Business is so much more about practical experiencing than just sluggish theoretical knowledge. Most people are addicted to the notion that going to the top business schools or working in the most prominent companies will ensure that one can become a successful business when he/she decides to choose the journey of Entrepreneurship. Apologies for being the myth buster, but it doesn't. Business is not just a subject that can be thought but rather, it is an experience that can only be learned and harnessed through inclusion. The word inclusion does have a definite meaning here. In this context, inclusion or inclusiveness refers to the condition wherein a person is solely focused and dedicated towards a larger goal. Therefore, he/she set smaller objectives and targets that drive them and their business towards a larger goal.
Why is it Important to give priority to the Business?
A budding and aspiring entrepreneur must involve themselves in the business and work solely for the development and growth of the company. A business can never take off when the leader at the helm works at another day job for eight straight hours and then returns home to just continue to work on a sideline project. Financial security and job security are essential, but later do not regret becoming a prisoner of a routine loop. If starting a business is the goal, then start saving, secure a few backup funds and begin dedicating time and efforts towards the business. The key is to be inclusive and make the company and idea the top priority. Well now that we pointed a lot of fingers and made a few accusations, we’ll take the liberty of believing we have your attention. So, without further ado; here are some expert tips from business experts –
1. Networking is Key to Building Useful Contacts
Industry experts often say that – “a person’s network defines his net worth.”
Well, easier said than done because every person who has been to any corporate gathering knows the complications to socialize with corporate professionals. There might be a certain lack of poise, a particular language barrier or maybe just social anxiety, stopping you from approaching and communicating with industry professionals. But on the side of reality, what it takes is confidence and curiosity to build networks. People only want to be involved in your story if you show interest and respect towards their struggles. Many currently successful entrepreneurs would be witnesses to the fact that their initial seed investors or at least the sources of getting investments popped up from somewhere within the network that they had developed. Networks and Contacts can also act as consultants to the aspiring entrepreneurs assisting them in clarifying how to set up a business.
2. Observe and Follow Industry Trends
The importance of being updated with industry trends determines the rise and fall of many companies. Many companies become overnight sensations because of being on the futuristic track, and many companies become forgotten overnight because of sticking to the past. Entrepreneurs must focus on critical factors for growing businesses such as –
- Innovation – the idea to create a new product or new methodology or new invention; which is feasible to implement.
- Disruption – launching a new and innovative idea into the market to disrupt competition and change how the conventional world functions.
- Self–Sustainable – a business must be independent to carry forward itself even in times of uncertainties and risks.
A few new industry trends that the world is inclining towards in the field of both technologies, as well as business administration, are –
- Artificial intelligence
- Sustainable technology
- Harnessing renewable resources
- Blockchain technology
- Inter-personal Diversity
- Organizational Inclusion
- Harnessing innovation
- Hedging of investments in new businesses
3. Always be on the Lookout for Industrial Exposure
Experience and exposure to the industry matter a lot for running a business in that industry. That is why it is often observed that former employees of a company go on to start a new company which becomes a direct competitor in the market and in times ends up defeating the previous industry leader. Therefore, business owners must always be on the lookout for new experiences that will help them to acquire knowledge of the innovations. A significant reason why companies must also be participative and inclined towards industrial exposure is that it can help guide the company in a productive and efficient path towards growth. Thus, people participate enthusiastically in events such as the Dubai Expo 2020; where business persons, innovators, inventors and investors all gather to forge connections and drive the world towards a sustainable future.
4. Implementation is Key
It does not matter how big the business idea is, if it is not implemented or executed well, then it hasn't existed. How the founding members of a company set up their business and operate it defines how the business will function in future scenarios. A few crucial points to remember in the gruesome lifecycle of business are –
- Create a plan of action and prepare for all possibly occurring situations.
- Allocate funds wisely to avoid overspending and underspending.
- Work hard and work smart towards a common goal.
- Recruit talented and trustworthy individuals who will support your company’s growth with their efforts.
- Always think of new ways to win over the market.
- Experiment with new ideas before implementing them; thus, the concept of pilot testing emerges.
Commitbiz is Always here to Help
We at Commitbiz are a dedicated team of talented business consultants who have helped many companies to set up business in the UAE and more such popular locations. We also flaunt a portfolio of various diverse and necessary services that companies require in their day to day activities like audit and accounting services, company secretarial services and more. Contact us to know more about how to kick start your business.