Burden of Number one?

If only No. 1 would have mattered world would have been a dangerous place. Business is not being run by just one percentage of business community. It takes rest 39% to manage the show and another 60% to validate the show.  Being at no. one might be a good idea, but draining all the resources and getting frustrated on the way just to be no one is insane race, doesn’t lead you anywhere. Reaching no. one position is not a big deal but maintaining yourself as a business or individual at no. one position is a challenge. Chase for no. one only if you have made up your mind to stay at no. one.  Being no. one has its own burdens associated with it - the constant performance pressure, vigilant eyes of customers and critics, lack of leisure time, being surrounded by greedy people and associations waiting to grab a pie of success are some. You are not supposed to commit slightest mistake at the apex position, not because things might go grossly wrong, but because of perceived sanctity of the position. You choose. It might be a good idea to focus on the things you do best and try to improve, innovate it, rather that wasting your time money and energy to mindless rat race to no. one position. 

Tweet

Follow @DiaryofMentor

Do you need to go to college to be an entrepreneur?

It partially depends on what kind of business you want to start. Formal educations up to the college might not be necessary for some creative entrepreneurs but it helps you on many fronts like personality development, interaction skill, of course industry knowledge, business intricacies etc. but usually pre-college education can help understand the basics of business dynamics, and will help interact with people in general and specifically client. Whether college or not one should definitely learn basic finance and one can always keep increasing their business and industry knowledge while keeping track of market affairs. 

In this information age it’s easier than ever to acquire knowledge, through different social media streams. It’s an open knowledge economy; people are much more open and willing to share their success stories, business tricks, business pitfalls and lessons compared to past. Feedback was never so readily available through the emergence of blogs, forums, etc. There are ample success stories to justify the need of formal education and equal ample stories where successful entrepreneurs have emerged without formal college education, but there were few common traits in both the categories, which is – Vision, determination, hard work, persistence and continual search for knowledge while reinventing themselves. 

Learn how to read a business bestseller before it’s written in the following post

http://fromthediaryofmentor.blogspot.in/2012/03/reading-bestsellers-before-its-written.html

Tweet

Follow @DiaryofMentor

What should be the Long-term Targets of an online business and startups?

It’s very important to have a vision for any company and its process and strategies should be aligned to that long term vision to make it sustainable. Long term targets are generally macro level targets spread over the period of 10 to 15 years or more. Some of the essential long term targets for any online business can be-

To get established as a trusted and honest brand

To get recognized as one of the leading business faces of the industry

To get recommended as a stable brand with strong track record and consistent performance

To be known for excellence in service and product

To globally establish itself as a known brand

Should have a client portfolio which showcases some of the biggest and trusted  brands nationally and worldwide

Should have a project portfolio which showcases a healthy mix of projects which help establish company’s expertise

To accomplish some of the most challenging tasks in their industry

Should have a well established company culture and Vision in which employees have faith.

Learn Top 10 suggestions for new start-ups and entrepreneurs - http://bit.ly/zU5soj

Tweet

Follow @DiaryofMentor

Business setbacks as measurement scale.

Setbacks are part and parcel of business dynamics, sometimes business has high growth momentum, at times its all time low . What is business without a little bit of thrill. Setback is the measurement of how much risk you take in business, its part of business thrill. If you didn't ever have setback probably you didn't take enough risk. Come out of your comfort zone and have courage to take risk. Calculate the risk, have a backup plan and go ahead. You can't wait till business plan is 100 percent perfect; otherwise you will be too late in the market. 

Learn what to do when things go wrong in Business here – http://fromthediaryofmentor.blogspot.in/2012/02/what-to-do-when-things-go-wrong-in.html

Tweet

Follow @DiaryofMentor

What precautions needed to form business partnership with friends?

Keep the following suggestions in mind while getting into business partnership with friends.

Have a company vision - agreeable to everyone

Set the rules of game in the beginning - Draft a company policy up to the fine details, agreeable to everyone.

Share and ask for detailed CV - No matter you have grown up together - playing cricket together is one thing and running business together is different

Don't leave the room for surprise - Get the information validated 

Set pilot milestones - Set the short targets, do the math and see if the venture is likely to work otherwise change the strategy

Don't be casual - Maintain absolute professionalism while on job and make sure you also have fun together later

Here are the top 10 suggestions for new start-ups and entrepreneurs - http://fromthediaryofmentor.blogspot.in/2012/02/10-suggestions-for-new-start-ups-and.html

Tweet

Follow @DiaryofMentor

What to do when things go wrong in business

What If the delivered batch of product had manufacturing fault?

Anybody's product can be faulty, so can be yours.

Take prompt action to replace all the faulty products free of cost

What you will get in return is "honest brand image" and "word of mouth publicity"

You will learn in detail how to manage business risk in the following article - http://fromthediaryofmentor.blogspot.in/2012/03/how-to-manage-business-risk.html

Tweet

Follow @DiaryofMentor