“Investing and selling your product or service in return to the money given by the customer ”
If that is what came to your mind when you hear the word “BUSINESS”.. well… you have heard only one side of the story.
The other side of the story starts even before the thought of starting a business .
so , let us see what does a businessman and his business goes through…
- The initial stage of any business is to have an IDEA and a VISION about the kind of business that you want to do.
- Proper research about the business that you have chosen to do . This includes going to different kinds of business events , joining different communities and meeting different people.
By saying “meet different people” , means to share your idea with them and listen to their opinion on your idea . Either if it supports or contradicts your idea , it is always advisable to listen to their opinions .
- Work with the new people that you have met . Choose the right people to work with.
“RIGHT PEOPLE” refers not only to the ones who are interested to work in your business. It also refers to the ones who are already doing well in the same or similar field of business that you have chosen . Their suggestions help you a lot .
- The next important thing is THE PLANNING . It involves planning the following accurately
# PRODUCT / SERVICE QUALITY
As the great man, STEVE JOBS once said ” SOMETIMES LIFE HITS YOU IN THE HEAD WITH A BRICK , DON’T LOOSE FAITH ” …. the next and the main thing that matters is..
- TRY AGAIN if you FAIL .
If you fail , work out on your plan and strategy of the business . Research more about your failure . Just remember that the first step of solving a mistake is to find one .
TRY AND TRY UNTIL YOU SUCCEED !!
So here is the thing after you are quite successful ….
- Be careful with all the things that you deal with and invest on .
- Always be in a position to climb up the ladder . Be careful on the slippery edges of the ladder.
- Remember that the way to the failure is shorter than the way to the success.
Let me tell you a short example of the slippery edge….
In 1987 , a company was found in India with just 20 employees . By 2008 , it had 53,000 employees . Around 500 companies were willing to work with it . The company had its branches operated in around 66 countries . The founder of the company won “THE CORPORATE CITIZEN OF THE YEAR AWARD” in 2002 and “EY ENTREPRENEUR AWARD” in 2008 ….. Happy sailing right??
It was in 2009 that he saw the iceberg that the company was approaching. The reason for the path that lead to the iceberg is that he set his company in a 1.5 billion dollar scam . He breached the trust of his customers and put their money in the pocket of his son who was handling other businesses . The result ….. A huge hole in the balance sheet of his company. To fill it up, he raised cash that never existed and raised bills for non-rendered services . In 2009 , when he realized that his company blew a huge bubble by filling it with many customers and share holders , he decided to pop it up . He confessed in a letter stating “IT WAS LIKE RIDING A TIGER , NOT KNOWING HOW TO GET OFF WITHOUT BEING EATEN “ . The company’s stock price dropped off from 300 Indian Rupees to around 40 Indian Rupees immediately after his confession .He was sent behind bars and was fined RS.5 crores/- .
I just told you about “SATYAM ” which is now “MAHINDRA SATYAM” . It was once a great company which sunk deep due to its own mistakes .
BE HONEST IN THE BUSINESS!