Enterpreneurship Development Assignment on making business unique and converting threats into opportunities
- 1. SUBMITTED BY : GUNJAN AWASTHI B.Sc.B.Ed. 6th sem.(Physical) Roll no. 13 ENTERPRENEURSHIP DEVELOPMENT – II ASSIGNMENT
- 3. Que.1- What makes your business unique in 21st century and how you can get success? Discuss. In a world where the competition regularly claims to be no.1, it’s difficult to differentiate and build your own identity. Difficult, but not impossible. Effective differentiation is one of the main challenges small businesses face , as they are forced to compete against big companies. There are some ways to help business stand out from the crowd. Each one of these factors helps in making business unique.
- 4. Ways to make business unique
- 5. 1. Provide legendary customer service - Treat your customers like royalty, even if you are not in the service industry. The belief that customer service only matters in the service industry is a myth. All customers have an expectation of great service and will not put up with waiting in long lines or receiving poor responses from representatives. Around 75% of customers state that they consider customer service a true test of a company’s competence. Even small companies seem to be doing much better in this area, as they have discovered the loyalty-generating power of remarkable customer support.
- 6. 2. Admit Mistakes and Fix Problems to Build Stronger Relationships. - Customers equate experience with brands. If they have even one bad experience that remains unresolved, they will write off the brand. And negative feedback spreads like wildfire through social media and word of mouth. You need to be on top of your game to improve the customer experience, sometimes by going far out of your way. One major point is to accept your mistakes, whether they are your fault or not. Customers prefer businesses that own up to their mistakes and take steps to correct them. In fact, customer relationships can actually be stronger after a problem than before, if handled well by your
- 7. 3. Be Honest About Your Products and Services - Honesty is not just the best policy; it should be your main policy. Can’t deliver by a due date? Call and let your buyers know. One of your field reps messed up on a bid? Immediately have a tough conversation with your client. Lying to customers is like shooting yourself in the foot. If your customers catch you lying, they will lose faith in you and may even spread negative feedback about your business. One common form of dishonesty in business is failing to share bad news. In reality, the faster you share bad news, the more your customers will respect you. Just make sure you follow up with solutions .
- 8. 4. Come Up With Something New- Continue to reinvent your company by adopting emerging technologies and introducing new processes, products and solutions. For example, make use of social media and mobile apps as a growing number of buyers prefer to find and work with you through their phones. There have been many examples of people coming up with unique ideas that have made a lasting impression. All of these attention-grabbers help businesses stand out from the crowd; however, to be effective the underlying product or service must be at least up to par.
- 9. 5. Embrace Corporate Social Responsibility- While some may argue that a company’s main responsibility is to take care of its core stakeholders such as customers, employees and owners, experts believe that businesses should give back to society as well. Corporate Social Responsibity programs help businesses stay in customers’ minds, improve goodwill, and often bring in more revenue. This kind of approach might mean making a dramatic shift in your entire business model, but these businesses stand out because they are not just another company that sells their products. They are making a positive impact on the world
- 10. 6. Start a Blog- Most forward thinking companies are familiar with the benefits of blogging . If you’re tired of being overlooked online; if you’re seeking a fresh way to share ideas and have your voice heard, get involved with corporate blogging. You can write the content yourself and/or involve employees to regularly contribute. Many companies hire outside writers to provide content. Sometimes it’s good to have someone else handle certain tasks . Caution: Be sure to concentrate on high quality content in your blog. Purely promotional text will drive readers away, while insightful, entertaining and educational content will attract them.
- 11. 7. Offer a guarantee- Can you guarantee next-day delivery? Are you confident enough in your product or service to stand behind it 100%? If so, guarantee it. Adding this type of assurance to your marketing message shows customers and prospects that you truly care about their satisfaction. Here’s the only thing you need to remember: you must back up your guarantee if and when the time comes. Guarantees are a great way to reduce the perceived risk of buying your product or service. Eliminating the hesitation for making a purchase can lead to more sales. Plus, a guarantee can also make your company seem more trustworthy and likable.
- 12. 8. Focus on a narrow niche- When you try to serve everyone, you serve no one. This is especially true with service-based businesses. Adapting your model or approach for a wide variety of businesses is not cost effective for your business and it makes it harder for people to know if your company is a right fit. A great way to stand out is to narrowly define whom you serve. Because of that, it makes it very simple for the customers to know if they would be a good fit for your business or not.
