10 Things to Know about Building a Profitable Business
While ideas, knowledge and passion create an image of business romanticism but when it comes down to building a profitable business, entrepreneurs often wonder what it really takes
Entrepreneur India dismantles the steps and ingredients required to build a profitable business, doesn't matter if you are starting from scratch or already sailing in the boat of entrepreneurship.
When you have an idea, it is important to have the backing of a virtue called "passion." This is essential because there may come a time when you may feel you don't have the strength to put yourself through the grill of running a business day in and day out. At that moment, your passion for your idea and questioning why you dived into entrepreneurship in the first place can help you maintain the faculties of the mind and strength intact.
Basic knowledge about how you will execute your idea is vital. If you, as a budding entrepreneur or even a senior entrepreneur, feel that you are lacking behind somewhere, then the clear direction for one and all would to educate yourself.
The aspect of mentor comes immediately after the aspect of knowledge. This is because knowledge can be derived through various avenues. But according to research, having a mentor can help an entrepreneur or company accelerate business growth. In research by Sage, it was noted that 93 per cent of the start-ups admitted that mentorship is instrumental to the success of start-ups. Mentors are saviours at a time when entrepreneurs might fall into the trap of thinking that they know everything.
Capital and Funds
While ideas, knowledge and passion create an image of business romanticism but when it comes down to building a profitable business, having your financial model in order is paramount. Entrepreneurs must seek and solve how funds will be raised, capital will be arranged for seamless roll-out of operations.
Why do you need a map while travelling to a particular location? So that your journey becomes more concrete and you are able to reach your destination with minimum wastage of time and effort. The same can be said about having a business model for any and every organization.
A lot of times, during the interviews, when entrepreneurs are asked about future plans, they often talk about expanding their network. Every entrepreneur needs a solid base of network to take his or her business off the ground to the next level.
Getting all your tax and legal obligations in place will save you from the concern and worries of kick-starting your business on a seamless note and also spare you from getting into unneeded trouble.
The foremost attribute of a successful business is that of the quality of its hiring. To stream it down further, hiring hard-working talent is not enough, employing smart people in and for your organization is what completes an entrepreneur.
Marketing is one of the most important tools in the business ecosystem these days. It is not a magic wand that can set everything straight and right with the swirl of the stick. Marketing requires a series of intelligent moves and playing your cards right.
The need to start a business arises out of providing a solution for something that the society lacks. An entrepreneur, therefore, must know the market their company or product will be catering to.
From starting a business to building a profitable and sustainable one, successful people from the business ecosystem will come together to decode every aspect of entrepreneurship.Entrepreneur 2019 is the flagship annual event of Entrepreneur Media. It is the final destination for entrepreneurs, investors, disruptors and innovators where they discuss, debate and dissect what the future holds in a vibrant atmosphere. In its Ninth Edition, Entrepreneur Media brings together the Movers and Shakers of India and Asia Pacific.