Essential Archives - GUJRAT INDIA

The 7 Essential Characteristics Every Entrepreneur Needs

Discover the secrets to being a successful Entrepreneur…

Becoming an entrepreneur is not an easy task! Around 45 percent of all new businesses fail to survive more than two years. There are certain qualities and characteristics that are absolutely necessary if you would like to become successful in your business ventures. Some of these qualities are built-in parts of your inherent personality, and some of them get developed over time. Knowing these characteristics and identifying your weaker ones – those which need strengthening – will, eventually, help you become a successful entrepreneur and ensure that you succeed in your business ventures.

1. Common sense.

Studies show that most successful businesspeople consider common sense as the foundation of their success. Good judgment depends on acquired knowledge and past experience. The combination of these two creates necessary prerequisites in developing common sense in a person. Common sense allows you to understand complex issues in simpler terms and get into the core of a problem.

2. Specialised knowledge of your field and willingness to learn

It is easier to start a successful business if you have deep knowledge of the business field that you decide to pursue. Having said that, studies show that most self-made millionaires have only average intelligence. Nonetheless, these people achieved their financial and personal goals in business because they are willing to learn. To succeed, you must be willing to ask questions, remain curious, interested and open to new knowledge.

3. Self-confidence and the heart of a champion.

Self-confidence is a key entrepreneurial skill for success. A successful entrepreneur believes in his abilities. He/she is not scared to take risks and make difficult decisions. You have to be determined to succeed at all costs. You have to anticipate resistance from your friends, family and loved ones. You must exercise unlimited persistence.

4. Ability to work hard

Every successful entrepreneur works hard. Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. If you are in a start-up phase, you will have to breathe, eat and drink your business until it can stand on its own. . This requires a self-control that many people simply fail to develop in them.

5. Passion

Success comes easily if you love what you do. Why? Because we are more relentless in our pursuit of goals that we are passionate about. Entrepreneurs who succeed do not mind that they are putting in 15 or 18 hours a day to their business because they absolutely love what they do. Success in business is all about patience and hard work, which can only be attained if you are passionate about your tasks and activities.

6. Think success

To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams! If you only aspire to survive, then you might just achieve that. Conversely, if you aspire to generate incredible wealth and happiness within your life, you might just achieve that too. You should actively visualise success in your mind. What does it feel to triple your current income? How will your life change? What will your business look like if you achieved the million-dollar mark? You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill your goals.

7. Plan accordingly and stick to your plan

You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. You have to have a solid business plan and then stick to it. Put your goals in writing. You need to plan each day in such a way that your every action contributes to the attainment of your goals. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there.

The Three Essential Strategies of Partner and Channel Stewardship

Channel stewardship is the most effective way of realizing success in channel-dependent businesses, especially if amalgamated with other management solutions. Nowadays, majority of hi-tech companies are keen on investing substantial amounts of money to promote and sell products and services via partner portals and channels. However, such a multi-channel strategy is difficult to keep track of, hence the vital role of channel stewards in the distribution chain.

A steward is usually the dominant company in the channel value chain and has the responsibility of participating proactively in the design and execution of a company’s go-to-market strategy. They extend the intra-enterprise framework which allows the various partners and end consumers to conduct business easier and more efficiently. This move increases brand equity, market share and profitability. The role of stewards rests on critical elements like coordination and influence; the different roles in the channel distribution network; excellent response to end consumer demands and needs; and return of investment and margins to all channel partners. But what are the specific strategies that stewards employ to guarantee effective channel management?

Channel stewardship makes use of three strategies which are Partner Portals, eMarketplace and Volume Channel.

• Storefront or eBusiness Partner Portal – This strategy grants companies the ability to create portals that are especially dedicated, customized or personalized for the members of the channel and their customers. These portals enable partners by offering self-service tools that can be utilized to browse catalogs, research product information and details, configure solutions, view change orders, track shipments and receive pay invoices. Additionally, they offer a certain set of product catalog and pricing information that are based on the needs of partners and customers. It is deeply integrated into the channel procurement system. Usually, larger customers and affiliates prefer this approach.

• eMarketplace – The reality is that it is expensive and practically unmanageable to propose partner portals for each every channel partner. This makes it critically important to bring down the number of product segments through standardization of platforms and functional modularization. These would then be offered through an eMarketplace, which is most suitable for organizations that are ahead in their value chains. Usually beneficial to mid-sized companies that serve small and medium businesses, this strategy is a single platform for order fulfillment and it provides flexible means for partners to enable brokering to bundle products with various accessories, services and the like.

