Tag: Business Goals

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Business motivation

5 Things About Entrepreneurs That Are Not TRUE!

5 Things About Entrepreneurs That Are Not TRUE!
5 Things About Entrepreneurs That Are Not TRUE!

Ask any entrepreneur who has built a startup, and he or she will tell you that starting a company is just like having a baby. Just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough even if you are working with the best business coach for entrepreneurs.

Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.

Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.

Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:

1. Entrepreneurs are Workaholics

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. But part of being your boss means you can schedule your working hours and can take time off whenever you want. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

However, it does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to becoming a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time. If you are struggling with managing your time, you can watch this amazing video by Dr. Vivek Bindra on time management here:

2. Entrepreneurs Wait for a Perfect Time

When it comes to launching a business, a common misbelief that most people have is that they should wait for the right time. Perhaps, this could be one of the reasons, why most excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready. And waiting can certainly prove costly.

The secret behind the success of a few entrepreneurs is that they prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business. You can also take help from the best motivational speaker in India to take guidance and support.

3. You need to Know Everything Before Taking the Entrepreneurial Leap

In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and positive mindset.

Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone.  It`s often not what you know, but how fast you can learn is that counts.

4. Entrepreneurs are Risk Takers

Entrepreneurs do take risks! However, this doesn’t necessarily mean putting yourself in a high-risk situation consistently. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.

They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.

5. Entrepreneurs are motivated only by Money

Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

But does that mean entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it- Financial Stability.

It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume. If you have an amazing startup idea that can provide ease to people`s lives, you can take help from a business coach for entrepreneurs for support and guidance.

Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.

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 business-related courses, visit: www.badabusiness.com

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Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

The idea of managing a business is more straightforward said than done, and we 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, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

The idea of managing a business is more straightforward said than done, and we 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, visit: www.badabusiness.com

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HR & People Management

Build High-Performing Team With These 4 Simple HR Practices

Build High-Performing Team With These 4 Simple HR Practices
Build High-Performing Team With These 4 Simple HR Practices

Companies that invest in their human capital achieve their business goals and promote a positive culture. A study by Darwish, T.K., Singh, S., & Mohamed, A.F. (2013) and Huselid, M.S., Jackson, S.E., & Schuler, R.S (1997) published in Forbes indicates the importance of aligning human resource strategies to achieve business goals and improved business performance.

Your business may face severe consequences because of the lack of skills and knowledge. But it is entirely unrealistic to build a successful business without building people, especially in a startup.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur, if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Find the Right Fit for the Right Role 

Wrong hiring can harm an organization in the long term. Along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate.

Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. It provides personal and professional aspirations are being met. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision. An improved and enhanced team will remain motivated. This will eventually accelerate your business growth.

2. Build Employee-friendly policies

The employees should be empowered to mold their work environment within the defined boundaries. Also, a set of policies that limit the border within which it is to be carried out should be defined clearly.

The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer, and every time the request is amended. You also consult with a business motivational speaker to keep your team inspired.

Looking for a bit of expert advice on building a high-performance workforce? Click here:

3. Create a Performance-driven culture 

Business owners who invest in their employees, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated man force is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are delighted with their role in the organization. You can conduct a training session from time to time and a session with the best motivational speaker in India, Dr Vivek Bindra, to increase your team’s productivity.

Employees should clarify their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

As an entrepreneur, you must retain good employees and promote growth within the organization by making the entire staff skilled. An employee’s development could be vertical as well as horizontal. Make your employees trained and more capable.

One of the most standardized and joint initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees and encourage a sense of ownership.

4. Conduct Systematic Performance Review  

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a startup. If you want to scale up your business and promote its growth, be honest about the performance.

The idea of managing a business is more straightforward said than done, and we 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, visit: https://www.badabusiness.com/

Categories
Business motivation

Why Hiring A Business Coach Is A Top Investment?

Why Hiring a Business coach is a Top Investment?
Why Hiring a Business coach is a Top Investment?

Summary: Finding the best business coach can be challenging for entrepreneurs, but an extremely valuable resource. Still, thinking if you should hire one? Read this article.

