Test your idea before launching it
Maybe you have a great and out of the box idea, which have all the pros to succeed, but, may be others also have the same. So always test your idea or service before a full-fledged launch in the market. Or you can go through the credible research reports concerned with the niche of your business and see what sorts of preparations are required and how people perceive the services after the launch; it will certainly prove as the bedrock for your business success. Or as a case study you can take a reference from the Guptas, an Indian business family, who have done a painstaking analysis of the South African market to evaluate the feasibility of the idea. Then Atul Gupta from Gupta family, take account of every possibility to make his business a big success on a foreign land.
Build something you believe in – because that’s the first step to building a great brand
Don’t prey fall to the advice of others who don’t have a knack of your businesses. You know more than anybody else about your business, so whenever you get stuck in your way, sit in a dark room and wonder why your business is falling, then only one thing which motivates you to get to your again with the same vigor, which is your firm belief in your purpose.
Don’t aim for 10% improvement. Make it radically better and different.
Yes—the world has always been running on collective conscience, thus, collectively creating amazing products, services, and organizations through entrepreneurship abilities. Like how telecom sector has been transformed by a series of efforts from many organizations. But, there is a catch, don’t fall for this concept, that you can contribution can’t go beyond 10 to 20 %. So always stretch your limits, dig deep and always strive hard to build something more radical or radically different.
Prepare to be copied. Don’t start unless you’ll survive imitation.
May be your idea is truly radical in each and every sense and the time it gets off the ground, copy cats arrive in no time. It simply implies that how it doesn’t matter how much innovative your idea is, the only key to the survival is the continuous innovation. So be in the quest to make your product or service more interactive and useful all the time; and don’t rest on the success of your idea for a long time, as other will take its due credit by making more innovative than you.
Build up reserves of money and energy for bad luck and mistakes
May be you are doing a great job and generating a great revenue, but that doesn’t mean the same course will continue for a long. So always run as lean as you can and don’t waste your money in maintaining unnecessary amenities, instead save it for your bad time. Unfortunately, a business always carries a bad luck along the way, so save your capital and energy to counter that bad luck.
Delegate to employees and avoid micromanaging them
The manager must be restricted to delegate the tasks and inspect progress and the individual contribution in it. Don’t be a control freak and micro—manage the things, which don’t have a concern with the efficiency. And if you are expecting some precise results, then go by a written training program and orientation plan; so that your experienced employees grasp a clear picture what is required from them. Use an incentive-based rewards system, and maintain a no-problem attitude about issues that crop up.
Don’t marry your plan, just stick to the basics
Sometimes the best of the plan is not suffice to counter the present intricacies, so always be ready with a back plan and ready to throw the first one in that case. Adjust, confront, and conquer is the key here. Don’t marry your plan doesn’t imply one doesn’t have to make a plan, as they don’t succeed at first place, but it is all about being proactive in your approach to becoming adaptable as per the situation.