Congratulations. So you want to get into a business to become a successful person. Right you are. And you said you want to know how to set about. Here are ten steps you can follow in getting into a business:
1. Understand the equation - Market & You: You cannot exist without a market; neither the market can survive without people like you. Both the market and businesspersons like you are entwined in making economic goods and services. You produce the goods or services the market wants and at the same time you consume raw materials and labour provided by the market in processing and finally sending the finished goods out of your factory gates. On one hand you are a producer and on the other hand you are a consumer or user. This relationship can be further analysed; next five steps relate to the market and the last four steps relate to you as a business person
2. Find the Market: Now that you understand the equation “Market & You”, find out what is the type of business you want to get in. In other words you must zoom in on a particular industry or sector. There are several sectors and even more sub-sectors. Let us assume you want to get into technology and narrow down to electronic chips and further narrow down to the production of a chipset for mobile phones. Now you can do the research to find out the annual demand of the product industry wide, country wide and state wide. You can also research the ways and means of providing a chip that is durable, affordable and of superior quality
3. Check Market need and how you can satisfy it: In your research you found that there is a huge need for a chip that has multi software functionality. You also feel that you can produce one that has this functionality
4. Look at the competition: You have got a product; it is time for you to look at your main competitors. Some of them may be multi-nationals or regional heavy weights. There may be still room for your product. Certain manufacturers would not like to tie up with big timers but with specific part suppliers whom they consider as captive groups. You can get few of them lined up as prospective buyers
5. Assess Market Potential: No point putting all your efforts in turning out a product if the market potential is doubtful; if the quantum demanded is below the break-even point; if the product demand is seasonal; if the product cannot be co-opted into wider use. Attractive market potential gives you a big fillip so that you can fashion your own product
6. Morph a Unique Product: Your product must have what they call in the industry a signature. A novel product that has unique features so that the buyers feel that they have got the best bargain in purchasing your products
7. Evaluate Your Capacity: Up to now it is all about the market; here comes you as a business person. First question you have to ask yourself is whether “Do I have the capacity”. Your capacity can be manifold: technical, managerial, operational, financial etc. You must not only produce the best quality product but be able to get the delivery going un-interrupted
8. Mark it as Your Obsession: Forgive me for using the word obsession. I could have used words such as inspiration, ambition etc. I am deliberately writing about your obsession because that is what you need. You must do your business as if you are possessed buy a spirit and go pell-mell in getting ahead in your product and business. For you nothing matters other than the product you are making and the business you are running
9. Write & Review Your Plan: Put your thoughts in writing; make a plan of the market, the need, your product, your operations, finance, marketing and host of other items. Write your business plan is well. Review it a number of times. Reflect. Discuss with your family and friends. Get advice. Do you feel something missing?
10. Know Your Cosmics: In most cases the missing link is your understanding of your cosmics. Everything looks good in black and white. But what is your gut feeling? Do you think you can make it? Perhaps the best way to check is to understand and evaluate your cosmics so that you can employ cosmics to your own advantages. You know, that, cosmics are aspects residing within you shaping and influencing your business throughout.
Wish you the best,
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