- Business idea formulation
- Feasibility Study / Report
- Detailed Project Report
- Project Finance Syndication
- Corporate Identity Development
- Company Name
- Company Profile Development
- Content Development For Marketing Collateral
- Content For Website, Blogs, Social Media Platform
In my earliest posting I have cited several contributing factors to become a successful entrepreneur.
While starting a business is one side of a coin the other side is running it successfully duly strengthening the confidence of all stakeholders. The top three problems faced by start-up entrepreneurs are mostly (a) marketing, (b) management and (c) working capital. However, majority of entrepreneurs point their failure towards deficient financial resources or short working capital. The creeping fact indeed would be mostly the failure in marketing. Poor marketing and sales would create a vicious circle where poor sales results in piling stock in the warehouse, which in turn would make a dent on working capital leading to management confusion.
A good percentage of start-ups are initiated by first generation entrepreneurs who lack the knowledge or experience in the business processes or functional priorities in business. Many don’t follow the business setup processes like:
- Opportunity/Idea research: If not done it would result in inappropriate, unviable or bad business selection. This would lead to obvious failure at the end.
- Feasibility Study: If not done it could result in incorrect product / service selection for the target market, improper sales projections, wrong or deficient strategies to face competition and more. The end result would obviously be either product failure or market failure.
- Detailed Project Report / Business Plan: If not done it will not let you know the sequence of processes, actions required in the end-to-end implementation of project and the planning & strategy required to conduct business operations. Besides, these documents would be highly essential in securing business loans, availing government support with respect to loans, and subsidies. DPR and Business Plan are the mirror to the business / project and an entrepreneur should invariably get the same done and imbibe the contents for right implementation. The documents should never be considered as a record alone if a true and transparent success in the project / business is to be achieved.
- Project Management: This is related to the setting up of business or executing the project in a structured, disciplined, transparent and an accountable manner. Project Management is important because if you don’t manage project effectively, you will find yourself at the negative end of the road. The saying goes very clearly that when you don’t plan, you plan to fail.
- Marketing Strategy: The sin in business is allowing the produce to remain in the warehouse than pushing it into the market. How is it possible to market a product without right strategy that could tell you the means, resources, methods, and schedules to market your produce? Hence, marketing strategy is highly essential for the very viability of business.
- Financial Management: Financial resources i.e. money is every thing in the business. Inadequate money or improper financial management will result in several failures. This is especially difficult where the business procures secured or unsecured business loans which will need servicing of loan on time for peaceful running of business. Many businesses will again misjudge the spending on CAPEX and Working Capital. Going beyond the budgetary allocation for procurement of capital goods or high spending with poor negotiation power will result in drain of budgetary resources. The effect would be a strain on working capital.
- Induction of human resources and expertise: Team is everything. Induction of quality team depends on right job description and right recruitment processes. This plays a pivot role especially in the matter of senior management personnel. This would always need professional consulting services and business should not go for just known resources or cheap resources to save money.
- Communication management: This could be resolved through professional management processes and should not be ignored. Right communication and interactions would create brand identity and corporate identity in the organization pervading transparency across the enterprise.
- Collaborations & Partnership: Identification of partners who can complement the business abilities and requirements, proper negotiation of terms, clean exit plan and assessment of ROI on partnership are most important aspects which could be done only through right understanding of market.
- Stakeholder Management, CRM: If the aspirations and expectations of stakeholders are not properly analyzed and right customer support system and Customer Relationship Management is not in place, it would result in customer dis-satisfaction and business erosion.
- Return on Investment: Business should be directly related to the Return On Investment. Having cash flow for some reasons may at times make you believe that business is doing well. Professional assessment of return on investment is an important process and business must know the short-term and long-term returns to be received and investment recovery time lines in order to drive the business in right direction.
Several SSI and SME firms have a bad notion that businesses would not need such a strict rules to follow documentation or detailed processes as above. That is the very cause of business failure. Process and process quality is inevitable for business success. There is no thing called ‘small’ or ‘big’ in the matter of ‘success’ or ‘failure’. Both would have same bearing and would have same background in all likelihood.
The situation calls for professional education for entrepreneurs before they start their business. Interested individuals can contact us for Start-up education or start-up services at any stage of their business progress.
The company EPM World located in Hyderabad, India is an end-to-end business consulting service provider for industry and business. The services encompass the scope of Enterprise Portfolio Management (EPM). Click here for a detailed picture of service range.
