Weeks after weeks, finally it's the time we learn how to set up and start a business. Anyhow, I find the learnings of the week really did give us a brief idea of what to prepare and which part to be mindful and aware of. It's somehow sharing some similarities and applying the concepts in the NINE BUILDING BLOCKS OF BUSINESS MODEL CANVAS we have been introduced to few weeks ago.
For a successful business start up, we must make sure that we have prepared to the ground for the business before we invest to confirm better available profit. We should always stay clear of what's the resources we might need for our business. A very simple technique must be applied- 5W1H technique.(What, Which, Where, When, Who, How)
Furthermore, we must be aware of our business capital. Business capitals we need are not solely in term of financial, but in term of workforces, raw materials and equipments too. We must always have to calculate our available capital and necessary capital. Insufficient capital or even over floated capital sometimes may lead to bad business start up and eventually another failure of running business.
Besides, localised and targeted products and services with high value propositions that would satisfy aimed customer segment will be vitally important for a successful business. We must always make sure our own best way to these 3 S-SUPPLIES, STORE & SALES. Be clear, firm and strong of getting a reason why smart customers on market nowadays what to buy your products or services.
And also, to start a business, we must first get a business location in which our customer segments could easily get to us. It can be a shop in housing area, a booth in hypermarket, a small stall in shopping complex, or simply a virtual internet store. Then, we must prepare ourselves for our business by getting enough business facilities such as lay out facilities, basic facilities and basic equipments for initial starting of our business and basic documents required.
And now, we came to the most crucial and determining part of all the needs of business running- Communication skills & negotiating skills. These 2 vital skills and too fluid and dynamic to describe as we know for every single case in daily life or businesses, different communication skills and negotiating behaviour would be required. Furthermore, it will have to change according to different persons you speak to or try to persuade. Anyhow, for every single case, we must always remember to stay calm and analyse the situation diligently. Always be clear of our objectives and expected outcome of meetings.
Yi An
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