So, you got an idea for starting your own business? GOOD. Made plans on how to execute it? BETTER. Ready to compete in a world having multiple challengers with the same idea and unending technological advancements? PAUSE. And that’s where we, as budding entrepreneurs get stuck with. No doubt, the ideas that run in our minds and the plans we think of on how to execute them might be awesome in our perspective, but it’s just a one sided view. And that’s not enough in today’s world where a new idea comes up every second which could make an idea, or perhaps your idea, OBSOLETE. So, the question that arises is, how to tackle it? How to make your Business Idea last in this competitive world? And that’s where we need to innovate a Business Model.
In simpler terms, the need for Innovating a Business Model is to understand the possibilities of creating your business in that zone, targeting a specific set of customers, turning them into permanent customers, managing your finances and also expanding the business venture. All these things might seem like a big task for an entrepreneur in the initial stages, but these are the necessary criteria that every business must have in order to survive in this competitive world. Leave any of these points out of your business idea, and there might be back draws that would eventually make your company thirsty and hungry for survival.
What basics of business model must one develop to survive in the market?
Well, this depends of the type of business one wants to start. In the Technological Sector (where there is always something new coming up in the market) one needs to identify the issue first. Developing a new piece of tech or coming up with an idea to solve the issue is one of the biggest needs today. As we go with the saying ‘The Early Bird gets the Worm First’, similarly in this Tech-Savvy world, the first person who solves a problem or innovates something new gets a major chunk of the market in the initial days. And that is exactly what one needs; an opportunity to showcase themselves to the world. Rest all follows.
Similarly in today’s Marketing World, having a Business Model is a must. A Marketer must be able to predict the market way ahead before the demand of a service is created. This gives one enough time to prepare themselves, make a plan of how to execute their idea, manage their finances, and place it in front of the world before others catch up to the trend.
In the Financial Sector, where everything is Unpredictable, a business must plan out in advance all the issues that it could face in the near
future. It must consider all opportunities, whether they might exist or not in the future, for when the winter hits hard, it’s better to store all the grains and survive the season rather than be helpless and fade as a memory.
For an Entrepreneurship, it is important that he/she carves out a small market for their business first. This ensures the survival of the business and also gives an opportunity to flourish. Once the roots of the business are strong enough, then it is must that the entrepreneur must take risks to venture out in a much stronger and competitive market. One must remember, that no business can be successful, if it does not take the risk to venture in the deep seas to find the treasure!
So you’ve officially become torn between getting a job or starting your own business….
….What to do??
I’ve seen this conundrum play out hundreds of times. Let’s see why it’s awesome(or not) to own a business:
Running your own business is super glamorized because people see all the good stuff about it…..and to be honest, there ARE a lot of good things about it:
When you’re running the show, you get to do ANYYYYTTTHING you want! Do you want your “global headquarters” (aka you with a laptop) located on a beach in Costa Rica? Cool…..go!
You get to write off a ton of stuff on your taxes. You even get to save more money by being a business owner.
You get to be your own boss, call all the shots, decided what you want (and don’t want) to do everyday. It’s 100% up to you.
Many first time entrepreneurs go through this short-lived euphoria of setting up their business and it’s exciting and fun!
This is known as the “Playing Business” Phase. It’s where you get caught up in making business cards, making overly-complex business plans, thinking of incorporating an LLC, hashing out who’s gonna be your C.T.O. and C.F.O. and Chief Whateveryouwant Officer.
And by all means, you SHOULD enjoy aspects of this!
But it also doesn’t make you ONE DOLLAR.
Soon this “Playing Business” euphoria starts to wear off, and reality starts to set in. In whatever business you go into, there’s going to be a lot more unexpected expenses and hassles than are generally reported.
It’s great working on your passion or working for yourself…..but there WILL ALWAYS be sour patches in the journey. Lots of them. The most successful people I know have one thing in common: They simply work a ton. That’s it. And if you want to be successful, that’s what you have got to do. So gear up…..And transform your dreams into reality.
Pension Fund Regulatory and Development Authority (PFRDA) Bill
Background: Pension Fund Regulatory and Development Authority (PFRDA) Bill was established by the Government of India on 23rd August 2003 to promote old age income security by establishing, developing and regulating pension funds. Pension bill was introduced into the parliament in 2005 for the first time. After nearly a decade, both houses of parliament i.e. Loksabha (4th September) and Rajyasabha (6th September) have finally passed the pension bill which aims to create a regulator for pension sector and extend the coverage of pension benefit to more people.
Companies Bill 2012
The Companies Bill was laid before the Parliament in the month of December 2011 and was referred to the Parliamentary Standing Committee on Finance, headed by Mr. Yeshwant Sinha. The standing Committee submitted its report in June, 2012. Based on Standing Committee recommendations, the Companies Bill was amended and was introduced as Companies Bill 2012. The Bill was passed in Lok Sabha on 18 December 2012 and by Rajya Sabha on 8 August 2013.