Every other project would need almost a uniform approach and processes except for the domain technicalities. Owing to the technical competence and the consulting expertise of promoter(s) and the collaborative expertise of subject matter experts (SMEs), EPM World can extend its Business Consulting to any industry sector or business segment.
Services extended by EPM World:
- Start-up services
- Management Consulting
- Business Consulting
- On Demand Services
- Project Management Consulting to Power sector
Since its inception in 2009, EPM World has served and is serving around 24 clients from disparate industry segments.
- Painting (Marketing services)
- Oil and Energy (Marketing services)
- Hospitality (Startup planning)
- Professional services (Turnkey services)
- Technology Training (Corporate Identity)
- Retail sector (Marketing services)
- Automotive servicing (Startup planning)
- Educational sector (Turnkey services)
- Construction sector (Corporate identity)
- Power utility (Technology services)
- Laundry and dry cleaning (Startup planning)
- Food Processing (Startup planning)
- Packaging (Startup planning)
- Consumer electronics (Marketing services)
- Mining (Corporate Identity)
The start-up planning services consist right from the identification of new business opportunity, project report documentation, loan syndication, project planning and marketing strategy.
Besides the above, we have provided startup advice services to hundreds of aspirant entrepreneurs. The advice focuses on the business idea, investment requirement, ROI and recommendation for any given startup proposal.
If you are in the process of raising a new business or looking for guidance or services for your present business needs, may please reach us at firstname.lastname@example.org
The blog is authored by the CEO, EPM World. The blog focuses on business topics like business consulting, entrepreneurship, leadership and more. The entire content unless otherwise indicated, is authored by CEO, EPM World.
I keep posting my thoughts on Twitter. All the thoughts and expressions are random and impromptu. I have posted below some of the tweets from Twitter account EPMWORLD_HYD.
I would be happy to discuss on any of the thoughts, should someone like me to elaborate further.
- An entrepreneur who feels ‘why should I contribute to CSR’ should also remind himself that it is the society, which gives him business.
- Business relations will always flourish on the clarity and fulfillment of business terms.
- An entrepreneur should weave his dreams taking stakeholders as threads. There is nothing beyond stakeholders in business.
- Legitimacy, transparency, stakeholder aspirations, and CSR should drive any business. Not profits alone.
- Business entry is a moral commitment to society (which provide us business) that we are going to draw business legitimately.
- An entrepreneur once he announces his enterprise is accountable to his stakeholders. Growth, failure, and exit all matters to them
- Many entrepreneurs make a big mistake. Not having proper documentation like Project Plan, methodologies, financial reports, & even profile.
- An entrepreneur should begin his morning with serene thoughts.
- Self-employed individual should know his / her professional strength without laying hand on everything.
- An egocentric start-up owner would gradually loose his stakeholders’ patronage.
- Major thrust of any CSR program should be empowerment than constant handhold.
- Money is like blood to an enterprise and team is like the nervous system. Thus, a healthy and vibrant team is vital any time.
- We don’t board a flight without knowing the destination. Similarly start-ups should know brand direction and destination.
- Business plan is cardinal for any start-up. But more vital is its true implementation.
- Keep watching the children playing in their own world. It is also a kind of meditation and yoga.
- The promoter and his team should drive the business with confidence. Otherwise they loose the confidence of stakeholders.
- We need to inculcate accountability in an employee. May be induction process should evaluate this trait in a more analytical way.
- Reading our inner self is important before we read others mind. It informs us what we need to know about others. Again with no prejudice.
- We need universities who exclusively develop faculty in all major disciplines, before the matured intellectuals disappear.
- Afforestation is important to our sustenance. Similarly planting the seeds of leadership in the younger minds is very important.
- Good communication is branding. Soft tone, tender words and quality talk create better image than a marathon speech.
- Branding has a seed at every communication we make with our stakeholders. Bad seed. Bad brand. Good seed. Good brand.
- Money is a very important resource for entrepreneurship. But right team is an indispensable resource without which investment goes waste.
- Promoters should maintain consistent momentum to succeed in business. Some start-up ventures face threat due to weaning interest in promoters.
- Small Entrepreneurs and Farmers are two eyes to India. Surprisingly, they are the most neglected lot in India.
- We need engineers, scientists, mathematicians and leaders. Not graduates.
- Self-employment or business is like swimming in the ocean. Planning and luck takes you to treasure. Otherwise, to sharks.
- Idea incubation can help in regional development.
- I don’t see any business, which can’t be evolved into an online model.
- Every housewife can attain financial independence through technology exploitation and online business model.