From Steve Jobs to Jeff Bezos, every successful leader uses a business coach because they know just how helpful it can be when it comes to running a successful company.

Hiring a business mentor is a large investment, so it is essential to know your needs. How a good mentor can help assist you is worth the research.

What is a business coach?

A business trainer is someone who works with business owners, entrepreneurs, solopreneurs, and CEOs to help them focus on the business problems that they need to resolve. They provide consultations and specialized knowledge that helps to build your business.

In the last few years, the coaching industry has exploded over the years as many corporates and senior leaders find business coaching to be a valuable investment when it works. However, with the explosion in the industry came a few bad apples. Hence, you must find the right coach for you.

How a business coach helps you?

Small business owners often stay in a dilemma before consulting a mentor because they wonder how the right business coach can help them in their growth. A great mentor can help you in plenty of ways. They will guide you with the problem that you need to be resolved. If you are planning to launch a business, a mentor can help you at launching your startup business.

Business coaches share their knowledge and experience with their clients, navigate them during their business journey, and offer valuable guidance and advice. But you should hire a business CEO coach who has an experience in the same industry because they have had their share of experiences and can offer valuable tips and advice to you.

Types of Business coaches

The business has a broad spectrum of specialties. It has multiple branches like sales, human resources, marketing, legal, business finance, and leadership, just to name a few. Similarly, there are specialists who you can hire according to your requirement.

Is it marketing, sales coaching, or business finance planning? Knowing the area your business is struggling and needs help with will help narrow down your business coach choices.

When you are looking for a business coach you must know what you need from them. Knowing what you need to get from the coaching relationship will help you narrow down which business coaches can help you. You can ask your business network for referrals. People are always happy to share the names of others when they’ve had a good experience with them.

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.

You can boost your sales easily with the right guidance from a business expert.  Learn to generate high revenue earning products for sales; generate payment links for customers, managing account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more about our courses, visit https://www.badabusiness.com/psc

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Strategy

5 Key Strategies For Small Business To Sustain Online

5 Key Strategies For Small Business To Sustain Online
5 Key Strategies For Small Business To Sustain Online

Summary: To have a sustainable business online in today`s dynamic business world, companies must think beyond traditional strategies and look toward more innovative possibilities.

We are living in a world where digital dependency is at its peak. In this post-pandemic world, embracing digitalization is not a choice, but has become a necessity. A multitude of businesses has already adopted digital processes. However, many are preparing themselves to embrace this ongoing demand of the business by taking help from the motivational coach for entrepreneurs.

But with all its benefits, it is very essential to follow a few key strategies to ensure that your business sustains in this digital era:

1. Create an unforgettable Brand Image

From “Thanda Matlab coca-cola” to “daag ache hain”, a powerful brand image is required for businesses to increase their product sales. Great products and amazing visuals go hand in hand. Great visual imagery can play a crucial role in the success of a business. When we talk about visuals, minute details like symbols and colors, and how you display your products online play a crucial role.

Most businesses pay a great deal to produce an excellent range of products without giving a thought to visual depiction. The online space has cut-throat competition and one of the best ways to give a leap to your business is by investing in quality visuals. Working on your brand image from the start is the best way to create a connection with customers.

2. Adopt a Flexible Pricing Strategy

Any business depends on how the products are priced. If you price your products at a loss or a very less margin, it will be very difficult for you to grow and scale. This is why product pricing is one of the trickiest aspects of a business. With so many options, entrepreneurs often find it difficult to finalize the correct price point keeping customers in the center, while also maintaining brand differentiation.

If you are new to the business world, there are many business coaching programs that you can take to gain in-depth knowledge about the various dynamics of the business world.

3. Minimize Cash on Delivery Failures

Every startup business that starts operating online needs to build trust at the initial stage. Until the customers have built their trust with the brand, cash on delivery is almost inevitable. But it can cost businesses. When a customer returns a product, businesses have to bear the shipping charges- twice.

Verifying orders, limiting payment methods, and incentivizing your audience with discounts with online payment methods will create trust and help you reduce unnecessary spending. Try to optimize payment and order tracking, in the beginning, to avoid any complications in operations later on.

