HOW YOU CAN GROW AND MANAGE YOUR BUSINESS (ENTREPRENEURSHIP) SUCCESSFULLY:

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.