possibly can by maximizing their revenue while minimizing the cost of producing whatever it is that they sell.”
Mokokoma Mokhonoana,
Growth of the business.
“The only strategy that is guaranteed to fail is not taking risks.”
Mark Zuckerberg, founder, Facebook