Business
intelligence (BI) is a set of theories, methodologies,
architectures, and technologies that transform raw data into meaningful and
useful information for business purposes. BI can handle enormous amounts of
unstructured data to help identify, develop and otherwise create new
opportunities. BI, in simple words, makes interpreting voluminous data
friendly. Making use of new opportunities and implementing an effective
strategy can provide a competitive market advantage and long-term stability. Wikipedia:
The
hardest thing about starting business is actually starting. Starting your own
business is one of the most powerful ways to take control of your life and your
financial situation. You set your own hours, pursue projects that you
find fulfilling. Best of all, you are responsible for how much you earn. And it
doesn't necessarily mean quitting your day job either.
Two people set out with
the same goal. Let us call them A and B. Let’s also say they both started the
same business Recruitment Services, but with two differences one is location
and the other is sector. A started
in Delhi and B in Bangalore. A focused on Construction and Infrastructure sector because no
one was doing. B decided on IT industry because there are lot IT
companies in Bangalore.
Both A and B started their small business outfit together and set a goal. They
are going to send out 10 mails every day and planned to meet three clients every day who expressed an
interest in their service, and their goal is to get those clients to start
saying “yes”.
Both A and B start out motivated.. Then
they check in with each other over the phone. “How’d you do?” A asks. B replies, “Well, they all said no” and vice versa.
Neither one is ready to
give up. They set out again the next day. They each contact three people, and
then they check in. The result is same by the end of the day.
This pattern continues
for couple of months. Then the scorpion (self-doubt) enters. B gets distracted. B called
A over the phone and said “I am not going anywhere; just got one
recruitment, that is not enough. I have a family to support, so I am going to
find a job.”
A replies, “Good luck
friend,”. Thought A is not really
making any more money than B, but he
sees something that A doesn’t. With
one Yes from a client got the
passive income of Rs.50k, motivated him, to think “If I can get one Yes, I can get more”. With that
resolution, A persisted. Each day,
he continued the patter of meeting people. and most of them were still saying
no. But things are changing. He was not making much money, but he senses that
he’s about to break through.
Turns out, if you can get one person to say yes, you
can get hundreds or thousands to say yes. Don’t
give up. Get that first yes. From then, it’s just a matter of listening,
learning, and continuing to ask.
For A finds it took at least 6-18 months from when he started to get
more Yes from clients After first 9 years of running his recruitment
company, A is making the grand total
of a little over his market value after paying to all his employees.
What made A to be successful and B to quit within short time. B went after IT sector hoping that
there is huge niche and he can get his share without knowing plenty of people
chasing the same. Whereas A took up
a sector no one was doing, he created his own niche. Just to tell all my readers, A is the author of this blog.
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| small-business |
Here are 5 simple steps you
can take to get on to the road for Small Business.
Start with Self-evaluation: Start with your small business
model description and then note where your expertise can deliver the expectations.
Then start thinking about what you do that makes clients happy and say “yes” first and continue to say “yes”
Analyze the industry: In many respects, best chance for small
business will come
from picking the right industries, not the right companies. Your analysis
should always start with a "top-down" approach. After all, a lagging
company in a winning industry is bound to fare better than a leading company in
a lousy industry. The key questions to ask are: Where are we
in the economic cycle? And which industries and sectors tend to do well at in
this stage of the cycle?
Talk to an expert: Go and see a business adviser and throw
your idea at them. See their response, the chances are that they will throw
back some harsh comments on your ideas to add into your list of “things not to do”. Of course may help
you identify the threats and opportunities in your small business.
Name your business: Choose a name for your small business,
one that reflects what it’s all about. Naming a small business is like the foundation
stone of a building. The entire building is aligned to that original stone. If
it’s off, the rest of the building is off. By tapping your creativity you’ll we
able to create a name that works for both the short and long term, like that
foundation stone in the building.
Get
Organised:
Before you officially announce your small business, its best to get as prepared
as possible. Set up workspace, set up a business bank account. Be totally ready
for the moment with equipment like computers, printers and stationary. Trust me
friends, preparation is key to start a small business. Believe in yourself self worth.
Do
I believe that every single one of you can build a million-dollar business? I do. I just think most of you give up too
quickly.” Read
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