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How to become a successful Entrepreneur in the Storming World of Business

Earlier, employment was generally seen as an attractive career option rather than entrepreneurship. Due to this, many do not have much insight about entrepreneurship with the necessary effort required to grow into a successful entrepreneur. Some could have great ideas and skills required to become a successful entrepreneur but would have missed the opportunity and gone unnoticed.

As of today, after a few years of employment, many started thinking towards entrepreneurship due to various social and economical reasons. But most of them end up in dilemma and could not decide whether to exit the employment career and take entrepreneurship direction or not. This is mainly due to lack of courage, business knowledge, support and doubt about their skills and resources.

Whether you start out as a newbie or an old pro, who doesn’t want to be a more successful entrepreneur?

You might question yourself this – ‘Do i have what it takes?’

Here’s a few characteristics every entrepreneurs need to have in order to become successful

• Ambitious – You must be hungry for challenges and thirsty for success in business.
• Persuasive – You should be able to sell your business and yourself to anyone at any time.
• Humble– You might have to lower your ego and ask for help to achieve milestones.
• Adaptable– When things don’t go right; they go left. You should be able to adapt quick to emerging situations.

Starting your very own business can be tricky but also embeds within you a sense of freedom and empowerment. It is with great power, responsible skills and challenges that makes every successful entrepreneur’s dream to come true, build things and watch them grow.

That’s why we have put together these tips to help you to become a successful proactive entrepreneur attitude.

• Go get-‘em – A hard-working ground and persevering attitude is what we expect of entrepreneurs in order to conquer his/ her goal.
• Challenge yourself– Push your grounds and sweep away the soft cornered thought that blocks you from taking that extra mile towards success.
• Passion, Guts and Glory– As an entrepreneur, you are going to have to put in extra time, make sacrifices or skip a meal or two in order to make more grind and motivate your dream to success.
• Intelligent Risks– An entrepreneur needs to take calculative risks and decisions by identifying the positive and negative sides with what benefit it brings to the business.

Is there something more to the win the battle?- you might ask

Yes

An innovative business idea, carefully drafted business plan and skills to manage the business are the key to success for a business.

Either the entrepreneur should have a business idea and plan or should take the help of experts for one. Even if the entrepreneur had, it is wise to check the feasibility and refine it to perfection through experts. Regarding the third part, either the company should have in house skills to manage or should take external support.

Wish to take a leap of faith and wondering how? – No worries, jump start with BizChanakya

All these three vital business supports are available with BizChanakya under a single roof. Bizchanakya, an expert business consultancy is here to support you spread wings and take a bold step towards success in business. We are an advisory group that guides ambitious entrepreneurs understand the prospects of the market, assess risk and skill level required for business and expose multiple functions with opportunities that every successful business person should have.

The opening in Chess is more important!

The beginning moves in Business are much more important!!

Make the best business moves through BizChanakya!!!

Beneficial importance of Contract

History of Contract

Dating back to imperial times, the system of contract and agreements were initially adopted by kings and queens who formulated deals with other rulers or emperors in order to establish a solid pact regarding authorities, boundaries, war settlements, etc. Later the rulers used the contract technique to pass on certain rights to royal family members and few upper class citizens for administration, trading and revenue collection.

In the middle age during industrialization, industries gained knowledge and came to know about importance of contracts and started using it initially for labour contracts and later for almost all key activities to deal with external world. Not only that companies entered into contacts with rulers to establish and expand its businesses – A best example is the contracts by East Indian Company with Indian rulers that paved way for their entry into India with intentions to later conquer it – That is the power of contract.

In the recent past, the growth of contact culture took a Para dynamic shift and reached to common man level for usage towards their various needs, can you believe that there are contracts entered for even marriage in certain countries.

What a pace of growth contract gained in terms of importance and usage. Countries also started amending its local laws empowering contractual rights day by day.

