Starting a Business, keep your basics clear. Few skills are inherent in individuals, but some we can always learn with practice.
Saurabh Singla, an emerging star among the young entrepreneurs, has some tips to share with the professionals and start-ups who dare to run their show.
Here are some basics to start up a business shared by Saurabh Singla.
Saurabh Singla has marked his feet, among a few of the foremost to deal with the blockchain, the new era currency.
Defi (Decentralised Finance) is a novel trend in investment management. Mr. Singla has made it easy for people to understand the complexity of it. He has authored some enlightening books on Blockchain and Digital Marketing (26 Monneyya)
In a short time of six years, his deliverables are remarkable. So, why not have some of his insights on the basics of business.
The Basics of Business by Saurabh Singla
Saurabh believes that everyone should have a guiding roadmap to proceed, whether it's a life or a business. To err is human. However, a guideline gives a direction that could be improvised upon as and when is required. So, when you are a start-up business, always remain conscious of your budget; the time frame of the target to be achieved; the market to be targeted, the core competencies of an organization as a whole, and likewise many internal and external factors.
Many times we have seen that a start-up delves into many things and ends up at non-productivity. This leads them to lose their core strength. The time to excel in their core strength gets diverted to other non-core products or services. The outcome is the wastage of time and energy of their resources leading towards nonproductivity. Saurabh strongly recommends saying no to your non-core area at the initial part of your start-up phase. One can always diversify when one's foot is stable enough on the core competency.
3.Consistency and Spirit
Consistency is as important as initiating. The spirit, to work towards the goal, should not be lost at any given time. Trust is a major factor in the growth of a business. Guess what, consistency builds up the trust among your customers as well as among your peers. This strengthens your business. Saurabh says perseverance encourages people to join hands with you and lays the foundation for higher productivity.
4.Work on your USP (Unique Selling Proposition)
Every business needs to have its USP. If you don't find yours and believe that you are selling what is already there in the market. It's ok. Mr. Singla suggests differentiating your products or services from others. Work on excelling or adding some extra benefit attached to them. Make your customer believe that only you have excellence in your deliverables. That's your USP.
5.Know your Competition
You will always find your competitor as one of your best teachers to make you excel in your business. When you work to know your competitors, you get aware of their strengths and weaknesses. Also, you realize the same about you. This awareness helps you to develop a good guideline for your business.
6.A Catchy Marketing with reminders
Anything which catches your attention stays long in your mind. So does in the eyes of a customer. Always go for marketing and advertising that has Catchy taglines. However, it has to be in tune with your business essence. The reminders have a long-lasting effect. So, never forget to keep on repeating the advertising at a regular interval.
A business flourishes when it starts paying off the returns. It is the ROI (Return on Investment) that matters the most. For all that; to happen, practice these basics, and you will see positivity in your business health.