Healthy Life - Entrepreneurship
Recently a colleague requested me to render about talking points for his spoken communication on ENTREPRENEURSHIP, hither are the points provided past times me, which was widely appreciated:
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1) entrepreneurship is a procedure of identifying as well as starting a trouble concern venture, sourcing as well as organizing the required resources as well as taking both the risks as well as rewards associated alongside the venture (from Wikipedia)
2) An entrepreneurial approach is vital for successful society, because entrepreneurship creates competitiveness, disruptiveness, improvement inwards living standards, marketplace penetration, jobs, value for society, as well as goods as well as services alongside value add-on at competitive pricing
3) Enhances knowledge oriented mental attitude inwards society
4) Successful entrepreneurship begins past times identifying target marketplace as well as procedure for delivering value to the target market
5) For eg., inwards the representative of pharmaceutical as well as healthcare products, communication through medical representatives is addressed to potential prescribers as well as pharmacies (the target market)
6) In representative of prescription based products (which may survive manufactured nether drug license or nutrient license), value should survive delivered to the prescribers who volition create need for the promoted production through their prescriptions
7) All inwards all, it agency roping catch builders is essential for successful marketing of the entrepreneurial venture/products (in representative of intangible products, ensure at that spot are tangible components)
8) Opinion builders inwards representative of nonprescription oriented products tin john include housewives, chefs, sportstars, filmstars and other influential people
9) Blue body of body of water strategy is ideal inwards today’s context for entrepreneurial ventures: it essentially agency y'all marketplace unique products or y'all are a component of uncrowded as well as unique marketplace segments. For eg., electrolyte issue energy fruit drinks (caffeine free) inwards ready-to-drink, Tetra Pak packaging, for prescriber markets: this is a blueish body of body of water strategy
10) In representative of me-too production markets, price, timely availability of product, and service delivery becomes all of import competitive aspect
11) Providing a compelling unique preposition is vital for a successful trouble concern venture
12) For eg., success of Indian pharmaceutical manufacture is through arbitrage opportunity: depression cost high character generic drugs for global markets, this was the compelling USP
13) Successful entrepreneurship requires an opened upwards hear as well as humility for adaptation as well as learning, specially past times listening to vendors, intermediaries as well as customers. Also larn to read alongside attending trouble concern books to soak inwards trouble concern wisdom that volition assist your entrepreneurial working
14) Entrepreneurship involves constant improvement to engage prospects as well as customers successfully
15) Entrepreneurs should follow the basic rule:
Income or turn a profit = Revenues – Expenses
Try to amend revenues as well as proceed expenses at minimum comfort level
16) So proceed accurate records of fiscal transactions (on existent fourth dimension basis, alongside proper formats), as well as ready the fiscal statements similar remainder sheets, cash catamenia as well as turn a profit as well as loss statement
17) Learn to create presentations as well as amend communication (body language, written as well as oral)
18) Make regular presentations to stakeholders on acquaint condition of company as well as futurity plans/prospects, as well as so that y'all tin john obtain inputs from them for improving trouble concern results (stakeholders include of import customers, fiscal entities, associates, vendors, intermediaries etc), this is a constant confidence edifice process: everything is ultimately close confidence or absence of fear. When y'all laissez passer on confidence to customer, he volition purchase the product, when y'all laissez passer on confidence to lender, he volition laissez passer on finance at a depression aeroplane of interest
19) Learn to negotiate as well as works life win-win relationships, as well as so that y'all acquire a proficient care when transacting
20) Entrepreneurship is non a rocket science, it is to a greater extent than a affair of discipline, meticulousness as well as focus on outputs (such every bit client satisfaction, sales etc)
21) Get 360 grade feedback on yourself, employees as well as the theatre as well as so that areas for improvement tin john survive identified
22) Use the KRA (Key Result Area) approach on a routine footing for focused as well as progressive working
23) Essence of entrepreneurship is creating assets through resources mobilization
24) Successful trouble concern ventures follow a elementary rule:
Buy cheap, add together value, amend perceived value as well as SELL DEAR!
Value add-on tin john come upwards from keeping stock for selling at correct time, alteration to ingredients, packaging, communication etc.
25) Never forcefulness out bridges, y'all never know who volition survive of help! Give abide by as well as recognition to people, take abide by as well as recognition inwards an assertive way
26) Focus on fiscal aspects as well as produce non acquire carried away past times emotion, inwards judging or negotiating or determination making process, catch all alternatives as well as implications, recollect when the chips are down, y'all are alone!
27) Always recollect entrepreneurship is calculated jeopardy – NOT Influenza A virus subtype H5N1 GAMBLE. Take informed decisions, knowledge is vital: select facts to the table
28) Analyze each number alongside Edward De Bono multi-hat method: dark for negative thinking, xanthous for positive thinking, white for data oriented thinking, dark-green for creative thinking, cerise for intuitive thinking as well as in conclusion blueish for organizing the thinking procedure (either individually or through the team): essay to painting both the best representative scenario as well as worst representative scenario for taking appropriate decisions
29) Always receive got squad approach, non a unmarried human show! Teams laissez passer on synergistic results. Build a network of relationships of people who tin john help: associates, mentors, academic faculty etc
30) Believe inwards give as well as take: this ensures longevity of relationships
31) Business ventures require non run totally on your money: banks/lenders (such every bit venture capitalists, private equity investors, trusts etc) render finance depending on your credibility, persuasive sophisticated communication, tautness of trouble concern excogitation as well as pleasing behavior
32) Business plan should survive comprehensive, roofing target markets, the procedure for value delivery, invoicing details, payment collection system, etc. Plan your trouble concern piece of work as well as piece of work your trouble concern plan, constantly fine tuning as well as improving the same (nothing is carved on stone!)
33) Never allow your or team's morale down: ups as well as downs inwards trouble concern are common, focus on existence responsible, honest as well as devoted to your entrepreneurial work, never allow your enthusiasm whittle down, everything volition transcend on! Learn to aspect the unexpected!!
34) Use quantitative planning - analyse each rupee as well as paisa flow, empathize marketplace size as well as behaviour inwards both quantitative as well as qualitative paradigms
35) Learn to construct brands as well as positive imagery (functional value as well as aspirational aspects of the brand)
36) Entrepreneurship is the positive management of leg-pulling, competitive 1 - upmanship as well as cutting - pharynx behavior! This tin john survive done through self-defensive behavior, negotiating, influence as well as bargain: win-win relationship.
37) Remember PQRST rule (given past times Mr. Sushil Mantri founder physician of Mantri Developers): punctuality, quality, reliability, speed as well as transparency