4. Go Slow & Steady

As an entrepreneur, it is not just important to visualize an idea, but also to execute it and keep improvising. The best way to ensure that your business grows consistently, start small. Don`t try to tick all the boxes in one go. Your idea of business will go through multiple stages of trial and error before it comes to flourishing.

So the first step is to test it. Observe and study how your product is getting received by a small section of your audience, before going all out. In an environment that is constantly on change, it is best to refine offering as much as possible.

5. Understand Advertisement & Promotions

The world of advertising is quite difficult to understand completely. However, it plays a key role in introducing a business to the audience. In this age of the internet, digital ads and posts are everything. There are many online courses for entrepreneurs that allow you to pick the best course for your business. So, focusing on social media is something that can help your business to sustain itself in the long run.

The above-mentioned key strategies will help your business to stay upgraded with the latest trend and innovative possibilities. Instead of doing everything on your own, outsource them. Look for trusted people that can cover tasks for you and focus your attention on tasks that need your focus.

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.

Categories
HR & People Management

3 Effective HR Practices Every Organization Must Adapt

3 Effective HR Practices Every Organization Must Adapt
3 Effective HR Practices Every Organization Must Adapt

We all have heard about the old metaphor, “jack of all trades and master of none”. But the fallacy of this idiom does not fit in the modern world. In doing so, it may lead entrepreneurs to make costly mistakes in terms of money and time.

Not only will your business face some serious consequences because of the wrong hiring. But it is completely unrealistic to build a successful business without building people, especially in a startup. Companies that invest in their human capital achieve their business goals and promote a positive culture.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Find the Right People

The hiring of the wrong candidate is detrimental to the startup business. Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. Hence, along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision.

2. Build Employee Centric Policies

The employees should be empowered to mold their work environment within the defined boundaries. Create a set of policies that defines the boundary within which it is to be carried out staying in alignment with the values professed by the organization.

You can also create a policy. The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer and every time the offer is amended.

3. Develop a Performance-driven culture

When you invest in a financial scheme, you get returns! Similarly, when business owners invest in their employees, they, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated workforce is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are fully satisfied with their role in the organization.

Employees should have clarity about their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

One of the most standardized and common initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees, and thereby encourage a sense of ownership.

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a start-up. If you want to scale up your business and promote its growth, be honest about the performance.

Creative ideas, proactive solutions, emerging trends, and innovation stems out of a fully engaged workforce and not otherwise. Looking for a bit of expert advice on how to build a high-performance workforce? Watch here :

You can also take LFP Bada Business which will provide in-depth knowledge from starting a startup to expanding your business. Learn from the top industry leaders on the front line. To know more click here: www.badabusiness.com.

Categories
Motivational

5 Powerful Tips To Keep Entrepreneurs Motivated!

5 Powerful Tips To Keep Entrepreneurs Motivated!
5 Powerful Tips To Keep Entrepreneurs Motivated!

Being an entrepreneur is as great as it is difficult because many big and important responsibilities lie on the head of an entrepreneur. Entrepreneurs also have to make new strategies to advance their business growth and success. However, the constant tasks and responsibilities can become challenges.

Many times entrepreneurs also get demotivated due to one difficult task after another in their daily routine. If you are also an entrepreneur and often get demotivated at work then you are not alone! The daily grind has an impact on everyone at some point.

However, to become successful, entrepreneurs must know how to tackle demotivation. In this article, we are going to tell you five such ways that help you to stay motivated even during the challenges:

1. Set Your Personal Goal

Entrepreneurs often make a business plan to start their business and strategies to establish it as a brand. You must also have made strategies for how you will achieve your business goals. But, just like many other entrepreneurs you too might have missed this one crucial thing- to plan or create anything for personal goals.

Well, you are not the only entrepreneur to do this. Almost every businessman who starts a business often delays in making goals for himself. But doing this is not right for any businessman, so you should also create a personal goal for yourself. Your personal goal can be to learn music, travel, or even your fitness. Making personal goals can help you to stay motivated even during challenging times. If you think you are unable to stay motivated, you can take help from a business motivational speaker.

