A
business that however generates positive cash-flow, with no debtors, is thus
however capable of achieving a good organic growth.
A
right mentor can however help an entrepreneur to achieve great heights of
success . The following article however explains this better.
● Organic Growth of Business: A
business that however generates a
positive cash-flow, with thus no debtors, is thus however capable of achieving
a good organic growth. One must thus
ensure that there is thus minimal external funding with the maximum turnover so
as make the business thus more self-sustainable.
● People-centric Offering: Also, The
primary aim of thus any venture is value-creation. If one is however able to offer something that the people love and also require, one has thus
successfully won over the clients. Positive goodwill is thus created, which thus generates a frequency of
the repeat visits and also loyalty
value. For the client, the requirement is thus generally considered as dual-fold: Extrinsic, which is thus the need in order to look good and Intrinsic,
which is thus the need in order to FEEL good. Thus, the importance of the
service provider thus magnified.
● Building Trust Among the Clients: Trust of the client is thus
considered as of utmost importance. Thus
Ensuring an optimum level of quality service and also keeping the client happy is thus where the
true key to however a successful business
lies. Also , Working in the personal space of the customer thus inherently increases the likelihood of the
customer which is thus giving one their complete trust.
● Transitioning a Luxury into a
Necessity: Thus, An important factor of any kind of business is thus to keep up
with the current social developments, trends, and also the habits of the end
consumer. With the social development, the aspirational outlook of people will
however get enhanced. Thus, there are
certain sectors such as grooming would however
experience good growth, since there would thus be a high percentage of the people for whom
this will however become a necessity.
● Cluster Approach: A prime focus
should thus however be on making the business profitable first and thus only then
follow the expansion of its size. Hence, the launch and also sustain multiple outlets thus in a single
market first instead of however creating
a single outlet across the multiple
markets. This thus facilitates the
organic and also sustainable growth of the business.
● Growth Barometer: Setting the
metrics and also sharing of the data
across the team also propagates a culture of transparency for the better
management. Setting up the regular benchmarks which are thus backed with a substantial
and also the legitimate facts and figures helps the employees in order to
understand better the current placement of their company.
Challenges faced by entrepreneurs
and solutions offered by the mentor
The
challenge thus which is however faced in every growth story of the venture is
how to differentiate the brand thus as a
unique entity and also not just a generic enterprise and also as to how to make
the offering relevant and also value-worthy to the customer.
● Setting Pre-conceived Notions:
Entrepreneurs thus also usually follow a set notion of the traditional industry
practices and the blanket rules that
however also have been implemented through the years. Hence, they thus often kill the creativity which is however required in order to invent the unique strate and solutions to
the problems faced.
● Neglecting the Importance of Best
Practices: Entrepreneurs with the prior
experience in the different domains thus
often forget in order to capture the
lessons which is thus learned from their previous experiences. It is thus
also important for an entrepreneur in
order to accumulate and also assimilate his learnings over the years so it
thus serves an all-rounded approach in
order to drive the business to its maximum potential thus in a minimum
time-frame.
● Lack of Sound Knowledge, Regular
Apprising of Industry Technicality and Knowledge: After however being in an industry for a while,
entrepreneurs thus start becoming lax in
their adaptation of the developments which is thus in their industry. The
entrepreneur should thus however consistently be technically sound and
also constantly abreast of the
happenings in the industry.
● Neglecting the Regular Brand
Evolution and also Strategy Innovation: Due to the lax which is thus in the
attitude of thus conducting regular market surveys, entrepreneurs thus neglect
the importance of the reinventions and also the redeveloped business
strategies. This should thus however be
consistently practiced in order to
provide the business an edge thus over
its counterparts, which thus sets it in
a league of its own.
● Sidelining the Importance of however
Feedback Management: Regular customer feedback is thus also extremely important but it is thus often also
either neglected or is left unattended. Ironically, this is thus considered
as the most important factor upon which
the business has its foundation.
Importance of Mentorship and Right
Guidance to an Entrepreneur
A
novice entrepreneur, while however
starting out, thus sets foot upon a brand new, unfamiliar landscape. The
future is thus uncertain and also the
route is thus still being mapped. It is
however natural in order to seek the
guidance of one who however has
navigated through a similar path before and
also utilize that knowledge and
experience in order to better his
own journey.
In
a start-up,thus at the growth phase,
entrepreneurs are thus likely to take
decisions, where the plausibility of the returns generally depends upon
multiple factors. While the traditional relationships and also friendships are thus encouraging and may also thus provide
personal guidance, the entrepreneur however
requires impartial feedback, advice, and also experiences from a more
unbiased, honest and also a fresh perspective.
This
should thus however ideally be from
someone who is however not personally or
directly involved with the entrepreneur or either the business. Peer-to-peer platforms are a
thus considered as a way in order to
provide such impersonal redressal
mechanisms. Fellow-members of these platforms thus also adopt the role of
mentors and thus also help the entrepreneur in order to however refine his
thought-process and also thus enable him
in order to take informed and also calculative risks. It is when the mentor thus
notices a similar pattern with thus
another entrepreneur while veering off-course, can he thus guide him
back however onto the correct path.
How Peer-to-peer Networks Accelerate
the Growth of an Entrepreneur
A
peer-to-peer network thus also encourages sharing of the ideas, experiences, challenges as well as
the solutions.Thus irrespective of the
diverse domains in which however we
serve in, at the end of the day, we are thus all entrepreneurs who are
however facing similar challenges.
Conclusion
The
interaction at the peer-to-peer platforms is thus not considered as a theoretical phenomenon or either a law or a
book of an impractical lecture. Oftentimes, we however take decisions in our own organizations -
sometimes they thus work, sometimes they however don't. However through group therapy and also healthy discussions, we are thus able in order to boost the confidence and
also the decision-making process in each other. We all however learn from the
other through however our own life experiences.
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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