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Strategy – A Key to Business Start-up

By on November 22, 2011

Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations. -Tim O’Reilly, founder, O’Reilly Media.

Money certainly does not grow on trees but they can grow money if you are good at the business and tactics of making money. Business plans are not the only source or requirement for shaping up your business. There are many more things that are to be set in place. Being an entrepreneur you need to define your business and vision. This might make you a bit intriguing but the first and foremost thing you need to determine is your customers. Are there customers for the business you are going to start off? All you require to find is at the least one potential buyer of your ideas.

Now that you have customers, the next thing is to find their needs. If you are thinking of investing money and time and a lot of innovation in creating a product, finding a marketplace for that product or service is equally important.

Owning and operating a business

Kill the myth of becoming your own boss. All you need to think of ways to make your customers feel that they are more important to you than your pay check. After all they are your boss. Your costs that rule your business are also your boss. You must know when to loosen your purse strings and when to pull them.

Be independent of your finances. As long as you are dependent on money for rendering services to your customers and you do not have it, you can never be independent.

Assessment and nerve-racking

Thinking involves a lot more than just analysing. A thorough research and a perfect market study may fail if you forget to assess the risks or you under estimate them.  There are simple rules to follow. If you do not have money to lose, do not invest. If you are cannot convince someone to put in money, then it is better to think again about the business.

Three simple rules to make your business work

  1. Stop giving excuses: the more the excuses, the late the start up and you will lose interest in your ideas.

  2. Procrastination: Never delay a work and never let it take more time than required. This way you meet your goals in time.

  3. Too much of analysis may leave you with lesser time for implementation. Know your limitations, analyse briefly for short term goal and work accordingly.

Business Proposal

Businesses never grow by themselves, they require more work. A business proposal does it for you. A business proposal will help you find potential investors, better preparedness and will help you know your business well before you start up.  Before you start writing a business proposal, be thorough with your research required for the business.  Create a list of targets that have to be achieved followed by the point of action required.  This helps you define the long term outcome of your business.  Now you need to know how to write a business proposal.

  • Adefolarinabiodun

    your write up is so much inspiring. Would like to contribute to this inspirational shift. – Biodun Adefolarin