Global scenario of Contract

Business organizations functioning in the United States and other developed countries solely depend on the system of contracts in need to avoid disruption. Additionally, format of contracts have been standardized there (format differs between state to stats) on various cases and made easy to follow by all. With the case of employment, under U.S. employment law, it is said –“Most companies avoid entering into any sort of contract with most employees. Without a contract, the law defines the employment relationship as ’employment at free will’.” – Shows the important of contract there.

In India, the importance of contract culture lies at the bottom level in a premature stage. Most businesses and personal agreements today still practise traditional form of exchange without a proper contract. It is not until recent influence from industries, that business and tenants have started to lay contracts and understand the power of it. The scope of establishing a contract system is a must factor for all businesses aiming to grow and sustain deals like developed countries.

Why you require a contract?

We understand that contracts might seem boring like Greek & Latin to you. But here are the core reasons why you need to establish a systematic contract base.

– With a contract, one can communicate his/ her understanding of the deal in written format that can be easily grasped and interpreted with consent.

– Negotiations and deals are crafted skilfully based on a requirement cannot be remembered at all times without a well stated contract.

– In the case of dispute, contracts help resolves conflicts and risks.

Essential Written Contract

Having a written contract makes it easier for agreed partakers as they are aware of what is expected to be done, the need and when, which makes it simpler to resolve any disputes that might arise.

The written contract culture is much observed at organizations and industries as they can manage key functions with them only every day. But it is also a major requirement for today’s independent businesses and solo practitioners to adopt the system of written contracts. Where a business deals with product or service, it is a needy one. It’s always better to have your contract in writing, no matter how small the job is. This is advisable even if it means delaying to start the work. A written contract is essential to cover following factors:

• Technical specifications
• Quality requirements
• Financial agreement policy
• Contract period duration
• Insurance coverage
• Legal obligations

Why BizChanakya

It is simple to understand most of the contracts need to cover, technical aspects, financial obligations and of course most important legal aspects. We at BizChanakya, a business advisory group extend our services to prepare best speculated contracts for your business that can only be achieved by a team of technical, financial and legal professionals and a combination of skill that cannot be achieved by a single skill, in general.

A carefully drafted perfect contract only can protect the business in order to have a winning edge, not all the contracts can achieve it.

Leave the complexity of business contract drafting or reviewing a business contract to BizChanakya skill pool and Relax!

Why do Start-ups Fail? – How to avoid business Checkmate!

Every new day, marks the inception of a new start-up. Being one’s own Boss is the trend that people of this age follow devotionally. There are many fields that one could start-up a business at. But most start-ups die out much earlier, before they become businesses and brands.

The following are the few points that might be factors to the failure of start-ups, known to many.

1. Saturated Markets

Every photographer out there would like to start his/her own photography studio, or a photography business. This, thus, is a saturated market and has tonnes and tonnes of competition and smartphones with cameras aced it.

2. Low Awareness

There are brilliant ideas all around, but we only get to know about them at summits, or entrepreneurship camps and such. This is because people don’t know about start-ups.

3. There aren’t proper teams that cog together

Some start-ups don’t have team members that are good enough with each other, while the others don’t team members that are enough. This is because the fresh ideas that power the business don’t have enough exposure and attract or retain team.

4. They’re projected at the wrong place, wrong time

Even if the start-up is known to a lot of people, being known to the wrong sorts of people, at the wrong place and the wrong time isn’t of any use for anyone. It is a lose-lose situation after-all.

5. No proper financial funds

The production and the setting up of the start-up can be financially demanding. Marketing and promotion of the start-up may take up some more money too. So achieving a breakeven without a proper plan about funding requirement and management would be ‘Mission Impossible’.

6. They’re not present online

Lack of presence on the internet poses as the biggest problem here, because, that’s where most of the people are. Digital Marketing, with the latest technology and tools, over the internet, is the biggest factor that most start-ups of today lack. “We live in an informed society. Most start-ups of today have embraced Digital marketing…”
But here’s the question.