• Volume Channel – This approach focuses on the efficiency of operations in the distribution of product knowledge and the seamless process of quote orders and returns. To ensure the successful execution of the model, it is important to bear in mind the key elements which are lower complexity and range of offered products, high partner and customer self-service and close monitoring of Key Performance Indicators and Distributors, and ODM/CM Service level Agreements. This is most useful during scenarios where the complexity of products is low.

The real challenge, however, is choosing the appropriate strategy or approach. This calls for the need to conduct a thorough assessment of individual businesses before making a decision. The choice should be grounded on a framework that is dependent on factors like relative size and dominance of partners and customers, existing business relationships and product complexity.

Why Integrated Marketing Communications is Essential for Small Businesses

How can Integrated Marketing Communications help me, the small business owner?

Integrated Marketing Communication is essential to small business owners because they, even more so than large corporations can not afford to misspend or waste money on a single isolated marketing effort.

For instance, as a small business owner, it may be tempting to focus on one aspect of marketing – a new website, a direct mail campaign, radio ads or as a manufacturer, simply letting your partners market for you. However, what happens if that one piece of marketing doesn’t work?

ANSWER: Your entire marketing effort fails.

Instead, wouldn’t it be great to have an integrated marketing plan that takes the best parts of online marketing such as websites, email newsletters, search engine optimization, and pay-per-click advertising and use that to make your traditional, offline efforts such as direct mail, advertising and public relations even more effective.

For instance, this may be as simple as making sure that your website has the same key words as your radio advertising and that your banners at the little league games also have the same message. To internalize a message, a person must be exposed to it several times. If you hit them three times with three different messages it is nearly the same as being exposed only once. Even worse, it could be confusing and disorienting, resulting in a negative experience with your brand.

Integrated Marketing Communications addresses this issue by creating a plan with a consistent message and then delivering it through as many media as possible, online and offline.

What are the components of an integrated marketing plan?

An Integrated Marketing Communications (IMC) plan should draw from all communications disciplines available, including online, offline, and interpersonal.

Online marketing channels include any e-marketing campaigns or programs, from search engine optimization (SEO), pay-per-click, affiliate, email, banner to latest web related channels for webinar, blog, RSS, podcast, and Internet TV. Offline marketing channels are traditional print (newspaper, magazine), mail order, public relation, billboard, radio, and television. Interpersonal marketing includes participating in community groups, networking organizations, your handshake, how you dress, and even how you answer the phone or return calls.

While not every communication discipline needs to be included for each campaign, it is important for any integrated marketing practitioner to be well versed in the various components so that he or she can select the ones most appropriate for a specific client’s budget and demands.

Is it better to go with an agency, or shop for individual services myself?

While both have benefits, an agency can be a benefit if you don’t already have a network of trusted service providers including printers, promotional products companies, tradeshow planners etc. who are familiar with your business. Often times, an agency can get things done for a client faster, more efficiantly and with better quality for the same or lower price. Plus, as a business owner you have to factor in the time you may spend shopping for the best price and reading reviews to make sure that the best price doesn’t give you the worst services.

However, the cost of each component shouldn’t be your primary concern when evaluating an integrated marketing plan. Instead, look at the expense and benefits of the entire plan working together. For instance, a website might cost $2,000 to build and then you might spend $10,000 in pay-per-click advertising over the next year, but if the content on the website doesn’t match the message on your direct mail, or your customer service people aren’t able to answer questions about the website then you wasted a lot of money.

Instead, don’t look at the website as a single entity. Make sure that it is perfectly integrated into your marketing strategy:

* Promote it at all opportunities. This includes not just pay-per-click ads, but also on business cards, in radio ads, even place a sticker on your products letting customers know they can download copies of the product manuals there, and print it on your receipts telling customers to download coupons on the website.

* Develop an email newsletter to offer your customers and prospective customers news and information they can use – not just a brochure to sell your products.

* Create a blog and allow people to subscribe to it. This will build trust and familiarity between your customers and your company. Don’t limit blog posts to just the president, sometimes a post from a project manager or even the receptionist can keep the blog interesting and attention grabbing.