2. Make a Habit of Reading Books

Books can be your best friends. And nothing can beat the knowledge and information it can impart to the readers. If you have a reading habit, it`s great. But if you haven`t you should develop it. Almost, every successful entrepreneur has a habit of reading books.  You should choose those books that can help you with business and keep you motivated.

Many such famous motivational speakers in India also teach the nuances of business and also play the role of Motivation Guru. You should read books written by a good motivational speaker. Apart from this, you can also read the biography of successful industry leaders. This habit of yours will always keep you motivated.

3. Be a part of the training

You don’t need to be proficient in everything. It may happen that you have mastered some skills and no other person can beat you, but you may lack in some other important qualities. That is why it is important to keep taking training from time to time. Many business corporate trainers provide business training. You can take training and learn from them.

4. Take Time for Yourself

Starting a business is not easy for any businessman. Entrepreneurs have to face many responsibilities and challenges. In the midst of all this, many entrepreneurs are not able to find time for them, and working continuously can become a cause of frustration at times. In such a situation, it would be better that you take out time for yourself and spend your time doing those things, which make you happy by completing them. Meet people you haven’t met in a long time, spend time with family and friends. Often family and friends also become a big reason for your motivation.

5. Make Fitness a Part of Your Lifestyle

Fitness keeps any normal person energetic as well as provides motivation. Fitness can prove to be a success mantra for an entrepreneur. You must make exercise a part of your life. You should make rules for your workout every day. This routine of yours will keep you motivated and will also help you to focus more on your work.

Entrepreneurs should always remember their goals to stay motivated. Why have you chosen the journey of an entrepreneur and how will you achieve that goal? Every entrepreneur should first find answers to these questions. The correct answers will give motivation to the entrepreneur.

You can enter your comment about the article by commenting in the comment section. Apart from this, if you are a trader and are facing many complex and difficult problems in your business, you can get guidance from problem solving courses for entrepreneurs.

Categories
Business motivation

7 Business changes That Every Entrepreneur Must Prepare For 2022

7 Business changes That Every Entrepreneur Must Prepare For 2022
7 Business changes That Every Entrepreneur Must Prepare For 2022

Summary: Since the pandemic has struck the world, the dimensions of business have changed. If small businesses want to survive, entrepreneurs must adopt changes to survive a post-pandemic future in 2022.

The economic landscape has changed dramatically over the past two years because of the pandemic. The dynamics of business have changed. The demands of the customers have changed. And, as the global economy is preparing for a post-pandemic future in 2022, small businesses need to adapt to the changing scenarios to adapt & survive.

Here are 7 changes that every entrepreneur must be prepared for 2022:

1. Purpose overrides Product Specifications

Having a defined goal and purpose is essential for a business to thrive in the market. Companies, today no longer exist simply to make profits. According to a report published in Entrepreneur by Deloitte’s 2022 Global Marketing Trends, having a purpose has changed from “aspiration to strategic priority.”

So consider why you are doing what you are doing. If there is a big idea or a problem they set out to solve, you can make it your purpose.

2. Understand Your Target Audience

Today, most successful brands and businesses make their customers the center of attention, whenever they are making an important business decision. Businesses need to understand their customer segments if they have to reach customers efficiently and cost-effectively.

Clarify your customer personas and divide them into the clear segment and allow your business to target each segment specifically.

3. Enhanced Customer Journeys

Marketing strategies are great, but they work only when you understand customer journeys. This simply means taking in all the conversations and interactions that your business has with customers. From the first time when a visitor visits your website, making a purchase, and navigating after-sales service- all are essential parts of the customer journey.

4. Make Marketing the center of your Growth Strategy

To secure the growth of your small business, marketing needs to be firmly at the center of your growth strategy. Over the past two years, many organizations due to pandemics have integrated marketing at the senior leadership level.

Forward-thinking businesses now have the opportunity to establish marketing at the heart of the company to ensure periodic growth.

5. Go Digital

If you are still relying on old and outdated marketing methods for marketing, it is time to go DIGITAL.  Utilizing technologies allows you to understand your customer behavior better. You can interact with them and discover the touchpoints that will help you to establish a more personalized experience with them. Depending on your product or service, you may even be able to deliver personalized products.