- An analysis says – an average Indian in 2020 will be only 29 yrs old. It is high time to instill leadership abilities from high school level.
- Gujarat is a shining example. Salute to the true leader Modiji
- Many start-ups fail owing to poor marketing. Produce just lie in the warehouse. They end up in bleeding finances. Start-ups need greater planning.
I consider the word ‘leadership’ akin to spiritual chant. Every talk of an Intellectual, Academician and thinker would invariably insist on developing leaders. Leadership is an institution where vision is created, objectives are defined, goals are set, people are lead, mentored, resources are optimized, integrity is maintained, values are enhanced, and collective results are achieved. The purpose may be a commercial project, a voluntary cause, a social change, an intellectual voice or a political movement. Personal touch, attitudinal balancing, and risk mitigation carry the leadership mission towards the envisioned objectives. The most valuable result of any leadership should be creating more leaders.
The need for nurturing leadership: There is an overall need (a) to optimize resources, (b) bring in time discipline, (c) preserve culture, (d) protect environment, (e) develop talent and (f) handhold disadvantaged. We are still governed by age-old laws, rules and even constitutions against drastic change in the need, outlook, versatility and dynamism of people. (i) We have a very matured technology, which could be applied for accelerated development. (ii) We have the challenge of ageing intellectuals. (iii) There is a need for growing tolerance towards cultural, religious and regional integrity. (iv) There is an urgency to fight with the divisive forces in every walk of life, a challenge felt in every society globally. (v) We need leaders who can bring and lead change in several spheres. Leadership is indispensable to address these impending requirements. If we don’t develop right leadership, our progeny would end up vying for limited resources, get embroiled in integrity issues; and go directionless resulting in chaos.
Where to begin: As we have abundant natural resources, we discover ways of using them for productivity, invent value creation and gain material wealth. With similar spirit let us look at the younger generation. We need to enlighten them about the value of their intellect. Explain them the future and the need of hour for safe future. Equip them with challenges and mentor them to prove themselves. Hand them the steering while we assist them in risk mitigation. Nurturing should begin with academe.
Role of academe: Leadership should be a separate subject in academics. The subject could be appropriately introduced right from the school level. This approach is highly imperative especially in developing countries. The prevailing ‘academic projects’ are purely subject oriented. They don’t give preference to the team spirit, individual excellence, not supported by required infrastructure, and lack genuine evaluation.
We need to improve the analytical perspective in younger generation. Teach them the analytics. Support their dreams. Make them understand the nature and potential of vision. Inform them how they could achieve their dreams through leadership while getting individual recognition, name and fame. Tell them that selflessness is genuine till it touche the threshold of exploitation. In essence, we nurture leadership in academe to save our progeny.
Role of parents: Home is the source inspiration for future leaders. It is the responsibility of parents to rightly identify the talent, ability and direction of children and connect with pedagogy and academy towards developing children as true leaders. Certain traits like honesty, ethics, culture, and moral values being personal and sensitive to individuals should be inculcated at home under the critical observation and correction of parents.
To make the job of parents easy and comprehensible, we should address exclusive mentoring sessions to parents about their role, responsibilities, path and actions in nurturing leadership sprout in children.
Role of youth – the leaders in the making: Dream a bright and big future. Understand the need to align yourself and your growth with the society, as it would enhance your stature, admire your contribution, emulate your actions paving brighter path to your progeny in turn. Be amiable, hardworking and sincere in your actions. Remember collective action brings in faster results. Inculcate fraternal spirit.
Leadership challenges: Nothing is easier in the world than preaching. Managing team is the complex ever task we can imagine. There could be many divergent aspects as to why a team member may not deliver his worth and stand as a challenge to the leader. Some of the reasons could be, (i) insufficient job knowledge, (ii) disinterest, (iii) ego, (iv) attitude, (v) selfish nature, (vi) insufficient or improper communication, (vii) team conflicts, (viii) leadership style, (ix) working environment, (x) dependency factor, (xi) time constraints, (xii) stress, (xiii) personal problems, (xiv) perceptive understanding, (xv) lack of faith in the leadership / results, and more….
Requirements to succeed: A leader should maintain absolute discretion to a point of Yes or No. Timing of Yes or No make a lot of difference to the whole cause itself. He should be firm, assertive in managing deliverables. He should maintain emotional balance with a soft tone reaching his message in clear terms. He should accord highest priority to the welfare and growth of his team members and empower them to achieve required goals. Any act of enforcement or grudge holding should never be in the dictionary of a leader.
We need active involvement of learned people to make our younger generation strong and receptive to future challenges.