* Create a contest – but make sure the message is consistent with your integrated marketing strategy. Have people visit your website to enter.

* If you run an advertisement promoting a specific service, make sure that that your customers can find more information about it quickly and easily. Perhaps even put a graphic at the top of your page saying “Attention 99.5 listeners, Click Here to Learn More about Gutter Cleaning”

Those are just some examples for how you can integrate your marketing plan and maximize the initial investment you made by building a website.

Isn’t an an integrated marketing communication just like any other marketing plan?

A marketing plan can be just a marketing plan for a website, or a marketing plan for an advertising campaign, but an Integrated Marketing Communications plan involves all aspects of marketing, across the entire company. This means that you are integrated all aspects of the company into a single cohesive plan.

After all you could have a great website marketing plan, an awesome advertising campaign and an award winning PR agency, but if a customer reads a press release or hears your ad and decides to visit your website where he can’t find more info about your PR or advertising message what’s the point of spending the money in the first place?

Reducing Operating Costs for Your Startup Is Essential for Longevity

Cash flow management is already a challenge for startups, but COVID-19 is not making matters better. With unemployment rising and people spending less money on certain goods or services, startups are likely to suffer during this time. However, reducing operating expenses can help a startup stay afloat until operations are back to normal.

Reducing overall operating costs can certainly impact your bottom line, especially as the impact of COVID-19 is felt. Also, reevaluating the budget and allocating funds to different operations can keep essential parts of your business going. Keep reading to learn more about how to reduce the operating expenses for your startup while staying productive during COVID-19.

Review your budget with a new lens

When you created your budget for the year, the coronavirus was not likely to be on your mind. And, with updates and changes happening so fast over the last several months, 2020 can feel like one big game of catchup. Now that shelter-in-place ordinances are lifting and people are venturing back out into the world, it is a good time to reevaluate your operating budget.

Revenue projections are likely in need of an update, and your outlook for 2021 is different now than it was a few months ago. From lower sales numbers to higher churn rates, the priorities of your budget need to be evaluated. However, it is important to avoid simply slashing your budget. Wisely evaluating the numbers may indicate that some areas of your business are actually improving during this time.

Renegotiate contracts

The impact of COVID-19 is being felt across the country. If your business has shifted, it is likely that others connected to you have done the same. You may be able to renegotiate terms or contracts during this time to give yourself some breathing room. From reducing office costs to eliminating subscriptions, there are some measures you can take to prevent waste.

Office Space

If your company has shifted to remote work, you are likely paying for empty office space. Your landlord may be willing to negotiate your terms due to the unprecedented circumstances. In some cases, shelter-in-place orders may prohibit you from working in the office altogether. Review your contract to see if there are any provisions for a situation when the office space is not usable.

Subscriptions

Your startup likely has multiple active subscriptions. Whether you rely on monthly professional services, like IT support, or SaaS licenses to run your business, there might be some room for cuts. Try negotiating with your partners or vendors to reduce subscription costs. You may have licenses that you are no longer using or termination fees that can be renegotiated.

Deferred Payments

In cases where you cannot reduce operating costs in numbers, ask for deferred payments. Lengthening the payment cycle can improve your cash flow temporarily and get you through a rough patch.

Eliminate nonessential tools

When you reevaluate your budget, you may find that it is skewed in one area. Go line by line to review the various tools and services used by your business, determine which are essential and which items can be cut. Reviewing financial statements is a great way to visualize where your budget is going, instead of assuming. You may have duplicate tools, tools that are no longer in use, or items that can be replaced with a less expensive alternative.

Cut Unnecessary Licenses

Reviewing all the tools and services used by your team could also highlight which services have too many licenses. Are all licenses being used, or can some be eliminated? Also, you may be paying for additional functions that you could go without, at least for the time being. Dropping your subscription tier or reducing the number of licenses could help lower operating costs.

Cut Out Paper

While it may seem small, going paperless can help your bottom line. Businesses spend quite a bit on paper, printers, and ink every year. If your team is working remote, there is even less reason to use paper. When you return to the office, you can continue the habits formed during quarantine to reduce the overall paper usage of your business.

Stay flexible

Things are likely to continue changing as we learn more about COVID-19 and its overall impact. There may be unlikely opportunities to reduce your operating expenses over time. The unpredictability of COVID-19 combined with the changing nature of startups makes it important to stay on your toes. You may find yourself considering new or innovative ideas that you would not have previously thought of.

