Some ways to become a better entrepreneur 01 Goal setting

The truth is that many people start a business but do not have a clear sense of purpose. Lack of sense of purpose is often the main reason for their business failure. When starting a business they are going into a comfort zone. They are guided by the thought that it is sufficient for the enterprise to proceed as normal. But those who succeed in business must have a ten-year goal. They should prepare a plan for at least five years. Then three year goal should be set in proportion to those five years. If not, a year’s goal should be planned accordingly. So reduce that goal to a three-month goal and re-plan what you can do to achieve those goals. By planning and evaluating it accurately, you can clearly understand how successful your business is

02 Financial Management

Any small business should have a solid understanding of financial management. When starting a business, the first thing to hire should be an accountant. This will help you to get the figures right from the start. If the figures are accurate, the credibility of the business partners and those invested in the business will increase.

03 Marketing

Many people think about marketing only after starting a business. But before starting any venture, proper marketing planning should be done. Without planning, you will lose a lot of money through the market itself. Abandon traditional marketing tactics. Try to use new generation marketing strategies that can create high impact with low budget. Social media is the best tool for that. Presence on social media can help your business branding to a great extent.

04 Business Presentation

It is important to have a clear understanding of your business and the ability to present it to others. In many cases there may be opportunities to present the business in front of others. At that time you should be able to present the topics with spirit. You should be able to present the business in such a way that you feel interested in the topic you are presenting while listening to it.

05 Monitor trends

Trends are always changing in the market. While starting a business one should understand the business trends, changes and new innovations in Kerala, India and globally. Try to change with new trends. Only then will it be possible to stay in the market

06 Sharpen your selling skills

It may not be the skill you have when you start a business that you will need later. For that, everyone in the company has to hone their skills every day. Because any company grows when it delivers a product or service to the market. Therefore, it is necessary for everyone in that company to increase sales. Be it directors or sales executives of the company, their skills must be kept up to date. For that, trainings, discussions and giving incentives to the employees should always be done.

07 Systematic Operative Procedure

A systematic operative procedure is a must in your company. Only according to that the affairs of the company should be done completely. It should be properly taught to all employees

08 Motivating staff

Employees of the company should always be motivated. They should have a clear understanding of the salary they are paid. Moreover, they should have an incentive plan based on how much additional work they do and what benefits they generate. All the employees should understand that the company is growing and the company has a definite goal. Apart from this motivational classes should be given to the employees from time to time which will boost their morale.

09 Know the limitations

Entrepreneurs should always know their limitations. Go ahead with the business recognizing the limitations and realizing that growth will only happen in stages. Identify what you can and cannot do by setting limits.

10 Take a break

An entrepreneur works 24 hours a day in their early days. Be sure to take a break even during that rush. You can take two, three days or a week off. It helps the sword to work with more force when it comes back as it sharpens

11) Fix exact wages

Ensuring proper remuneration for whoever is leading the enterprise is huge in the growth of the business. Be it family members or other employees, fixed wages should be ensured. Realize that business and personal life are two and work from the beginning. Care should also be taken to never mix up personal needs with business and create a crisis.

12) Set aside an emergency fund for the business

In any business there are ups and downs. It is not necessary to always proceed in the same way. Six to 12 months of employee wages and other expenses should be set aside as an emergency fund first. In case of any kind of crisis, money can be managed from this fund. Otherwise money will have to be taken from elsewhere and will lead to financial crisis.

13) Manage personal finance properly

Even if it’s your own business, take fixed wages correctly. Take the salary according to your eligibility and spend the amount from this salary for all personal needs and do not mix it with the amount set aside for business. If there is any financial crisis in the business, take the amount as a loan and repay the loan after the crisis is resolved.

14) Establish Personal Emergency Fund

Personal needs will always come up, including the basic needs of life. Set aside funds for one year to meet these needs. It will help to overcome difficulties in business

15) There should be insurance

Medical insurance is most important in business. It will help in the financial support of the family. If you or your relatives need a hospital, you can proceed without depending on anyone or taking a loan. A policy of at least 25 lakhs should be taken.

16) Identify responsibilities

Find out what his responsibilities and dreams are with the business and write them down. Children’s education, house, car, marriage and so on, all family matters need to be taken care of. Find out how much it all costs and set it aside. First you need to know if you have enough money for all this. That will be the motivation to grow your business.

17) Be a good taxpayer

You should always be a good taxpayer in business. It is important to file income tax returns accurately. It is possible to grow the business by giving the amount of tax to be paid. It will also help avoid unnecessary penalties from income tax. They will also understand that you are a responsible entrepreneur. It also helps to get better insurances.

18) Financial transactions should be guarded

Keep a record of all financial transactions of your business. Keep a record of where the investments are and who the nominee is. This will help the next successor continue to work in your absence. Also writing a will can be beneficial. Otherwise the family members will have difficulties to carry on the business in your absence