“Are these the only reason?” and “What is unknown to them”

The experts at Bizchanakya, a business consulting agency in Chennai decided to look up this curious case of dying start-ups and list down a few points that might be factors to the failure of start-ups.

1. Business Ideas

Best business ideas are mostly evolved from careful observation of the practical needs and difficulties of common man, not from summits and camps.

2. Business Plan

The business plan is the blue print of a business settling goals and fixing the ways to achieve it anticipating the risks and constraints ahead. People spend time and money to have a unique plan for his home with a professional but not for business – A typical Indian mindset, end up with a start up in a saturated field, projected in a wrong place and time.

3. Digital Marketing Wand

It not only helps the start-ups track responses and filter out the ideal audience to target their marketing at, It also propagates the idea all over, bringing about high chances of like minded people to come together as a team – Best way of building a perfect team to sustain.

Last but not least the most important factor to consider- Partnering Skills

Corporate has the skills and resources to manage the business, but small business and start-ups can’t afford to have it initially – They need to partner with skills and knowledge pool like BizChanakya till they learn to manage the business and sustain. “Having a best business consultant or advisor aside is not an expense, it is the asset and who knows this win battles – The best example is Lord Krishna role as advisor to Pandavas in Mahabarath”

Think of partnering with skills and advisory to win the business battles

Think of BizChanakya

Beat Bland with Brands and BizChanakya!

“Bro! Those Nike’s that you’ve got are FANTASTIC!”
“They sure are, Nike’s are Nike’s after all, aren’t they?”

The conversation is two friends that talk about the new shoes that the latter has bought. But are they? I did not hear the word ‘Shoes’ did you? He has bought a shoe from a store called Nike. Here, Nike isn’t just the merely the name of the store.

Nike is the name of the ‘Brand’.

What is a brand?

A brand is the name, symbol, design or any other feature of a business or a service which distinguishes it from the others of the same sort. Branding is a practice that is being practised since the dawn of human civilizations when people branded their cattle to differentiate and identify them from the other cattle.

Marketing Agencies all around, strive to create a striking brand for their clients. If a company is identified with their brand, that would be a Marketer’s success.

How does a Marketing Agency create a striking brand?

A brand is the brainchild of thorough analysis and strategy. A brand stands for what the company stands. It is a step-by-step process that should be done with utmost care because branding gives your company a meaning.

1. Create the logo and the look

Decide the look that your company is going to maintain. This includes the logo, the text, the colours, the themes, the graphics, the look of the website, the nature of the content et cetera, et cetera! For instance, Apple, that maintains an elegant and minimalistic look across all their products, packaging and website, is always about simple, effective and optimized products. When it comes to a logo, be it a simple dot, or a line, or something intricate and complex, it has to have a meaning. It has to stand for what your business is all about. The taglines and other content contribute in amplifying the meaning of your brand.

2. Maintaining the behaviour of your business.

Once the look and feel of the brand has been created, it is time to establish it to the consumer end of business. Your business should behave in accordance to your brand. The meaning, the taglines and the promise that is created with the brand should be communicated through to all the services and the products. With digital marketing and branding strategies, the marketers strive not just to establish the meaning of the brand, but also to create an appeal to the customers.

3. Maintaining the brand equity.

In the above conversation, the former recognized the shoes that the latter bought by the name of its brand. When a brand is recognized and favoured more than it’s services/products, this state is called Brand Equity. This is the zenith of a Marketer’s achievement. A marketer’s craft is successful only if Brand Equity is attained.

With the ever evolving world of today, there are about a gazillion businesses that are trying to establish their ideas through various different brands. Everyday sees the dawn of a new business idea that is kick started. The only way to the top is by communicating your brand effectively with the consumer and instigate a sense of trust and appeal.

How Digital Marketing can help branding.

