Tag: bounce back

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Business motivation Motivational

5 Powerful Business Lessons Every Entrepreneur Should Learn!

5 Powerful Business Lessons Every Entrepreneur Should Learn
5 Powerful Business Lessons Every Entrepreneur Should Learn

Summary: Every startup has a unique journey and its share of dos and don’ts. So why not learn from them instead of making the same mistakes again?

Ravi started his first business at the age of 19. Though he had a knack for how to start a business, he lacked how to manage it. So, his business grew quickly with just five employees in three states. His revenue was good, and the business was running smoothly, but because he lacked how to manage a business, things got out of control in no time.

Five years into the business, Ravi was in INR 10,000,00 debt. His dream of entrepreneurship had turned into a nightmare.

So what is the moral of this story? You might know a lot of things, but still, there are a few things that young entrepreneurs need to know.

Entrepreneurship can be wonderful and a fulfilling journey if you build your business the right way. Here are five wonderful lessons that you might want to learn today:

1. Know Your Customers Well

Seth Godin said, “If you try to reach the whole world, you will end up reaching no one.” If you are a “jack of all trades,” you will have a tough time growing your business. Your efforts to grow your business and focus to work in that direction will be scattered.

Hence, it is very critical to know your customer in and out. The more specific you can get to who your ideal customer is the better. It will help you to figure out the best way to find more potential customers. You can also take guidance from the best business coach who can help you to understand the buyer’s persona.

2. Don’t Over Promise & Under Deliver

In the business world, if you promise your customers a miracle, you should deliver one. If you want to grow your business and sustain it in the long term, you have to be the kind of business that always keeps its promise. For startups, there are going to be limited initially on what you can do, but that’s ok. Focus on your strengths.

3. Stay Organized

Whether it is home or work, unorganized surroundings and way of work could be frustrating for everyone: your staff, your customers, and your mental health! Staying organized is important to keep your business running smoothly. A disorganized way of working will repel new customers from doing business with you in the future. To keep your business organized, start simplifying things. This will eliminate the clutter and keep your business operations organized. Find a business coach who can help you navigate the challenges that a startup has to face, initially.

4. Focus on things that will Help You Grow Your Business

One of the most important lessons, which is applicable not just at work, but also in every sphere of life is to manage your time. As an entrepreneur, it is very important to learn where to focus your time. Don`t get distracted by too much information that might appear shiny and bright. Instead, focus on what is essential for the growth of your business and apply it wherever it is necessary.

5. Get Over Failure & Setbacks Quickly

Whether it is Einstein, Thomas Edison or Steve Jobs, or any other successful entrepreneur, one common thing that they share is FAILURE. Entrepreneurs often hold back because of ‘Fear of Failure’.  However, the truth is that failures are momentary set-back and not business-ending events, which send you in the right direction. When you experience failure, you must know that it is not the end of the world. Brush off the dust and move on, determined to come back even stronger. You can also work along with a business coach who can help you spot your shortcomings and direct you to bounce back.

You can have a good idea, but to be the most successful entrepreneur you must know how to turn a good idea into a viable product or service for your business. You can give it all, but it is important to know that it takes time and feedback from your customers to get your best.

So don’t be that “I know it all” entrepreneur. Be open to new learning and stay curious to look at things from a different perspective. Learn these lessons and your business will thrive.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about our courses, visit: www.badabusiness.com

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Motivational

Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams

Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams
Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams

We all want to succeed in life. However, the road to success is not always a bed of roses. And sometimes despite giving our best, nothing seems to work our way out. We feel like giving up and we might feel nothing will ever change for the good.

The nature of being an entrepreneur means that you are comfortable with being challenged regularly. Many people often consider this career path irrational as success is not guaranteed. But many people do succeed because of their unwavering belief and laser-like focus.

You can achieve all your goals if you have faith and belief in yourself. If you are passionate enough to go that extra mile to fulfill your dreams, you can make a difference on the road to success. You can learn how to navigate the business challenges by being a part of India`s most powerful webinar ‘Leadership Funnel Program 2.0’ by Dr. Vivek Bindra.

