People often compare a newly established company to an unfinished ship. Among them, the director is the captain, most of whom are not seasoned; and the staff resembles a crew of inexperienced sailors
Environmental factors, especially competitors, can be seen as aggressive sharks surrounding the ship, just waiting for it to make a mistake before swallowing it.
Having said that, starting a business is not an easy task but requires a process of learning and accumulating experience, even failing many times to be successful. In this article, we cover 4 principles to help you successfully build your own business.
However, before going into each specific principle, we want to emphasize an even more important factor than the 4 principles mentioned above that you need to be aware of before establishing a business. When you start down a path, you have to figure out where you're going; Similarly, when you plan to do business, you must determine what field you will do business in. Business sector refers to the products and services that the business intends to provide to the market. It is the basis of the company's proposed development strategies, as well as the characteristics that the company pursues. The challenge here is that the business owner must cover his or her field of operation, it must be consistent with the resources and potential of the business; must ensure it is not too broad to optimize the effectiveness of business strategies and not too narrow so it does not become a factor hindering future growth.
And here are 4 basic principles you can refer to:
1. Market positioning: You must be clearly aware of the market that you will "live" in, more importantly, you must determine which is the target market, synonymous with target customers. The target market can be understood as current and potential customers who have needs and are willing to pay for the products and services that the business provides. To avoid making mistakes when choosing your target market, you must conduct market segmentation. Only this way can you find the loophole in the market and find ways to exploit it. In the marketplace, the wise person who finds the first "dry land" will be the winner. Apple is an example of the "power of the pioneer" in the field of personal computers with its "miraculous transformation" from a car repair garage to a 1 billion dollar company.
2. Product and service development: Human needs are becoming more and more demanding in the direction of wanting to use products and services with higher utility. Failure to meet this requirement will result in the loss of all customers and imminent death. The blood experience of businesses in business is "sell what customers want, not what you have".
3. Having all the necessary resources: Even if a business has a deep understanding of the market and the products it intends to provide, without enough resources, it will not be able to develop. The basic resources that every business needs are: capital, facilities, and human resources. An important resource that can be added is the management capacity of the leadership team - the people who hold the lives of companies in their hands.
4. Building corporate culture: Corporate culture has been talked about a lot in recent years, showing that it is an increasingly important factor in the sustainable development of every business. Karma. There is no standard for building corporate culture. Each business must build its own unique personal culture. Corporate culture is the soul, the ideal, the belief of the business and it requires to be built by the entire staff of the company.
“A smart Director will understand that today they not only compete with products and services but also use a new competitive weapon, which is corporate culture.”
Unicom
