Understanding the landscape of starting a business- Basic points to keep in mind.

The leap of faith

Have you taken the leap of faith and started your own business? Or are you hoping for some guidance to lead the way? Either way, here’s my experience with my businesses. I hope the road map of my journey sheds some light on your understanding of starting a business. 

The WHY of a business

To begin with, let’s talk about the most innate aspect of a business. The ‘WHY’ of it. 

Here are a few values I picked up during my journey: Money is important to business, but not more than the cause. People side with the ideas that touch their heart. Look out for problems near and around you, notice the woes of common people or your audience, and then finally, think of a realistic and implementable solution.

Befriend the problem

Once you understand the problem, befriend the problem. Let that be your primary concern. Solutions revolve around your target audience and they evolve under circumstances. Study the problem under all lights. Recognise the potential problems along the way and strategise according to your long time goals. Find out possible solutions to reach out to your target audience under multiple circumstances and tap them with achievable strategic planning. 

The SAT model

Here’s a model I have developed for a deeper understanding of businesses. It’s called the SAT model. Allow me to explain. 

S stands for Selling, which is our ultimate aim. How we sell, will be our constant USP.But, what are we selling? A stands for Awareness of the product. There’s no selling without the knowledge or awareness regarding our product. It is of immense importance that our product is recognised and familiarised. But, who are we selling to or spreading awareness to? That’s where our T comes in, or Target audience. Who is our buying audience? SAT model helps you understand the three core important aspects of a business, from goal, i.e. selling to root i.e. the target audience.

Now, once we have an understanding of the SAT of our businesses, we move a step ahead into execution. But before, communicate with your customers to understand your executable ideas better. Then, seek suggestions and criticism from those you rely on. In times of doubt, reach out to business owners who have been in the space for a longer time and seek their expertise. 

The power of a team

The first step to execution is team building. Ensure you have a team of good-hearted people who are committed to the idea of your business and their work. It is very important to treat them kindly and respectfully, for they are the ones who will walk the toughest walks of the business with you. When the business and your team prioritises people over money, great success follows you.

Whether success or failure, be honest with yourself and keep a clear vision of the goal of your business. Move up the ladder, one step at a time. The market will stay, just focus on the steady growth and recognition of your business. You will always find help when you ask for it. It just takes a moment of humility to seek help. 

The balance

However, the journey could be exciting and exhilarating, but it takes stability and maturity to maintain a healthy work-life balance. Your heart and sweat will be invested in the initial days of your business, but come back home to remember the person you are beyond work. Remember to extract the best from people’s comments, but also remember to let them go if they don’t help you grow. 

In-debt

Another important aspect of a business is debts or loans. It is very critical to learn how to manage or settle it, and if possible, stay clear of it. If you’re under debt, have a stable plan to repay them on time. In business, good faith is as important as old customers. 

But, guess what? All of these planning means nothing except execution. The right time and the right place is the key to a successful execution. A good number of potential-packed business plans fail because of ineffective execution. Be courageous with your dreams and plans, and keep the positivity high on your journey to success.

The ending of a beginning

To bring this conversation to an end, starting a business can be very overwhelming, but it is necessary that research is accurate and strategies are measured and controlled. For the longer run, it is wise to stop and introspect once in a while and move ahead with steady steps rather than a few quick and faulty short steps. Start small, but dream big. The sky's the limit, but hey, one day at a time. 

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