On planning to set up a small business, it is important for the entrepreneurs to know the essential do’s and don’ts of business administration and find solutions the key problems. There are specific reasons why startup businesses fail at the first year itself, and there are many things which one may do if there is any downfall.
Sometimes it may be that the target market will simply reject your product or service offering and the pricing. Some other times, it may be that you fail to make arrangements for the working capital and it ultimately ends up at a dead stop. You have to think these through and act diligently if you want to attain success. Here are some essentials to consider while running a small business to make it successful.
Don’t expect overnight success
Remember that entrepreneurship is not a spring, but a marathon to run. Even if all your stars are well aligned, and you have a clear vision, there can be a lot of challenges along your path to success. Most of the times, the one big mistake startup entrepreneurs tend to underestimate the actual amount of time and resource needed to attain your goals and the need for dedicated customer support.
By default, for the majority of the startup businesses, the rate of customer acquisition may be slower than what you may anticipate, even after a considerable amount of money spent on advertisements. Starting a business is not actually the easy way to “get rich overnight” as you may have seen in some commercials.
The key to success as an entrepreneur is to stay focused and keep a long-term vision. You also shouldn’t waive your will and determination until you taste success and go beyond. Believe in yourself as well as your products/services’ value, trust your team, and don’t get excited about any instant gratifications coming in your way or quick wins, but make use of them to keep yourself motivated.
Don’t complicate your business concept
Usually, people start their business from a simple idea and an innovative solution they find for some everyday problem. While doing this, ensure that you don’t make this initial idea too complicated on the go. Simplicity is the best approach to get a business established. The more elaborate an idea becomes, more expensive and difficult to accomplish it may get.
Overtly complicated business solutions are also so difficult to implement for the market. For operational purpose also, it is ideal to narrow your focus and start small. Check out the best possible way to deliver simple, but top-quality products or services and grow step by step. Simplifying the product will not only help cut the cost but also helps to determine the MVP (minimum viable product), which can be scaled up in future. You have to first prove a gap in the existing marketplace and then take a lean business approach to find out the right MVP of your solution.
Don’t underestimate the need for a strong database
Every business needs to think of a strong and safe database management system to succeed in this highly competitive market. There are various database solutions available now as on-premise, off-site, locally managed, cloud DB, third-party, etc. The requirement may vary from case to case, but businesses at the first point need a secured, reliable, adaptable, and searchable database in order to handle the continuous influx of data.
Nowadays, businesses don’t need to manage or analyze all these on their own. Database management systems (DBMS) are available in plenty, which you need adopt in order to minimize risks and optimize the performance. Some of the major database considerations as suggested by RemoteDBA.com experts include, but not limited to:
- Oracle – It is one of the most recognized database management solutions now used worldwide. Oracle is also lately embracing cloud solutions.
- Microsoft SQL Server – Even after the release of SQL Server 2016, its older versions like 2008, 2012, and 2014 are still used widely by clients across the globe. SQL means structured query language.
- MySQL – It is the open-source alternative of Microsoft SQL server, which has gained traction as a go-to DBMS for all sort of web-based applications including the complicated e-commerce sites for leveraging the dynamic content.
- PostgreSQL – It is also an open-source relational DBMS which is used widely. PostgreSQL runs on a variety of operating systems including Linux, Windows, Solaris and also on Mac OS X.
- Microsoft Access – This is a light-weight version of the Microsoft SQL Server. It is found ideal for small business and e-commerce with content management systems.
- Teradata – If the need is to meet big data requirement, then Teradata deals with VLDB (very large database). The latest version Teradata 15.10 is the favorite choice of organizations looking forward to handling huge volumes of big data, IOT, and BI, etc.
Some other options to consider in the database include IBM DB2, Informix, SAP ASE, Amazon’s SimpleDB, etc.
Don’t focus on the product, but the market
One another mistake small businesses tend to make is to rely too much on their product. However, when it comes to driving in sales, it is essential to focus on the market to achieve it. Startups need to focus on delivering products and services to people who are in need. Even if your product is the most revolutionary solution to a problem, you won’t get anywhere if there is no market demand for it. So, try to focus on niche areas and as far as the start-up business rules go ‘it is better to get a small market than trying to invest in a market which doesn’t exist at all.”
Concluding it, at its heart, entrepreneurship is a big leap into some unknown cliff, particular if you haven’t done it before. The difference between those who become successful and fail is simply in terms of the knowledge they gain. It is essential to seek help internal or externally from people who are willing to. The most successful entrepreneurs are those who take these lessons to their heart and always maintain an improvement-oriented mindset to excel in their career as entrepreneurs to do big things.