If you feel like giving up due to constant challenges, here are the top 10 motivational quotes by Dr. Vivek Bindra that will reignite the spark inside you to follow your dreams:

  1. Don’t focus on multiple things, focus on the main thing and the business will follow you.
  2.   Leadership is about taking responsibility, not making excuses!
  3.   Difficulties in your life are not dead ends. They are just the sweet bends!
  4.   Surround yourself with people who have ambitious plans, meaningful purposes, and big goals.
  5.   You can’t convince people by convincing, you convince people by connecting!
  6.   Attraction to distraction drifts you away from your goal!
  7.   Success is not about changing reality. It is changing the mentality behind reality!
  8.   When failures hit you, you hit the failures back with a bounce back.
  9.   If you try to be the best you’ll be number one, if you try to be unique you’ll be the only one.
  10.   If you don’t help yourself, nobody in the world can help you to help yourself!

Starting a company is like a roller coaster of emotions with tremendous highs and at times, difficult lows, but one thing that will help you through the ups and downs is to connect with some of the greatest minds. Why not reach out to people who will help you to grow and evolve in your industry? Join India’s most powerful Leadership Funnel Program 2.0 by Dr. Vivek Bindra on 22nd, 23rd, and 24th July 2022.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

To know more about our event and its exclusive benefits, visit: https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078

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Business motivation News

Amazon India Announces Small Business Days 2021 To Help Small Sellers To Bounce Back!

Amazon India Announces Small Business Days 2021 To Help Small Sellers To Bounce Back
Amazon India Announces Small Business Days 2021 To Help Small Sellers

In a bid to aid small sellers to bounce back from the financial losses that were induced by the pandemic second wave of COVID-19, Amazon India announced that the company host Amazon Small Business Days (SBD) that will begin from midnight on July 2, 2021, until 11:59 pm on July 4, 2021.

“As India tries to get back on track post the impact of the COVID-19 second wave, we are prioritizing our efforts to help small businesses bounce back from the economic disruption. Towards this, we are hosting Amazon Small Business Days, to help generate customer demand for offerings from small sellers on the Amazon India marketplace thus helping them to get their business back on track,” said Pranav Bhasin, Director, MSME & Selling Partner Experience, Amazon India.

During the three-day sale event, customers will have the opportunity to discover and purchase as well as enjoy deals and offer on products across categories including monsoon essentials, immunity boosters, regional handicrafts, at-home fitness supplies, etc. among many more from the special themed stores on the marketplace.

Whether customers are looking to purchase Work from Home essentials, comfort food or heritage handloom weaves straight from regional weavers, Small Business Days will have the widest selection on offer for everyone. Customers can save more with a cashback offer of up to 10% powered by A-pay and on other forms of digital payments for purchases made from participating small businesses.

Nitin Gadkari, Union Minister of Road Transport and Highways; Micro, Small and Medium Enterprises, Government of India, said, “MSMEs are the backbone of our economy, contributing to nearly 30% of the country’s GDP and half of its exports. Around 6 crore MSME units across the country employ over 11 crore persons.”

“MSMEs contribute significantly to the socio-economic growth of the country by fostering entrepreneurship and generating large employment opportunities. I believe that technology will play a key role in the success of MSMEs, and in increasing the contribution of MSMEs’ share to the country’s GDP. It is important to accelerate the growth of MSMEs especially after the disruptions caused by COVID-19 and I congratulate Amazon for hosting Small Business Day to help generate customer demand for their products and revive livelihoods of lakhs of MSMEs in the country”, he added.

“Customers will be able to discover thousands of unique products from local shops, women entrepreneurs, start-ups, emerging brands, artisans, and weavers, at a great value, making their shopping experience enjoyable,” added Pranav Bhasin.

Small Business Days 2021 is a sale event part of Amazon India’s efforts to minimize the impact of the COVID-19 pandemic on sellers. Over the past few months, with the onset of the second wave of the pandemic in India, Amazon has taken a host of measures to help sellers including a variety of fee waivers, relaxation of policies on reimbursements and performance metrics, and more.

Amazon is also providing vaccination support to its sellers and their dependents. In addition, Amazon has also enabled an ‘on-demand disbursement’ feature that enables sellers to get their disbursements daily to help sellers navigate the economic challenges during these challenging times.