Digital Marketing, is the new age marketing that has been creating successful brands. With its real-time analysis, customer relations, social media marketing, website development and Search Engine Optimization, one can establish their identity effectively. The idea is to be found first, always. Digital BizChanakya (www.digitalbizchanakya.com), the digital wing of BizChanakya can take care of your branding needs while BizChanakya can protect it.

Like they say, a brand is a brand indeed. Craft your identity with an effective brand!

DIGITIZe your BIZness with DigitalBizChanakya!

Advantages of Digital Marketing over Traditional Marketing Techniques

Key to improve business bottom-line

Initially, when businesses get started, their primary focus and thought is often on how to get their first group of customers through the door. There is no harm in motivating your thoughts to grow successfully. But, hold on to that thought right before you rush to engage with your customers.

There is more to growing and running a successful business, and it is not just about choosing the appropriate market nor having a high-quality product. It is about leveraging the right kind of marketing techniques in order to reach out to your target audience and convert them into leads or customers.

While a few businesses rely solely on traditional forms of marketing such as print ads and coupon mailers or even big banners on the side paths of roads, it is never a guarantee factor that they could approach the suitable target audience.

While this strategy may bring in a trickle of business, there is an effective and easier way many businesses should consider the large marketplace of prospects online. No small business, no matter how new, should overlook the potential of digital marketing as the apt business tool in today’s world.

Digital Marketing is the heart and soul of business expansion, in any field. It evolves day to day constantly showing us new ways of improvement. For those who still are unclear about how Digital Marketing can help your business, here are ways through which Digital Marketing can earn the bread for your business.

1. Pocket-Friendly

Marketing, in the traditional way, is known to be expensive, be it the cost of analyzing, strategizing, designing, distributing and promoting. With Digitalization in the picture, marketing has become cost-effective to a whole new level. Digital Marketing is comparatively less expensive than Traditional Marketing owing to the ease of processes, thus it is accessible by any business – irrespective of its size.

2. Don’t go unseen.

Chances are likely that Traditional Marketing can get ignored, due to their intrusiveness. They are often intrusive. For instance, an advertisement on the TV/Radio is often frowned upon or ignored. Whereas, Digital Marketing techniques used for your business could result in the exclusivity of content shared on various social platforms, and thus is the better bet for your business.

3. Magnetic customer retention.

Marketing campaigns in the digital frontier is more engaging to the customer. In the case of traditional marketing, interaction with the consumer-front is a long and in some instances, a nearly impossible process, with low probabilities of response, and a long time for responses to each. Digital Marketing excels in this aspect, with faster response times, opening to us a canvas for countless engaging marketing campaigns and ideas.

4. Extensive Reach

This is a No-Brainer. We live in the Age of the internet. The whole world runs around the internet, be it transactions, communication, entertainment and whatnot. Digital marketing is a marketing channel that can be used to your advantage to reach a large demographic audience.

5. Easier Analytics

Traditional Marketing requires tedious work and a long span of time to analyze the results, which aren’t quite accurate. Whereas, analyzing and computing results are much easier in the case of Digital Marketing, with its quick response time, and the ability to monitor every parameter, in real-time. The analytics obtained, are accurate to a very high degree, and real-time solutions and rectifications can be obtained.

6. Suitably sculpted for any business, anywhere.

Digital Marketing is relevant to any business, any size and in any field. There are no restrictions since the Internet is a neutral platform. This type of omni-relevance cannot be expected with Traditional Marketing campaigns. For instance, “You really cannot promote a Fish Market in a Classifieds page, can you?”

7. Better Customer Relations

Customer Relations are nearly impossible to build with the case of Traditional Marketing, because responses take a long time to reach, and then to be analyzed. But with real-time responses and results, the appreciations and grievances of the customers about the business can be obtained, analyzed and responded to in a quicker and effective span of time.

These are the effective ways in which Digital Marketing excels over Traditional Marketing. It is the responsibility and necessity of any business owner, to stay ahead of the time.

Stay Relevant, DIGITIZe your BIZness, with DigitalBizChanakya.

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