The aim of any business, in its nascent state, is to make money for ‘paying bills’ and enjoying the reward of success as a vacation.
However, as humans, the owners are definitely intrigued to expand their business as much as they can. Now as far as business goes, the owners want to expand their business to a great extent for more profits and wider reach. Here are some of the tested tips that you must consider to acquire the everlasting profitable business.
Set Viable Business Goals You need to set certain thresholds or checkpoints that can also be regarded as goals. People are often invariant about the choice of goals that they choose and somewhere down the road, they get swayed away from their real path. Hitting the target under a limited time frame must be of utmost importance. The customer and supplier both shall be able to accomplish their true target. The endgame is to profit both the ways because that is what would make the business functioning and make up a name for itself in the market.
You should be inquisitive enough to keep checking the nerves of the market opportunities when they appear and smart and quick to act on them. Make sure you deliver clear, definable benefits to your customers via your products and for this, you must also offer a challenging yet rewarding work culture for your employees.
Exploit your Existing Market Business is all about getting more customers and thereby earning more profits. This means customer acquisition and customer retention. It is always better to exploit your existing market that looking for new ones. You must try to retain your existing customers as they are the best bet when it comes to growing your business. As your existing customers already know your business, you do not have to do much effort to upsell them something new rather than looking and convincing those people who are new to your business. It’s relatively easier and more affordable to get people who are already your customers than finding new ones.
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Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
Importance Of Technology For SMEs
We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
India's Economic Growth â Can The Startups Redefine?
Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in Indiaâs economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.
ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN INDIA
The Economic survey in 2019-20 using World Bankâs data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?
Innovation in a business must respect the business strategy in terms of the SME's long-term missions, visions, and goals and is systematic implementation procedures and changes to improve the products and services your company offers. The innovation implementation ensures an appropriate response in terms of increased sales and enhanced customer satisfaction. The image strengthening of your firm will lead to better customer relations with your company and at the same time provide financial stability for the company.
ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM
The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license âquota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.
ROLE OF WOMEN ENTREPRENEURS IN INDIA â THEN AND NOW
As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, womenâowned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasnât always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
