How a small budget and small business can be planned? No matter how big or small business is, one needs to be smart and stamp their mark to make their presence felt in this dynamic market
By Mithun S Sheth •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
It's hard to start a profitable business in a competitive landscape. No doubt, business starts with a primary goal of making profits. Getting these profits from the phase of no client to multiple clients is a period of learning, falling, getting through and finally managing to sustain.
The Process of Expansion
Businesses which shows growth emerges into larger ones. It has its own strategies and measures which form its values. Integrity, transparency, commitment, consistency, and reliability are some examples which most of the business follow to grow. These values make an image in mind of the consumers who are target market of the business.
Work Ethics
If a business is following ethical work culture and adding up value to its consumers, they are more likely to generate revenue and sustain in the long run. Innovation is always welcome in the business sector if it meets the needs and expectations of consumers, whilst breaching the demand-supply gap. Business innovation benefits not only consumers but also business owners.
Competition
To thrive in a competitive landscape, companies must be willing to adapt and mould themselves with the changing dynamics of the market. Successful business innovation means finding new revenue opportunities, optimizing existing channels and, ultimately generating higher profits. It should also give companies an advantage over their competitors.
Analysing Methodology
Business is done by doing analysis and tests. One such method is the S.W.O.T analysis i.e. analyzing the strengths, weaknesses, opportunities and threats. In any business, entering the market initially seems a walk on fire but once you learn the trade you gradually lean towards mastering it. Success and failure make one more experienced and a better analyst.
Is Size of the Venture Important?
Business can be both small and big budgeted. Small budget business can be done with less investment; while big budget business needs bigger investment. Small or big, any business, if it grows it becomes a persistent player and catches the investor's eyes. Whilst it is important to work towards more profitability, one should also focus on the valuation growth of the business
In a small business, the key focus area is limited and has its specific interests and goals. These are basically those firms who tend to be a vendor or a contributor to a bigger player. Small budget firm or small business tend to have a limited focus area and can be set up by exploring the opportunities which are lacking in the market. i.e. the supply and demand gap.
For example, there is an urgent critical need of solution providers in the Interior project sector, that currently is unstructured and unorganized when compared to other segments such as retail or banking. A firm which can address the challenges of this sector can be a good source for the bigger players in multiple ways.
Government's Backup
Prime Minister Narendra Modi launched the Startup India initiative with an aspiration to impart more strength and inspiration to the talented young generation of the country to do something new for India and humanity. Using the scheme, budding entrepreneurs can establish themselves without any hassles as the initiative has been set up to provide funding support for simplifying the startup process.
