People who tend to follow their passion in building a business, say from a small-time startup to making a million-dollar company, want to take huge risks. They inculcate their ideas and creativity to envisage the demand of the market and people.
To start a business can be one of the most interesting, rewarding and exhilarating opportunities you’ll ever get. Many folks are interested in becoming entrepreneurs because of these six reasons, as outlined by Business Advisor and Strategist, Hirav Shah.
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6 reasons outlined by Hirav Shah
1. Their creativity doesn’t fit the corporate environment
Corporate world offers them work to deliver something on time that is related to the growth of the company.
However, an employee is given only his remuneration. Most of the time, his new ideas are absconded.
2. They want to lead a lifestyle that isn’t nine to five bound
Much more than the traditional nine to five and two weeks of vacation time that the mundane corporate life permits, there’s much more flexibility to the entrepreneurial lifestyle.
3. They’re passionate about learning
Entrepreneurs are always looking for more. They are never satiated with the awareness and information they have.
If learning interests you, from formal education to on-the-job discoveries, and that you can never know enough about the stuff that thrills you, then you have recognized one of the genuine reasons individuals are driven to be entrepreneurs.
4. They don’t want to work under an authority
For many entrepreneurs, the desire to be in control is a driving fact . When you are in an entrepreneurial leadership position, you report into whom, no one, yes. You have a total control and ability to call the shots in every scenario that comes your way.
Entrepreneurs have full control over every decision made under them in their setup, which for some, that alone can be an extremely inspiring factor as you have no one in the way of your vision.
5. Teamwork is a Benefit Many Boast About as a Benefit of Entrepreneurship
Some people thrive while working with other folks. They enjoy the atmosphere of team-based problem-solving and love, when they are able to work together to succeed.
You control who represents your brand, as an entrepreneur. Thus, you have the opportunity to pick natives to join your team. You get to explore their strengths, talents, personalities, and through this, you can ensure that you are never ever stuck on a team with folks you do not gel with.
6. Being an Entrepreneur Allows You to Leave a Legacy
Entrepreneurs don’t just want to transform their lives. Entrepreneurs want to change the world.
Have you ever thought about the lasting legacy that you will leave as an entrepreneur?
The question is how a small-time businessman can become a big shark?
“It needs a mind-boggling idea and to give a unique taste to its products in terms of market demand, keeping in mind the competition given by similar startups.
There is a need for statistical views of people regarding the product and its output. So there is a proportional relationship between demand and production.
Many startups need some investment from investors having similar fields, tastes, interests and willingness to share their experiences to support them. In return they have a share of equity of the company.
The success of a company is largely dependent on it’s customer approach. For this it needs a genius marketing strategy. Nowadays, smaller households have at least a smartphone in their homes.
So everything is shared online and this helps the product to reach a wider audience and recognition. Quality of the product and customer feedback plays an important role in the success of a business.
Big entrepreneurs like co-founder and CEO of boat Aman Gupta too followed this same strategy to take his startup to an unicorn business worth 1 billion”-Opines Hirav Shah, India’s Most Influential Business Enhancement Leader.
Conclusion:
In order for a small-time businessman to become a big shark in the business world, there are several key areas to focus on. Firstly, business development and strategic planning are essential to outline a clear path for growth and success. Building a strong network of contacts through effective networking can provide valuable opportunities and collaborations. Proper financial management is crucial to ensure the efficient use of resources and fuel expansion. Investing in marketing and advertising efforts will help increase visibility and attract a larger customer base. Implementing innovative ideas and staying ahead of market trends can set the business apart from competitors. Offering exceptional customer service will generate loyalty and positive word-of-mouth. Attracting and retaining top talent is crucial for sustained growth and success. Continuous learning and embracing new skills and knowledge will keep the business adaptable to changing market conditions. Taking calculated risks and being open to opportunities can lead to big rewards. Scaling up and expanding operations globally can open doors to new markets and revenue streams. Diversification across different products or services can minimize risk and increase stability. Maintaining a strong focus on quality will build a reliable reputation and customer trust. Regular competitive analysis will help identify areas for improvement and innovation. Building a strong brand and its associated equity will provide a competitive edge in the market. Embracing technology and leveraging its benefits in business operations can streamline processes and enhance efficiency. In conclusion, adopting an entrepreneurial mindset and incorporating these key factors will help a small-time businessman transform into a big shark in the business world.
Business Transformation Expert, Hirav Shah Concludes-“Everyone starts with nothing. It is significant to have an eye for prudence–easily accessible resources with great ROI. Young entrepreneurs should never shy away from using resources like social media platforms well, like Linkedin etc; from finding investors, to marketing the brand, to corporate hiring, to build their brands and taking it to the next level”
Frequently Asked Questions
Can a small business turn into a big one?
To turn a small business into a big one, you have to set goals, diversify and expand.
Why is a businessman called a Shark?
Successful businessmen or entrepreneurs are like “swimming with sharks.” Hence, they are called so.
What are the 4 growth strategies?
Market penetration, product development, market expansion and diversification.
