6 Business Realities That No-one Is Going To Teach You
When you aim to have your own startup or business, first have experience working in any business. Experience and failure is the biggest teacher. Even the best college degree is not a substitute. So here are the most important 6 business realities that no one is going to teach you:
Build a proper team for your business:
“When you have to walk faster, walk alone, but when you wish to walk farther, walk along with many.” You can’t manage the whole business single-handedly, so you need a co-operative and supportive team. Use networking and build a team of skillful and dedicated people.
Intellectual property is important:
If you think that the solution you have provided through your business is so innovative and unique, patent it right now. Or the competitors will access or copy your idea. Moreover, the investors will not invest in your business unless it is an authenticated and patented business.
Leadership comes with efforts:
Communicating the real purpose and mission of the company to the employees is the very first work as a leader. It takes a lot of wrong decisions to learn how to be a good leader.
Marketing is a must:
Even the best solutions require marketing. Marketing is inevitable to make the product stay in the market. Just word of mouth will not offer you sustainability in the market for that you need to use innovative marketing strategies like social media marketing.
Planning is just not a single day of work that you will complete for the whole year. Time is uncertain, so is the market. That is why you need to keep updated with all the business and marketing news and keep changing your plans so that in every situation whether difficult or easy, your company will emerge as a hero.
Underestimating the competitors is your biggest mistake:
Having an innovative solution for the problem is good but do not commit a mistake by thinking that the solutions offered by your business are best and so there is no substitute for it. Underestimating or ignoring the potential of the competitors is sheer non-sense. Instead of research what the competitor is planning, do a SWOT analysis. And plan how you can improvise your product to survive and lead the market.
So keep in mind these 6 Business Realities that no one is going to teach you. And do teach these business realities to your team and peers.