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Business motivation Motivational Startup

Post-COVID-19 Business: 73% Small And Medium-Sized Businesses Confident of Bouncing Back Post-Coronavirus; Here Are 4 Key Aspects Which SMBs Are Looking at, Says Report

Growth (Photo Credits: Pikist)

New Delhi, September 9: The coronavirus pandemic has affected everyone, from businesses being shut, to workers being fired, the economy of the country is in the doldrums. Amid the gloom, a new report- “HP Asia SMB Report 2020” has been published which gives a ray of hope. According to an IANS report,  73 per cent of small and medium-sized businesses (SMBs) in India are confident that they will survive and bounce back post-COVID-19.

The report highlights that Indian SMBs are more confident than their Asian peers in bouncing back after the pandemic as the regional average stood at 60 per cent. The Indian SMBs are confident that they will bounce back and believe that this period is giving them a good opportunity to reformulate the business strategy.

The respondents are hopeful that the pandemic would bring business opportunity, but it will take some time. Here’s how the SMBs believe to bounce back and fight the pandemic:

4 Key Aspects Which SMBs are Looking at:

The report mentioned that Indian SMBs have recognised four key aspects that will help them best to bounce back – using online tools, flexible work options, advice on strategy and innovation at work.

Doing digital: SMBs in India recognised the importance of going digital to revive the business. The report mentioned that the respondents believed that digital adoption was essential for the revival of the business.

For the study, 1,600 SMBs completed the survey between May 26 and June 7, which comprised 200 interviews in each of the markets- Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.

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Bounce Back

5 steps for SMEs to Bounce back during Coronavirus

Bounce back and win the Coronavirus battle!

While everyone across the world is battling with the impact of Coronavirus, there are first-time challenges faced by SMEs. Small businesses are making all efforts to keep going and bounce back
from the Coronavirus downturn
. We tell you 5 things that SMEs are undertaking or can implement to bounce back during this difficult phase:

1. Remote Working and Monitoring

Adapting to crisis is the best way to bounce back. Remote monitoring of work will help SMEs have a control over how the business is functioning and what is the productivity. Use online tools for remote functioning of the business such as:

  • Zoom and Google hangout for video conferencing
  • Google spreadsheets so that everyone can access data and important information
  • Create a Google calendar to mark events, milestones that need to be achieved
  • Use Whatsapp groups for updates and sharing daily progress reports

2. Looking at Diversified Business Models

  • Retailers that have revenue generated through a variety of channels or a various of geographic locations will be able to handle the Coronavirus downturn
  • Look at how the online model can be incorporated in your business. This can bring about a monumental change and shift in your company and could be a great bounce back strategy
  • Check what are the e-commerce solutions and resources available to you, leverage technology
  • Make a list of what products can sell online. Digital platform cannot be a savior for all your products and services.

3. Keeping Cash Flow Intact

Cash flow is a key factor for small business owners, especially during a time when revenues are significantly impacted due to store closures, reduced store hours, and unfilled demand for some products. Few ways to look at maintaining the cash flow and avoiding layoffs are:

  • Borrow from alternate sources or a known line of credit- This will help if additional cash is needed for working capital requirements
  • Collect payments that are due to
  • Cut on all non-essential expenses that can be stalled for a few months
  • Negotiate prices with vendors & partners
  • Create online payment options for customers
  • Slow your payment cycle as well- Look at how many days is your payment cycle with a vendor and take the decision accordingly

Important Information:
 

There is a World Bank report which talks about the total impact of Coronavirus on world economies. As far as India is concerned, it should be in the region of 0.4 percent of GDP.

4. Checking regular updates from the Government

  • The Government is taking various steps to provide a stimulus to SMEs, so that companies and small businesses can sail through this economic crisis
  • Regularly keep an eye on what the Government is announcing on SME loans, MSME schemes, payment terms etc.
  • This will help act as a relief for many businesses during Coronavirus outbreak

5. Be Positive and bounce back whenever you feel like quitting

It is natural for SMEs to think that they won’t be able to survive and shutting down would be the best option, but try and give it a chance by thinking a little differently

  • Make a routine- Plan how are you going to take updates, business meetings, sales analysis and also keep some time for yourself to relax
  • Take the help of a mentor- It is very important that if you get stuck somewhere you can ask for advice and take the right decision
  • Acknowledge the hard work put in by your employees- This will motivate them to work harder and help the company to bounce back during the coronavirus outbreak

As our Prime Minster Shri Narendra Modi said that we are all in it together and together we have to fight the crisis. Hence, SMEs should not think of quitting and find ways to bounce back during this outbreak.