This Entrepreneur shares how to convert Obstacles into Opportunities
Grow Your Business, Not Your Inbox
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It is tough to build a business up from the ground and being young adds another bucket of challenges to the table which their more seasoned counterparts may not have to face. Lakshay Jain, Founder and CEO of Mevrexis one such young entrepreneur who established his name in the field of web development and digital marketing. Defining core competencies, building industry-relevant skills, and managing the finances, he overcame various hurdles to deliver over 100 projects with clients from 11 different countries. He is sending the ladder back down to inspire and guide other young entrepreneurs towards their road of success. After all, it is never too early to start.
Defining core competencies
Core competencies essentially mean the working advantages that you have over other businesses in the same line and your competitors. It can be a physical asset, machinery, patent, or location, but usually, it is more about the specific abilities and skills that a company performs especially well. Just as in bodybuilding, building the core strengths is essential for a strong frame in business. No matter where the motion starts, the core provides the ripple effect. For example, Apple’s core competence is innovation. From the latest Mac computers to highly imitated AirPods, Apple has led product technology as well as design innovation.
For companies like Mevrex, the core competencies lie in flexibility, supply chain management, and problem-solving skills. To build a core competency, several factors are essential such as
Industry benchmarks: Through thorough research and networking, a business should be aware of not just what the competition is providing but also the customer expectations. Then the business should strive to overcome the set industry benchmarks resiliently.
Differentiation: Along with meeting the industry standards, a young entrepreneur should strive to carve expertise through differentiation. Even with similar or related products, the whole package and brand should build a reputation in the market.
Trickle-down effect: The core competencies should not just talk about the strengths of the founder, these should be embedded in the values and principles of the business. Through continuous feedback from clients, Lakshay Jain makes sure that optimum problem-solving maintains as the key competence.
Building Industry-Relevant Skills
Covid has not only changed how people work but also how they go about every other task – shop, eat, travel as well as consume data. The demand for various skills has thus changed. Not only the axis is shifting aggressively towards the digital arena, but also many doors that were previously shut are now opening. The ‘right time’ for the impending shift has come. According to research published by LinkedIn, the most in-demand soft skills included creativity, adaptability, and collaboration whilst the most in-demand hard skills included Blockchain, Analytical Reasoning, UX Design, Marketing, and Sales. The business world is indeed voting with its jobs and the potential is worth the gamble.
There are several gaps in the market that are welcoming. The shift is sudden and gaps are thus wide. With the right business model and networking, the delivery of such skills can be built into successful ventures by young entrepreneurs. This generation is more tech-savvy and screen-friendly.LakshayJain acquired all his technical skills including IOS/Android App Development, Web Technology, SEO and Digital Marketing through learning online with minimum resources and free YouTube channels. There are often blocks that people build in their minds – lack of time, energy and most importantly resources. But when one entrepreneur can build a blanket of commercial skills with a laptop, an internet connection and determination, it serves as an inspiration to others.
For Young Entrepreneurs who have not yet amassed personal wealth, managing finances can be overwhelming. According to a study, the first five years of business are most difficult for small businesses and approximately 50% of businesses fail to complete the threshold. Even with strong core competencies and relevant skills, financial management can be a weak suit. Here are some points worth considering from Lakshay Jain’s point of view who built the business from scratch –
Strategize and Scale: One does not need to go all in and invest thousands of dollars before even cracking the first deal. Dreaming is good, delivering is even better. Start small, learn through the course and scale effectively. Find a niche and build a brand – it requires more research and hard work than the resources.
Financial Planning and Goals:When starting off, entrepreneurs often do not know how well the market will respond. Thus, future estimations cannot be accurate, just estimations. This should not hinder you from planning. Build a budget for the basic expenses – without it, a business is just like a ship without a rudder. Other financial goals can be percentage-based or goal based – for example, direct expenses should not be more than xy% of direct sales.
Personal finance needs to be separated from business finance and both should be managed eloquently. For personal finances, Senator Elizabeth Warren had suggested a 50-30-20 approach where 50% of funds can be allocated to the basic needs, 30 percent to wants and 20% should go for savings. This helps to define a structure and provide adherence.
As entrepreneurs build their team, they should hire for character and values. Skills can be taught and transferred but you can’t make someone’s values and personality fit the company after the fact. Experienced and talented employees may fail at their jobs due to the wrong attitude but persistent employees always find a way to be an asset. Young entrepreneurs need to surround themselves with people who motivate and support the business and have a vision for themselves and the company.
Young entrepreneurs are changing the world around the globe with their new take on problem-solving. Don’t wait until you have all the answers because you will never have all the answers. Inspiration is everywhere around us, motivation has to be found within.