A lot of people have ideas, but few decide to do something about them. Mithun Bhardwaj lists things to keep in mind before starting a business
Now returning to the way things were before the pandemic is not part of the plan as nothing will really be normal again. The key is to be flexible between each scenario, and prepare for multiple realities at the same time. If the worst-case scenario becomes reality, the newly turned/aspiring entrepreneur will know exactly who to call about the excess and which arms of the business to eliminate.
The critical ingredient to start a business is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas — but few decide to do something about them now. Not tomorrow. Not next week, but today. The true entrepreneur is a doer — not a dreamer. Go all out.
The time is now
Look, you’re an aspiring entrepreneur, and that means that you aren’t likely taking the easy road to anywhere. You rise to meet challenges heads-on; while others may look for the safe path to mediocrity, you’re looking for the tough path to excellence. Now’s the opportunity to kind of see what you can create in the midst of all this downtime
Think big, dream big, but start small
Great ventures start from small beginnings. Always dream big, but that doesn’t mean you have to start big and there is nothing wrong with starting small. To win a boxing match first thing is to enter the boxing ring. To live your dreams, you must start working on it. Every great organisation starts with a few handful of like minded people, every great author starts with a single paragraph, every great athlete start from winning his local competitions and every singer starts from singing in front of the mirror. You don’t have to be afraid of the situations; neither you haveto wait for the perfect situation. Don’t worry about the conditions and circumstances; be ready for your beginning.
As starting out new you should find some comfort in knowing that in being small, you have the advantage of being more nimble and agile, which allows you to adapt more quickly than larger companies.
Adapt to changing times is critical for survival
Adapting to change is what will keep you relevant, valuable and at the forefront of the competitive edge. In the business sense of the word, adaptability entails being open to new ideas and concepts, being able to work on an independent basis or with a team as the situation demands, and juggling multiple projects without getting flummoxed when conditions abruptly change. The ability or degree of willingness to which one adapts in such situations essentially determines one’s level of flexibility — and possibly the heights they will achieve in the future.
As the COVID-19 pandemic continues to alter how we live our lives, many businesses have been quick to tweak their operations to reflect the new situation.
Invest in less manpower; more on smarts
Customers come second, employees first. Invest in clock-changer employees who are willing to go the extra mile to accomplish a task that everyone else is skirting. People can make anything possible. One man army can only look good in a reel world not in the real world where you do a real business.
Now sadly common occurrence of reducing headcount, as employers like to call it, you will realise that lean is in and less is more. Invest in less manpower; more on smarts.
Building a business is never easy
Building a successful business won’t be anything like you imagined. You will face failures, even when things are bloomy and economy is doing great.
You have to rise to the occasion however, rising to the occasion can be fun for daydreaming, but in the real world it rarely plays out with a fairytale ending.
Establish a remote work option
As things are rapidly moving digital, remote work is becoming easier than ever. Having remote employees can be cost-effective, especially without renting office space each month. The talent pool for potential employees can grow to include anyone around the world. And with fewer cars on the road at rush hour, remote work is the more sustainable option.
Your body language is your visiting card
Pandemic or no pandemic your body language and vision should always be in sync.
Body language in business sets the foundation for people to communicate with others on a deeper level. Your body language, the unspoken language you portray in conversation, can make or break your business future.
Be prepared for the unexpected
Shouldn’t you have more reason to be scared of the uncertain scenario? Yes, you should, and that’s a good thing, for you.
It’s wise to stop assuming the most likely outcome will turn up at the conclusion of every situation. A successful company prepares for multiple outcomes regardless of what’s expected. Foresight enables you to respond effectively in all circumstances. The best way to prepare is to include all departments and employees in the planning process. You’ll get fresh, unique perspectives that are more likely to result in critical and innovative thinking.
Don’t wait for the right time or the right investment
In every crisis, there’s opportunity to engage, innovate, and connect
If you sit and wait for the right opportunity, you may lose out on the precious time that you could have invested in working. Know that now is as good a time as any to initiate a business. Instead of contemplating for 24 hours work for 24 minutes, that shall yield more results.
Strive for quality than quantity.
The writer is Director, Zashed Fashiontech