Five things every entrepreneur must know

Five things every entrepreneur must know----Dalbir Bains


launching a business is a very serious issue and one that you should consider for a long time before you take the plunge. Here are five key learnings from my experience in setting up a business. These should be part of the checklist for any new business.



Research



It may sound obvious but many businesses fail because they have a concept that has not been properly researched. Make sure your business proposition is viable and that you have researched the business concept thoroughly.



Detail



If you focus on the small details, the big things will look after themselves. Never let go of the fine business details until you feel you have covered every angle.



Networking



In a country as populated as India, you need to spread the word as best you can to your particular audience. You will be surprised at how many people do not get to hear about your business. Advertising can be a very expensive in the first year of any business. Identify your target and try as many inexpensive options as possible.



Never give up



Most businesses take at least 18 months to get established. This is what is referred to as the gestation period. You will always come across many people telling you your idea is not viable. This tends to happen before you start your business or when you are going through teething troubles. At this time, it is important to stay focused and strong. Don't let anyone challenge your vision.



The customer is always right



In any service-led business, you will always have consumers who will be happy and unhappy with your service. You have to adopt a service level that keeps your customers happy and loyal to you. This requires maturity and vision and, often, a fair amount of concessions on your part. Until you become established, you need your customers more than they need you.



I will elaborate on all of this in the next few weeks. Meanwhile, as all my business contacts say in Mumbai, I'll be back in two minutes...



Dalbir Bains' store, Boudoir London, is located in Mumbai.

http://in.rediff.com/getahead/2006/dec/20bains.htm