Evaluate More Frequently

Periodically evaluating your budget and outlook can help you stay more agile and flexible. As your startup changes and evolves, your operating costs need to follow. Set up more frequent evaluations to stay on top of your operating costs and adjust as needed.

Pause large investments or projects

For many startups, cash flow is limited. COVID-19 is putting major purchases and projects on hold until businesses can stabilize. Instead of considering these pauses as losses, pay attention to the money you are saving and the cash you are making available.

New Equipment

Were you planning to upgrade everyone’s laptops this year or purchase a new phone system? COVID-19 may not be the right time to make major investments like purchasing new equipment. Instead, stick to only buying what is necessary. Look for refurbished or second-hand items when possible to save on operating costs.

Marketing Initiatives

Unless your marketing initiatives are seeing a positive ROI, it may be time to pause big projects. Instead of rolling out previously scheduled campaigns, reevaluate your marketing calendar to determine what will move the needle for your business. If your customers are pushing off on buying decisions, now might not be the time to invest in sales and marketing.

Utilize Free Trial Periods

If you absolutely must purchase a new service or equipment, take advantage of free trial periods. Ensure the vendor is the right partner for you by testing their product or service ahead of time. In some cases, vendors will negotiate on the trial period if you are serious about buying.

Reduce payroll

Finally, reducing payroll can help lower operating costs. Many startups see this as a last resort because it greatly impacts your operational capacity as well as the individual lives of employees. However, in some cases, it is a necessary measure.

Implement a Hiring Freeze

You can make steps towards reducing operational costs by implementing a hiring freeze. Avoid filling positions unless necessary. Your team may be stretched thin, but you can avoid eliminating current positions this way.

Contract Out

Instead of hiring for new positions, contract out when possible. For example, you may need financial guidance during COVID-19. You can contract with a freelance CFO to work part-time at a lower cost than hiring an executive-level position. Firms like K-38 Consulting provide services from top-notch financial advisors, and you only pay for services when you need them.

Essential Qualities Of An Entrepreneur

It is a great idea to want to start a business, but a person has to analyze and estimate if he has the qualities that are essential for being a successful entrepreneur.

Qualities of a Successful Entrepreneur:

Entrepreneurs are persevering, are lovers of challenges, are action oriented and are quick to learn, and adopt techniques to perform better as well as improve their business. They are independent extroverts who have the ability to lead people, manage them effectively, and steer their business toward its success. They are intelligent and able to utilize their skills, time, resources, and energy effectively. They are emotionally stable and healthy. They set reasonable, realistic goals and determine the ways to achieve the goals without fuss, have good communication skills as well as the ability to judge people and trust them accordingly. They have business acumen even without attending any business school and have the right instinct to make the right decision at the right time. They have the ability to make maximum use of the available resources and do not fear failure and are able to solve problems and seek solutions to existing problems easily.

Some Other Traits of Entrepreneurs:

o Leadership: An entrepreneur is a natural leader with the vision and the drive to do things right and steer his company toward success with ease.

o Confidence: He has to be self-confident, confident in his plans as he has carefully researched them and has mastered the skills necessary to implement them carefully.

o Energetic: They have amazing capacity for hard work and are energetic, motivating those that come in contact with them on account of their drive and determination.

o Creative And Innovative: This will be an essential criterion to design and sell products that are interesting which offer several benefits and have a competitive edge, making sure they capture the target market on launch without much difficulty.

o Organized: Entrepreneurs have to be highly organized and systematic, making it possible to achieve things in a much shorter time. The ability to deliver anything that has been promised on time and the ability to stick to schedules are necessary for a person to be a successful entrepreneur.

o Have Trouble Being Subordinates: They usually are strong-willed and have trouble working under someone else.

o Highly Competitive: They are very competitive and will strive offer better services and products than the competition.

o Will Not Hesitate To Take Risks: Risks are part of any business, and a successful entrepreneur will have the knack of taking calculated risks that will only benefit the business.

o Will Not Hesitate To Seek Help When Necessary: They will hire necessary staff to help them in areas where they are not very confident.

These are some of the traits of entrepreneurs, which can be used as a checklist to determine if someone has the capability to be an entrepreneur. If you do start your own business, be sure to use the services as well as products offered by some firms to help new entrepreneurs like you succeed.