6. Multichannel Services

How do your prospective and loyal customers interact with you? Maybe you use chatbots, contact emails, or offer customer service. But, as more and more brands are increasing their brand presence online, your customers too expect a similarly high level of service across all the channels.

As all the channels are equally important, delivering a bad experience on a phone call not just leaves a negative impact on your team but also damages the customer`s opinion of the entire organization.

7. Mobility drives growth

According to Statista.com, “more than 50% of internet traffic comes from mobile devices”. And as the number of mobile devices continues to grow, this number also be growing year after year while desktop use continues to decline.

As a customer-centric company, you need to focus on delivering a mobile experience that is at least as good as your desktop-based website. Simple navigation, clear site-search options, and quick load times are key elements of successful mobile sites.

To grow in 2022, your organization must focus all of its efforts on building an enjoyable, customer-centric experience. This experience needs to be seamless across all touch-points and marketing channels. It becomes even more powerful with a clearly defined purpose at its core.

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 online course for entrepreneurs“ that comes with Foundation courses, specialized courses, and value-added courses.

Categories
Business motivation

4 Vital Traits That Keep Businesses Relevant For Customers

4 Vital Traits That Keep Businesses Relevant For Customers
4 Vital Traits That Keep Businesses Relevant For Customers

Summary: Staying relevant should be the priority for the entire organization and not just one function, product, or service. Those that understand this stay in business while others fade into the sunset.

Since the foundation of growth and success for every business is staying relevant to their consumers, companies always try to focus on it. However, over the past few years, the dynamics of business have changed. Earlier, once established, companies used to worry about the changes that will make them irrelevant. Today, these changes take place over months or every couple of years.

A recent example that tested the relevance of companies across the globe is COVID-19. Small or large, companies of all the scales were tested at a short notice to operate in a virtual model and pivot their businesses. Companies like Amazon had inherent agility built into their business to utilize the moment of disruption. And this is why they sustained. But many startup businesses failed to even sustain themselves for the first few weeks and collapsed.

At the pace the world is changing, companies can no longer stay glued to familiarity. Entrepreneurs must learn that transformation is not an endgame. So, it is critical to provide value to their customers at all costs.

Here is a ‘Formula of Four’ that can position your startup businesses in a better place than others to stay in the game no matter what:

1. Customer is the Only King

To embrace a customer-driven approach is not an option, but imperative for companies. Making it an obsession to value customers can be the ultimate key to success. By placing the customer at the center, startup business can prioritize their activities with ease, pivot quickly when needed, and optimize their products and services.

For instance, the ideology of Airbnb`s- create a world where anyone can belong anywhere- is the major driving force behind the strategy in the customer service, product development, recruitment, and the markets that they explore.

2. Innovate or Die

Conventional business practices and processes are passé. It is time to embrace an inclusive approach that looks from the customer`s point of view and then translates it into a product or a service. Creating exceptional customer value is the need of the hour. To reach this stage, you must understand the broader context and the driving forces behind the change.

For example, Adobe, when moved to a cloud-based subscription model their revenue dropped initially, but later registered much higher growth than before.

3. Reinvent Yourself

Once established, startup business should keep reinventing themselves. Self-disruption helps to embrace the future by building an organization that is constantly becoming better with each passing day. However, it also challenges entrepreneurs in more than one way. It puts more emphasis on progression than on perfection, on learning than knowledge and founders have to reimagine conventional ways of thinking, working, and executing. If you want to make your startup business a winning company, think without fear. Winning organizations are unafraid to disrupt themselves.

4. Learn From Failures

Self-disruption is not for the weak-hearted. It is easier said than done and involves great risks. Failing small and building big on success, taking calculated risks and small bets, and encouraging it as an organization-wide culture is vital to stay relevant in the business world.

Hence, learning from failures and to keep exploring multiple small ideas is the key to becoming a successful small business.

In these challenging times, staying relevant is a constant journey of inventing, reinventing, and not about landing with a perfect solution. And this should be the quest for the entire organization and not just one specific branch or hierarchy.

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.

Get your Business game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more, visit: www.badabusiness.com