Most of the business personalities start their business with a smaller capital. If we look back into the histories of the big business houses we will find a legacy started with a very small amount. Of course, that’s not the only criterion to be a successful businessman. But society witnessed some fantastic business tycoons who capitalised their fortunes with tiny business funds. On a close observation, it will be vivid that their success witnessed extreme workability and business acumen to create opportunities.
What is business acumen?
Business acumen is keenness and quickness in understanding and dealing with a business situation in a manner that likely to lead to a good outcome. Those who start their business with a small capital fund- don’t have the luxury to spend (waste) money injudiciously. He needs to mark the areas of utmost importance on a priority basis and spend accordingly. For small capital, owners ought to be systematic and follow some basic rules for doing business.
1. Make plan
Before starting a business prepare your business plans and do the necessary surveys well ahead of time. You should analyse the opportunities and threats of the business and prepare a roadmap to handle them. If you know the hurdles of the business usually faced by the competitors within the class beforehand, it would be easier for you cover up the situation. And most importantly you will not be disheartened with its effect.
2. Don’t get influenced
Whenever you start a new business you will find a bunch of people in your surroundings who come up with their unsolicited advice. Though they are not experts or have a business background, they don’t hesitate in passing comments. “You are not doing well, this is not your cup of tea, you should go for something else, bla, bla, bla..” Ignore them. The moment you start paying them heed, you are gone. Remember you are the master and you know how to handle your business. Be focused and carry on your business with enthusiasm till you believe that it’s not possible for you to run the business further.
3. Need to be thrifty
Be it big or small, a businessman needs to be thrifty. You should develop a sense of frugality both in business and personal spending, especially at the budding stages of the business. Until customers pay regular visit to the office, it would be wasteful to build a glamorous office, though this is frequently done by the new entrants.
4. Do not die
Never lose heart. During the inception period of the business, you may be greeted with lots of struggles and threats. If take these things in your heart it would hamper your enthusiasm and make it hard for you to continue the business. Failures are part of the business. Rather than going into depression garner experience out of the failures and prepare roadmaps on how to handle it. Remember working with enthusiasm on a consistent basis will reward you with success, sooner or later.
5. Try established sources of income
To minimise business risks, it is always advisable to go for tried and tested sources of income at the initial stages of a business career. New and alternative areas of business are always welcome, but you need to be cautious as business funds are not that great to absorb the business loss.This will not only mitigate the business risks but will keep you alive in the business arena to take on new challenges and alternative opportunities.
6. Team spirit
Doing a business is a team-work. You cannot do the entire things single headedly; in fact, you need a very efficient team to perform. Always bear in mind, both success and failure of an organisation depend on its team. So, be cautious in picking up your team-mates and keep a close watch on them- looking after their needs and problems, facilitating them opportunities and growth.
To shine is any business you must have the nature and culture of adaptability. Your surroundings will never be static. An organisation faces different business situations in its tenure. Hence it needs to be adaptable to the changing business environment if it wishes to survive.
8. Concentrate on customers
A customer comes first. Whatever be the situation, you cannot compromise customer relationship at any cost. Remember customer begets customer. A satisfied customer is an asset to the business that will feed you throughout your life.
These suggestions or rules won’t vouch for a guarantee of success of your business but makes the chances of winning in your business much higher than anything else. If you practice things honestly your business success will surely be a matter of time.