HOW YOU CAN GROW AND MANAGE YOUR BUSINESS (ENTREPRENEURSHIP) SUCCESSFULLY:
Entrepreneurship, which is a French word, refers to “one who undertakes innovations, finance and business acumen in an effort to transform them into economic goods and fortune”. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred to as Start up Company).
Starting a new business can be challenging because the entire venture is pestered with risks. In this my write up I will analyse the major decisions in business and examine how business owners can survive the murky waters of business operations.
The primary aim of business is not just about making profit but about creating value and wealth and also recognizing and meeting needs in society.
If you own a business, what you want most is to be successful because success is a good thing. But while you are working towards growing your business you have to make sure you manage that growth. You have to ensure that your business is operating efficiently and can scale up and down to match your business cycles. You need to be prepared to handle increase in sales or order that comes with successful marketing strategy resulting in higher demand. You want to be prepared for a lucky break. If you don’t do this right, you could become a victim of your own success. To avoid this, you must ensure your supply chain does not suffer even a minor breakdown. Ensure your customers are satisfied and all potential threats to the survival of your business are effectively analysed.
1. GROWING AND MANAGING YOUR BUSINESS
Growing your business is not just a worthy goal; growing your business is a necessity for your its survival and your economic well - being. What you can do to get your business beyond the bare sustenance level? All of these ways of growing your business have been successfully used by other businesses and, with some planning and investment, will work for you.
i). Penetrate your existing market
The first thing that comes to mind when thinking of growing your business is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you.
ii). Ask for referrals
Getting new customers is another approach to growing your business. One of the easiest ways to do this is to ask your current customers for referrals. But notice the verb. Doing a great job and just assuming that your customers are passing the word about your business is not going to do much to increase your customer base; you have to actively seek referrals. During or after every job or sale, ask your satisfied customer if he or she knows anyone else who would be interested in your products or services let him or she refers him or her to your shop, office or company. This is not about blowing your trumpet, this is all about publicity in a cost effective way since your organization may not afford the cost of media and electronic publicity.