- 13. Ways to make business successful
- 15. 1. Get Organized To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business. 2. Keep Detailed Records All successful businesses keep detailed records . By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those
- 16. 3. Analyze Your Competition Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money. 4. Understand the Risks and Rewards The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
- 17. 5. Be Creative Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business. 6. Stay Focused The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
- 18. 7. Prepare to Make Sacrifices The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful. 8. Provide Great Service There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition. 9. Be Consistent Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create
- 19. Que.2- Eaborate challenges or threats on Enterpreneurship in 21st century and how they are converted into opportunities? Entrepreneurs face many challenges in today’s ultra-competitive business world. Fortunately, entrepreneurs also have more resources than ever before to tackle those problems. The challenges of starting a business are well- known. Entrepreneurial issues are many and varied, and they're unlike any you'll find as an employee in a business. The following are some challenges faced by many entrepreneurs today and how to convert them into
- 20. 1. Deciding what to sell Probably the biggest challenge of entrepreneurship is figuring out what kind of product or service to offer. It’s not an easy question because getting it wrong means your business will fail no matter how well-designed and set up it is. Entrepreneurs must understand the customer who is likely to purchase their product, what market they are seeking to serve, what the competition looks like, what they could offer to give themselves a competitive advantage, if their target market is large enough to support the product, if their target market is too broad, and a host of other issues. How to overcome it: Self-assess and research There’s only one way to deal with this challenge: diligent research. You must come up with a detailed business plan that you can defend to any potential investor or partner. Your research should describe your target market in great detail and offer realistic plans for how you will become profitable — not pie-in-the-sky predictions based on nothing more than hope. You also have to assess yourself to determine if you have
- 21. 2. Marketing To paraphrase sales guru Grant Cardone, if people don’t know you, they can't buy from you — not won't buy from you but can't buy from you. Marketing introduces you and your brand to customers so it is possible for them to even consider buying your product and service. But marketing is a challenge for entrepreneurs because oftentimes they’re strapped for cash, and building a brand through marketing can be expensive with no immediate benefit early on. You’ve got to decide how to market your product or service — choose from mobile, social media, or print — and determine whether it’s wise to work with outside agencies. How to overcome it: Test and examine When you’re starting out lean, you must figure out where your marketing money will get the most bang for the buck. Start small with free social media platforms and try out a few different approaches. Consider broad, more capital-intensive approaches based on some of the results you see. Always start with a small
- 22. 3. Hiring talent Entrepreneurs who want to expand must find help. At a certain point, you can’t do it all on your own. But finding the right people is a big challenge, especially early on before you have your own human resources department and processes. You must learn how to identify what type of people you need, how to evaluate them, and how to integrate them into your business so they are vital parts of your organization rather than “gofers” who need constant direction. You must invest time in reviewing credentials and candidates, or employees may actually hinder success. How to overcome it: Narrow your focus Develop a specific description of the role you’re hiring for and a detailed breakdown of what skills and personality attributes you need for the position. Then start vetting applicants, checking each box to see how many of these attributes they meet so you can compare them later.
- 23. 4. Delegating authority It’s not good enough to hire a bunch of people — you must properly delegate work and responsibility to them. As an entrepreneur, the temptation is to try to do everything yourself, but this is not productive and will limit your company’s growth. Strike a balance between monitoring the business and trusting others to accomplish objectives. How to overcome it: Learn to trust Give your employees clear roles and responsibilities, as well as rewards for meeting certain benchmarks. Make them stakeholders in your company’s success. Avoid micromanaging people and processes. Give people the space to use their talents and only step in for minor course corrections. Be patient with others — and with yourself.
- 24. 5. Managing time While it may seem like money is constantly in short supply, time is the only thing that will always be limited. Entrepreneurs must make sure their time is spent on the most important tasks, and they must avoid spending time on tasks team members can do. By freeing up this time, they can focus on the bigger-picture issues, such as how to take the company in a direction for growth. How to overcome it: Be organized and delegate Identify tasks that can be delegated and then delegate them. Resist the urge to do them yourself because you know you could do it perfectly. Trust your team members — they will surprise you with how much they can get done and how well they can do it. Focus on your own strengths and let others handle everything else.
- 25. 6. Guarding cash flow Cash is always running for entrepreneurs, so you must guard it carefully. It’s a challenge to ensure revenue is consistent and can always cover costs and payroll. The last thing you want to do is start paying employees late because you didn’t plan cash flow properly, which can have ripple effects on the morale of your staff and their trust in your company and leadership. How to overcome it: Budget and plan Entrepreneurs need an effective billing system in place and good record-keeping, which is where accounting software can save the day. This software can account for all costs and help entrepreneurs promptly invoice for service and products. Consider working with an accounting professional if you need extra help in this area — it’s that important.
- 26. 7. Finding capital Before they even get to worry about cash flow issues, an entrepreneur needs capital to get off the ground. This is one of the most significant problems faced by entrepreneurs, particularly those striking out on their own who aren’t well- connected to angel investors with deep pockets. You will need capital for space, equipment, or to develop and produce your product. How to overcome it: Be resourceful and aggressive Just like you must be a good salesman to get customers to buy your product, you must also market yourself and your company to potential investors. Consult with banks and investors in your area, or look to public platforms like Kickstarter . Consider approaching family, friends, and associates seeking investment or for connections to someone who might be willing to invest. A word of caution on taking money from friends and family, however: That money will affect your relationship if things go
- 27. 8. Projecting confidence Becoming an entrepreneur seems fun and exciting, and sometimes it is. But most of the time - particularly early on - you’re constantly battling self-doubt. Do you have the confidence it takes to be an entrepreneur? Unless you are brimming with confidence and have the spirit to fight through adversity — because you will face significant obstacles you can’t foresee — you will struggle as an entrepreneur and will likely quit. How to overcome it: Believe in your skills and vision One way to deal with imposter syndrome is to remind yourself that, even when you’re failing, that’s never true. You have skills that are valuable, and your persistence and hard work is admirable and something most people aren’t even brave enough to attempt. Seek support and advice from other entrepreneurs to get you through the tough times. And don’t completely bat away feelings of doubt. Sometimes they open your eyes to
- 29. THANK YOU!!!