The 22nd century is dedicated to innovations and value creation, and all of these are oriented towards a better lifestyle.
One of the major roles is being played by the youth – imaginative and enthusiastic. Entrepreneurship is all about ideas that add value to improving the standard of living. However, the Small Business Administration says that about 90% of startups fail to establish their mark. Jaro Education provided some of the recommendations for budding entrepreneurs to not only survive and be in the 10% space but to outperform. They are:
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§ Work culture: In the opinion of EdTech space pioneer Jaro Education, one of the key points of differentiation is the work environment, ethics and culture of an organization. In comparison to the traditional carrot and stick method, the leader should be transitional. There must be interactive sessions across all levels of the organization where decision-making is done by brainstorming and not a scalar chain system. For the past 19 years, the United States has witnessed a rise in the number of entrepreneurs.
§ Service level agreements: SLAs are commitments shared between a client and a service provider. These are helpful in maintaining consistency, quality, and availability. Providing the right product at the right destination at the right time is the key. One can make SLAs with their vendors as well as their consumers, it works both ways. The key benefits are:
o It sets a standard for customer service and helps to improve.
o It facilitates communication and negotiations are mutually accepted.
o Documents the agreement which later acts as a basis of service and sometimes evidence.
§ Personalization: According to Jaro Education, the focus is now shifting from standardization to Customization. The value of a product increases multifold if there’s a scope to add some personal touch. When we want repeat customers in our company, we need to make sure the customer feels the product is personally designed for them; it must cater to most of their needs if not all.
§ Hire talented individuals: The personnel of a company is among the major assets of a company. One must really understand the kind of person suitable for the job and then hire people. There should be a recruitment procedure for uniformity and also a training process for the new joiners to understand the flow of work better in the company and their role.
§ Align your production as per the plan: Instead of relying on historical demand, we must try to analyze the market and forecast our demand for the upcoming days. The goal should be to produce or procure only the amount we will be able to sell. This will help to achieve lower inventory holding costs, lower working capital would be blocked and there will be minimum wastage. This is called the ‘Pull System’ of the supply chain. Search engine optimization, according to 89 percent of entrepreneurs, is the most effective digital marketing equipment. 86 per cent of small entrepreneurs use Facebook as their primary social media platform for promoting their products or services.
§ Target Costing: The idea here is to first focus on the selling price of the product and the required margin, and then we figure out what should be the cost of our product in order to achieve our targeted profits. This doesn’t follow the traditional concept of pricing and can turn out to be the competitive edge. 78 percent of entrepreneurs say that working as an organization has helped them ameliorate their financial management skills.
§ Benchmarking: Newly established companies cannot afford to hire management consultancy firms who guide them to hit their targets. What can work for them is benchmarking or the practice of comparing their own company with the best in the industry. The important dimensions could be cost, quality, or any area in which their company is lagging behind.
- Risk-taking caliber: Taking chances is how development and opportunities are created. When an entrepreneur opts to bear risks that their competitors are not willing to take, they might climb up to the top of their field. The entrepreneur’s urge to take risks shows his or her team that he or she is a true leader who is far-sighted and believes in the probable opponent on the other side. Risk-taking allows and invigorates innovation, which can be a driving force in the organization. When you add in the reality check that clients’ needs are subjected to continuous change, you will get a steady stream of entrepreneurial prospects.
- Far-sightedness: A leader’s capacity to anticipate and describe a successful future in an enthralling and comprehensive manner is referred to as farsightedness. We look for it in a leader as one of the most significant characteristics. We are hesitant to follow a leader who is unable to display the reach of the business and what we can achieve together.
A good entrepreneur not only needs to figure out what is required at the moment but also what is not needed. Even right things with the wrong timing can spoil your game. This is because you need to pay a price for everything. One must understand the current situation of the company and the industry, do the math for cost-benefit analysis and then choose what is best for the company and the areas where cost-cutting is required.
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