Managing Director of the India’s leading Inverter brand Su-Kam Power systems- Mr. Kunwer Sachdev, envisages some basic points for successful business and challenges involved in them for new-age entrepreneurs.
His views were published as a curtain raiser for the 1st ET Entrepreneur and Innovation conclave. Some of the enlightening points are briefly discussed.
1. Less Money, Minimized Risks– Challenging as it may sound, yet as a novice, avoid involving big money. Use less capital and gain more experience to get you evolving.
2. Take Baby steps, Don’t Leap– Learn as a child, walk slowly, fall, learn more and then start to run. Start building confidence in yourself after every rise and fall. Don’t be taken aback after a loss incurs, list the things learned from it.
3. Strategize your Marketing– Primarily; focus on Sales, marketing and servicing for a product. Concentrate on what customers have to say about your product line and services. This can yield you abundant business in future.
4. Assure Quality– Ensure the quality of the product and services before venturing, as it will play a profound effect on the customer’s satisfaction and bring you more business.
5. Become a Role-Model– To motivate your organization continuously, become a role model. If you are stuck somewhere in between, ask yourself what my role model would have done under the same situation, The answer will approach right in front of you. Focus on hiring process and become a trainer from time to time. As a solution maker, think Big, act bigger.
6. Transparency stands above all– Check for clarity of your employee’s role towards organization, if they are confused you can remedy them regarding their tasks. Also ensure whether you are meeting with the team’s expectation or not. Incentives, bonuses and appraisals should be done at regular basis. Keeping them constantly motivated lies in your hands, use it well.
7. Creating Excitement among the masses– Creativity and continuous innovation should be the master stroke when developing new product line. A human touch is needed when dealing with clients, vendors and distributors to ensure proper feedback regarding your products. If you practise these points with precision, you’re ready to reap the harvest.
Strong perseverance blended with right moves makes your business flourish.