The 5 M’s of Management in the Entrepreneur life
Money
No matter how good and innovative your idea is, if it does not get the support of money you can’t launch your product. But today this is not the case so the M for Money is now replaced with M for Market. Yes know the Market Trends and the requirement. If your product satisfies the requirement then you are hit.
Machinery
Yes to start and flourish any business we need machinery. It may be of any kind depending on the type of business.
Material
Raw material is also a basic need for any business. The quality of raw material will decide the quality of the finished good as well.
Men
No single person can take the business from down to top. We need skilled men for the growth and expansion of any business.
Method
The method you follow plays an important role in the business. Now this term is really vast and cant be explained in 2 lines. So lets know more about it and other main key notes in life of a successful Entrepreneur.
Success and failure are the two side of the same coin. If your turn the failure upside down you can achieve success.
How to create your own success story as an Entrepreneur. If there is anyone who can stop you from being successful it is you. So don’t be the reason of your failure and learn these golden points that can make you successful in any world.
A Short Story First
A man asked 3 people to do a survey on an island an on the basis of that tell him if he should start a shoe business there or not?
All the 3 went to the island to do market research and came up with their report.
1st man said that it won’t be a good decision to do shoe business there. Since there are people who wear nothing in foot but plastic.
2nd said that it won’t be profitable because they don’t know what are shoes.
3rd one said go for the business, it will make you the business leader on that island. The other 2 shocked and surprised asked how you can say that.
He said they don’t know the advantage of wearing shoes. They have money but they are unaware that shoes can help them in hunting in forest and protect their feet from injury. There is no Competition in the market and a large customer base. We just need to tell them the advantages of shoes.
Hope this helped you understand the fundamentals of Business. Below I have discussed more about how to start a business from scratch and to become a market leader.
“Motivation and Innovation” these 2 keywords are most essential indigents required in the building of a successful Entrepreneur.
Lack of motivation can result in the collapse of the well-established business empire while a small business can reach the great heights in a night if motivation is accompanied with Innovation.
Though there are some strategies that can help in the growth and building of an Entrepreneur.
Let’s Learn Something
Conversion skills
An Entrepreneur knows how to convert the available 24 hours into 48 and then 72 and so on increasing it. Each Individual has 24 hours but productive task can be done in only 12 hours. So how to increase that in a day. Simple, grow your management and automate work as much as possible. Efficient manpower will help you in the day time but automation will allow your business to grow even during non-working hours. It is rightly said that “Time is Money” spend it carefully.
Investment on time
Investing funds in right direction and at right time is really important. Every Business demands an Initial Investment which is usually huge if you are planning huge. This is the point where a wrong decision can lead to business failure. So Investment in the right pocket is equally important.
Figuring Failures
If you have faith in your Innovation than failures should not stop you from becoming a successful Entrepreneur. In fact a successful Businessman knows how to convert a failure into success. Figure out what were the factors that resulted into your failure. Once you know them you won’t make such mistakes in the future. And mistakes done early in the business are better than done later in the business life when a lot is at stake.
Market survey
Do a quick Market survey before selling your product. A good Entrepreneur knows who his customer will be. Selling your product in a market where there is no use of that product is simply a waste of resources.
Know to sell
Know your product to sell your product. Knowing your product in detail from a small pin to the bigger picture will help you sell your product. Convincing your customer is also a skill that can’t be learn from books but with every new customer. A person who knows the merits and demerits of his product can sell his product but can’t resell it to same customer. Whereas a person who knows each and every minute detail of his product, can sell the product to the same customer again.
TIP :- Read and learn from the experience of others. Read books on management and business strategies and inspirational stories of many industry giants like Ratan Tata, Ambani, Bill gates, Jeff Bezos, Mark Zukerberg and many others.
Remember just one little thing “If you know how to earn 1$ from your product then the method to earn 100$ is also same”
We hope you get success in all your future endeavors and yes don’t forget to share your success story with us.
You can always ask questions if you have any. We are more than happy to help you in any way we can.
Good Luck!
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