Where do most people fail when they start out as entrepreneurs?

Because they need to make a proper #strategy, as a Business consultant, I am currently observing that many people are jumping into startups without any plan or strategy.

Company strategies are significant action plans businesses use to develop their products and understand their target consumers more efficiently.

If you're involved in the creation of your business's company #strategy, here are some #strategic questions you can ask:

1. Who is your #target customer?

2. What are the biggest challenges the #customers are facing?

3. How can you improve the same? - Action Steps

4. How will the company manage their finance?

5. Action steps for PEST (Political, Economic, Social, and Technological factors)  analysis…

6. What is the best way to measure your progress? - Make your Dashboard.

7. How will you engage and motivate your team?

8. How will you train and develop your team?

Apart from these reasons for failure are

Reason 1: Building an infrastructure that is not yet needed. 

Reason 2: Creating services that are not yet proven to sell.

Reason 3: Failing to realize that their biggest strength will always be their ability to sell their services.

Reason 4: Creating systems that are too complicated for an employee to easily follow

Reason 5: Believing lack of money is an excuse for lack of performance.

Reason 6: Thinking that a new business can be built without substantial effort.

Reason 7: Lacking a dashboard with clearly defined Key Performance Indicators.

Avoid these seven common mistakes and you will put yourself in a place where success is much more likely. Most importantly, remember that a startup business or a growing business is no different than a child, so it needs your constant care and attention. You can avoid the most common reasons why entrepreneurs fail and your business will thrive through any economic situation as long as you are focused on giving it your all and getting results.

How various Consumer Tech companies make money?

Glimpses into how various ConsumerTech companies make money!!


Source - InvestyWise

Personal development

 Have you done this yet?

Setting goals before the new year is important because it gives you a clear direction and motivation to work towards throughout the year. 

But setting them is not enough, you also need to write them down. 

By doing this, you make your goals more concrete and tangible.

This will help you stay focused and track your progress better.

It's also helpful to review your goals regularly to see how you're doing and make any necessary adjustments. 

So take some time to think about what you want to achieve in the coming year and put your goals in writing. 

It will pay off in the long run!

Share your top 3 goals for 2023 below 

#2023

#goal

Business Action Plan for 2023

We are In the final months of 2022, our thoughts are probably turning to 2023 and what we want to accomplish in the new year. And I’m willing to bet that most of we want 2023 to be a great year – not just a good one. we had like to put the difficulties and move your business upward and onward  So, now is the time to create an action plan for achieving greatness in 2023.  

To create your 2023 Great Business Action Plan, I suggest learning from the master of going from good to great, Jim Collins. Jim’s very first book, Beyond Entrepreneurship (co-authored with his mentor and Stanford professor Bill Lazier) provided a roadmap for entrepreneurs and leaders of SMEs who want to build great companies. 

To clarify, a great company meets four criteria:

Performance -- is self-sustaining because it generates enough cash flow (through highly profitable operations) and it consistently meets other objectives set by its leaders and owners.

Impact -- plays a significant leadership role in shaping its industry – it may not be the largest, but it has an out-sized influence.

Reputation -- is admired and respected by outsiders and is often considered a role model.

Longevity -- has staying power – it remains healthy for decades.

We are doing many things since we started the business. But according to me, there are 4 key actions for us to take in 2023 stand out:

1.     Set and Live Your Core Values

“Start with Values, Always Values.”

-- Jim Collins

According to Jim, identifying core values is one of the top priorities of a great business.

“If you define success by money, you always lose. The real scorecard in life is how well you build meaningful relationships and how well you live to your core values. This means that values come before goals, before strategy, before tactics, before products, before market choices, before financing, before business plans, before every decision.”

But having core values is only the first step – we must also live them out. Our core values should function as the “operating instructions” for the people in our organization -- they should inform, inspire, and instruct everyone every day. Remember, “Living to core values is often inconvenient, sometimes costly, and always demanding. It is indeed the hard stuff.”

So, as you set your core values, consider what it would take for your organization to take them to heart. Define specific behaviors, expectations, and standards for operationalizing them in areas such as:

1.     Hiring/firing/evaluating employees

2.     Selecting business partners such as vendors and service delivery agents

3.     Enforcing quality controls and safety measures

4.     Setting performance goals and incentives

2. Make Sure You’ve got the Right People at the right place.

“First Who”

– Jim Collins

“First in importance, above every other activity, is imperative to get the right people on the bus.” In fact, “We need the right people far more than we need the right business idea.”

First, get the right people on the bus and then figure out where to drive it. During my consulting career, I always asked my clients if you find the right person then hire them and then create a position for them. Beginning with the right people enables you to more easily adapt to a changing world. Having the right people means “the problem of how to motivate and manage people largely goes away.”  The right people are self-motivated to produce the best results.

To help you determine if you have the right people on your bus, then ask the following questions:

1. Are you beginning to lose other people by keeping this person in the seat? - The wrong people threaten your culture and your ability to regain the right ones. 
2. Do you have a values problem, a will problem, or a skills problem? - You can train skills and you can align values (to some extent), but you can’t do much if someone doesn’t want to change and grow – if they’ve lost the will to develop. 
3. What’s the person’s relationship to the window and the mirror? -“window-and-mirror maturity, When things go well, the right people point out the window, giving credit to factors other than themselves… and when things go awry, they don’t blame circumstances or other people for setbacks and failures; they point in the mirror.” 
4. Does the person see work as a job or a responsibility?
5. Has your confidence in the person gone up or down in the past year?
6. Do you have a bus problem or a seat problem? : The right person might be in the wrong seat – if so, can you move them or develop them? The right person might be in the wrong seat – if so, can you move them or develop them?
7. How would you feel if the person quit?

After answering these questions, you will come to know whether you have the right person or wrong person on the bus,

Secret 3: If you want to grow people, first grow yourself.

“Leadership is a responsibility, not an entitlement,”. It is “a decision, not an accident;

If you want to lead your people then grow yourself.

Secret 4: Take care of your people.

To build a great company, leaders need to create a pipeline of leaders. People reciprocate the care, belief, and trust you give them.  Always hire great people and give them great things to do. I always interreact with my clients to hire great people. If you have the budget to give them a 50k salary then don’t hire people with a 25k salary. Just invest in your people and then see the miracle.

The function of leadership --the number-one responsibility of a leader is to catalyze a clear and shared vision for the company and to secure commitment to and vigorous pursuit of that vision.” To fulfill this responsibility, leaders must practice “the art of getting people to want to do what must be done.”

This makes several key points about how to lead:

1. First, it’s your responsibility as a leader to figure out what must be done.
2. Second, leadership is not about coercing people to do what must be done – it’s about getting them to want to do it. They must believe in the purpose of the organization and they must believe they can help achieve it.
3. Finally, leadership is an art, not a science. “You have to discover and cultivate your own elements of style,”

So, there you have it – your 2023 Great Business Action Plan:

a)     Set and live your core values

b)     Make sure you’ve got the right people

c)     If you want to grow people, first grow yourself.

d)     Take care of your people.

Of course, greatness in 2023 also requires goals, strategies, and operational excellence, but building a great business must start with these actions.  And in fact, these actions are actually all about one thing: choice – the choices you make as a leader. It’s your choice to set principles and priorities; create the environment for success; take action and get better.