16 Tips to Start Business

Best luck for your burning desire of starting a business. Starting a business is a process of learning not a earning. We should have clear-cut idea about how we can start business. According to some survey 90% people failed in their business and 50% of people due to non attempt of business, rest 80% out of remaining 50% failed because they start business without learning.

To earn money in business you need to learn following things to start business:

I] Observation:-

Observe those people who are doing same business you want to do

II] Understand:-

Understand through various media like video, blog, autobiography etc. what and how existing businessmen are think, judge and taking action

III] Apply/execute:-

Apply on small level what you understand and practice it.

IV] Experience:-

You will get good or bad experience once you execute the idea

V] Learn:

Learn experience and execute it on large level to earn money

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.”

Learn from experience and success what to do like:

1] Identify problem

2] Core product design

3] Fight passionately

4] Start compete with less

Based on learning experience following are the key tips to start business and grow exponentially to create a monopoly in market:

1] Understand customer need:-

Understand exact need and problem of customer

2] Identify which business wants to start:-

Analyze and identify core strength of self and identify which business wants to start

3] Write business plan:-

Write a proper business plan with do’s and don’ts

4] Set up infra and create fund:-

Set up appropriate infrastructure and make available sufficient fund

5] Correct product positioning and targeting customer:-

Mark correct product positioning like need, marketing, designing, branding etc., and target customer as per designed product

6] Try to create maximum working capital:

Always prefer and try to create maximum working capital

7] Make positive cash flow:

Transact daily or as per need and requirement and commitment

8] Create scalability with assured recurring model:-

Focus on scalability with assured recurring profit

9] Get it in writing:-

Be habitual of getting in writing form

10] Hire right people:-

Appoint/hire right people for right job

11] Create capable and efficient resource:-

Always emphasize to create capable and efficient resource for greater productivity

12] Build relationship:-

Build healthy relationship with all your stakeholders and working partners

13] Always ready with innovative product:-

Ready with new innovative and additional feature product before customer base shift to other product or service

14] Protect yourself from out competed:-

Ensure protect mode bringing new product into a market

15] Design feedback process to convert into feed forward:-

Design best feedback process to sustain customer base and remain loyal with you

16] Create complete business model:-

Create ideal business model to repeat success

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