The Basics of Business

There are many things which come in the picture while building your start-up. The journey is a continuous process of learning, executing, managing, strategizing, and researching so many things which relate to your building process. 

Hence using the right approach becomes important and a beginner can simply look for best online entrepreneurship courses on the web. This will help you to gain better insights, knowledge and an understanding of how things are and their work process. You can select a course/program as per your requirements in terms of duration, content, fees, and course type 

Here in this article, we will be talking about some important parameters on the handy tips you should follow if you are planning to start your own venture. So, let’s begin…

1.      Identifying your business: This is one of the most important and first steps to identify the business you want to go for. What are your likings and disliking, what are your opinions and approach towards a particular product and other such important things when it comes to deciding on your business approach? Take your time and never hurry in this phase as it is the building block of your business. You can seek guidance from professions/ business consultants or get in touch with a domain expert who can be your mentor.

2.      Research the profitability of your business venture: Once you have decided which business domain you wish to go for, start with your research work. This will include your online research and offline research. Online research can include points such as - performing your research online through various relevant website and videos. You can also collect your primary data by creating a questionnaire form and asking your connection/network to fill it. 

- Fieldwork by asking relevant people in the industry, taking consultations from experts so on and so forth.

3.      Identifying the opportunity: The fundamentals of entrepreneurship are recognition of opportunity and then to move on to executing the idea and strategy planned. You require analysing that apart from just providing a product/service with better offerings. You must also be able to understand the opportunity in terms of customer needs and market potential. 

So, you can make a list of key questions which you can work on gaining concrete answers: 

• What needs of the customers are you addressing? 
• How will you reach your customers? 
• How is the market for my product/service offering? 
• Who are and where are my target potential customers? 
• Am I addressing their needs and at what price? 

4.       Assess your competition: You should know the basic competitive advantage of your business or you can redefine it by reworking on it in better ways if you feel so. 

Example: Both the hotels are located next to each other and offer similar kind of items. The only difference between them is one is more affordable and offers tasty food like that of the other. So, here one gains the competitive edge over the other one. 

A service/product does not necessarily have to be unique, but you have to think of yourself as offering distinct set benefits to the customers. Also, how will you present your brand?

5.      Build your business empire: Step by step! Some of the important things which get added to the list include - 

To build your team: Along with you, you can include your key important people to the list. 

Initially while doing this you don't have to think about your employees or staff but about forming your team who will be working with you for the project. They may be your partner or the ones whom you require the most on your business operations/execution. 

Building your business plan: Documenting all the important parameters required for your business. This includes - business presentation, business canvas model, 4P/7P of your product/service, value proposition/USP, legal regulations and registrations and other things can get added to your list which you can get to know by referring your business to a consultant. He or she will also share some insights with you in terms of enhancing your business from an investor’s point of view. 

6.      Manage it all: This is YOUR business and none of anyone else’s business. So, you require delegating execution and managing all the various tasks that come along with the groundwork. Many a time, you would have to execute the work yourself. It’s your business so make sure that you from time to time step down from that metaphorical high horse and get work done even if it’s just you who has to do it. Right from the groundwork to execution work to implementing it and so on. Here you are expected to handle and take care of all the various business activities. If you have a business partner in it, you can divide or segregate tasks.

There are many platforms / websites which help you learn entrepreneurship courses online so that you don’t have to depend on someone for making you understand or brief you on how it all works. Of course, if you require, you can then seek guidance from business consultants or approach agencies that have a team of experts and professionals to cater to your services.