Small Business

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.

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 Self-worth