This guest column is by digital marketing expert, Sudhir Singh
Summary: A successful business needs right strategy coupled with right manpower. Before starting a business venture, you need to answer a few important questions to ensure triumph.
Every year, thousands of new businesses are launched with an ultimate goal to succeed. But, many businesses never get off the ground and some fizzle after striking rocket starts.
So, what is the reason behind success or failure of any business? One of the most crucial reasons of business misfiring is the inability of entrepreneurs to answer some basic questions. The answers of below 4 fundamental questions before starting the business will help you stay focused on what is important
Question 1: What’s my aim with the business and where I want to go?
You should define your business and personal goals right from the beginning of your entrepreneurial journey. There is a substantial difference between personal goals and business goals. Many unsuccessful entrepreneurs unable to separate their business goals from their personal goals. To make your business venture successful, you need to think about these goals deeply. In this way, you will be able to separate your goals and focus the success of your business and your personal growth at the same time.
Question 2: How my business is different than others or what is my USP?
Gone are those days when you could get ahead in the competition by implementing only old-school business practices. Now the time has changed completely, and you need to strive to stay ahead of the game, whether it is through upgrading their products, rigorous social media marketing, or adding new services to your business portfolio. If you want to be a successful entrepreneur, you need to be updated with current business practices and think “fresh” when it comes to your brand.
Question 3: Where is my target audience?
You need to study your target audience and their purchase behavior. Nowadays, social media has a huge impact on businesses. When it comes to expanding your online visibility by integrating social media into your business, you should find out where your target audience hangs out online and prioritize your social media marketing according to it. Whether it is Facebook, Google Plus, Twitter, LinkedIn or video blogging, the answers for all entrepreneurs will vary according to their business type.
Question 4: Is my strategy effective and as per my business plan?
Before starting the business, you need to find out your long-term as well as short-term strategies for achieving your goals? To become a successful entrepreneurs, you should know what you actually need from your business and how long it will take to achieve milestones.
A precise blueprint helps you to define your vision clearly, get the right people on floor and ensure there is a perfect plan for your process of decision-making. Additionally, having business strategies in place can effectively guide you through all the confusions and problems that come with being an entrepreneur.
You should conceptualize your strategy in such a manner that investors, employees, and partners can understand why you are taking any specific path and if they cannot understand, you may need to make certain refinements.
Question 5: Do I have a right team to execute my strategy?
To execute your strategy effectively, a right team is quite important. Your team members are your greatest asset as an entrepreneur. If you recruit right manpower, they can easily figure things out when things don’t get in order.
After successfully getting over the hiring stage, you should focus on building a great culture in the office that makes room for creativity of employees, as the workplace environment has big influence on how effectively you can execute on your business strategies.
One of the most important but mostly ignored aspects that influence the performance of your team is health. Regular exercise and diet is an important for health of your employees. If possible, you should encourage your team to take proper diet and exercise so that they can help you to achieve your goal and implement your strategy with their complete potential.
Question 6: Can I execute my strategies effectively?
This is one of the hardest questions to answer. You should keep in mind that great ideas cannot guarantee success. Many entrepreneurs fail because they just cannot effectively execute their strategy. (Even with proper funds, entrepreneurs still fail because of poor strategy execution.)
Investors want to be sure that the founders are able to execute their promises. Almost every entrepreneur can put together some documents that elaborates what he/she wants to get but not every entrepreneur can effectively execute on the best plan.
Being a entrepreneur, you should keep in mind that a successful company is a smart amalgamation of right strategy and capable manpower. Every entrepreneur must answer these questions to make their business a successful venture. Your success as a entrepreneur depends on finding the right answers to these tough questions.
Image Credit – Corey’s Creative