An entrepreneur needs talent, idea, perspective, passion and right zeal for the business venture. What else is essential? Business ventures are much more than just a basic revenue generating model. In today’s era we don’t have a dearth of start-ups and potential investors, but there is a list of 5 key points that one must follow to become successful and not just add to the numbers.
- Collaborate within and across the organisation: It’s important to engage in wide range of audiences and efficiently decide on the target groups. Make use of the ‘Unknown and the Known’ about the organisation from the employees by debates, webinars, conferences and get an insight to deal with situations in a better way. The 360 degree collaboration and partnering will help the organisation to prosper and will strengthen the abilities in the long term.
- Right alignment of ERM to the strategy: The ability to take risks is a significant factor in achieving goals and accomplishing long term success. Make sure to align this key point with the strategy in such a manner that it has a positive impact on the organisation.
- Account for actions and process: Always be sure of the little steps one takes especially the crucial ones. Either assign an individual or a team for a better track of the work. It doesn’t help in a record maintenance, but also when it comes to finding loopholes and scrutinising the previous work log. A responsible entrepreneur should account and take charge of all the activities going in the business.
- Do operate cost awareness: To make the venture is a long lasting and working on a successful basis, it is very important to account for the costs and know the financial stability. Many a times, a lot of enterprises fail due to insufficient funds in the early stage
- Initiate and innovate: The mantra to keep prospering and being smart enough is to keep going and take innovative initiatives. One should be prudent enough and should know the need of the hour. It is very important to make the product a necessity for customers and not a choice!