Four Things to Consider When Starting a Small Enterprise

Starting a business involves hard work, and being an entrepreneur is completely different from being a simple employee. As a businessman or businesswoman, you are looking after an entire organization and all the functions that make it run properly, from the operations to human-resource development.

Running a business is a lot harder and riskier than just being a regular employee, but it can be more fulfilling. You are your own boss and have more freedom to make decisions for the whole company. If you think you have what it takes to become an entrepreneur and are ready to start your own business, here are some important things you should consider.

Make It Your Passion

The word “passion” has become quite overused in recent years, but that does not make it any less meaningful, especially when it comes to starting a business. Running an enterprise, no matter how small, can easily turn into a full-time job. However, unlike a desk job that ends when you clock out of the office, the time and effort you spend in your business can last beyond regular office hours.

For this reason, you should make sure you venture your passion, something you find meaningful and are willing to pour your heart and mind into. Once you’ve decided to become an entrepreneur, give it your all. Be prepared to face the bad days as well as the good. Keep learning to stay one step ahead of your competitors.

Understand Your Market

Market research is important if you want to create products and services that will effectively appeal to your target customers. Depending on the size of your business and data you need, you can either conduct the market research on your own via a simple survey or enlist the help of a marketing agency that can employ more sophisticated data-gathering methods.

Market research can be time-consuming, and it can cost money especially if you hire an outside team, but the insights you gather will prove invaluable for making critical decisions from pricing to brand positioning and marketing communications.

Have a Solid Hiring Process

Your workers are integral to your business success. Billionaire entrepreneur, philanthropist, and author Richard Branson said, “Take care of your employees, and they’ll take care of your business.” You don’t want to invest training and resources on people who are not a good fit for your business, which is why your hiring process needs to be efficient and effective.

Make sure you spend adequate time designing exams and screening procedures for job candidates so you can select people who can add value to your team. Some standard screening methods for job applicants include drug tests, cognitive tests, psychological exams, and physical aptitude assessments.

If your operations have a high level of risk and require employees to be focused and alert, then you must strictly enforce a zero-drug-tolerance policy in the workplace. Be aware of products like detox drinks and Macujo method shampoos that are known to help people pass drug screenings even if they use illicit substances.

Have Contingencies in Place

Planning is important in life and more so in business. To be a successful entrepreneur, you will always need to be one step ahead not just of your competition but also of possible threats and emergency situations. Plan ahead, and set contingencies in the event of worker strikes, burglaries, workplace accidents, and other incidents that could cause delays and downtimes in your operations.

You should also provide training for your employees so they will know how to respond to situations like fires, floods, and earthquakes. Last but not least, provide adequate security in your workplace like CCTV cameras and heavy-duty locks. Have a security team trained to use a lockpick set and security equipment in case there are break-ins or if someone gets accidentally locked in critical areas of the workplace.

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Author: Kar

Dr. Kar works in the interface of digital transformation and data science for business management domains. Professionally a professor (IIT, IIM) and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a Regular Contributor of Business Fundas and a blogging addict. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.