StartupTalky

Tag: businessman mindset

  • How To Become A Successful Businessman (16 Proven Tips)

    Walking on the path of entrepreneurship is not a cup of tea for everyone. It is a choice to take the difficult challenges to create a mark in society. It is a journey full of inevitable ups and downs to make this world a better place. Well, as it was said Rome was not built in a day, one can’t become a successful businessman overnight. Even if you are working hard succeeding as an entrepreneur is tough. You need business acumen and the right mix of skills especially dealing with people.

    As per U.S SBA, 66% of startups fail within the first year of launch. What’s more, Entrepreneurs Organization says over 50% of startups fail within the first two years. So, it becomes essential for one to find how to become a successful businessman and operate business smoothly. So here are some tips to be a successful businessman.

    16 Tips To Become A Successful Businessman

    Don’t Be Afraid of Risks
    Ask for Advice
    Keep Moving
    Be Curious
    Your Team Is Everything
    Innovate, Innovate and Always Innovate
    Focus On Results and Not Reasons
    Know Your Customer Well
    Be a Leader
    Make Critics Your Friend
    Make Your Business and Work Your Worship
    Follow Basic Rules
    You Will Feel Burned-Out, Get Used to It
    Have a Vision
    Don’t Settle
    Challenge Yourself

    Don’t Be Afraid of Risks

    You have chosen to be an entrepreneur and one of the most exciting parts of being an entrepreneur is the thrill and exhilaration you get to feel if something works. Even if something doesn’t work, admit a mistake, learn and move on. Always encourage new ideas to flow experiment with them and then make it work for you.

    Ask for Advice

    Are you usually the smartest guy in the room? If so, you’re in the wrong room. If you will go deep into the life of successful entrepreneurs you will find that mentor-ship is a fact they all mention and is what enabled them to get where they are.

    You can get advice from financial institutions, professionals and industry gurus, among others, but to be a successful businessman you have to seek advice before making major moves.

    Keep Moving

    If you don’t have a particular skill and knowledge, don’t wait or stop. Hire an employee or get a freelancer to get it done for you. You never know how much it can cost you to keep a task pending for later. It is good practice to keep the business going in any situation.

    Be Curious

    One habit every successful businessman follows is to read widely and frequently. Know what your peers are doing and how people have to make it big. The more knowledge you will be the more informed and quick the decision you can take.

    Your Team Is Everything

    If you were an employee once, you must have thought “It must be so nice to work from home, I wish I could do that!” Create a home-like environment for your employee. Talk and discuss with them. The more you will tell them, the more they will share. Inspire them.

    Innovate, Innovate and Always Innovate

    Innovation should be the core of your business. The only thing that keeps a company running in today’s time is innovation. It is what keeps you ahead of your competitors. Innovation doesn’t mean coming up with something new just for the sake of it but coming up with something which will help your customer with a greater result.

    Focus On Results and Not Reasons

    There are reasons and there are results, the only thing that matters for a great businessman is the results. Reasons are full of emotional biases and are often wrong. Rather than guiding your business on the backend of assumptions, build it on data.

    Know Your Customer Well

    You think you have a billion-dollar business idea and it took one year to build the product. Now you go to the market and find that nobody actually needs the product. So did you really build any product or startup? NO! First, know your customer and build what your customer wants. Try to give them the best experience in whatever way possible.

    Be a Leader

    Successful businessmen have to work with a team and take tough decisions on a day to day basis. You need to have confidence in all these because the team follows the leader. To become a successful entrepreneur, one must know the qualities of a good leader. Remember a good leader is someone who motivates others in every situation.

    Make Critics Your Friend

    Take as much feedback from as many people as you can about whatever idea you have to seek critical feedback. Ask them what’s wrong. People don’t like to complain or point out faults, but that’s what will make your business stronger.

    You don’t have to agree with them or necessarily follow their suggestions. But the more feedback you have, the more information you’ll have to make the right decisions for your business.

    Make Your Business and Work Your Worship

    If you want to become a successful businessman, be passionate & strong about what you are doing. Either it’s 100% in or 100% out. There is no middle ground, there never is. U.S SBA reports over 47% of startups to fail when owners rest on their laurels. Mark Zuckerberg goes to work daily as does Bill Gates of Microsoft, among other successful entrepreneurs. Why should you leave others to run the show?

    Follow Basic Rules

    Being a young entrepreneur doesn’t exempt you from registering your business, keeping records and paying taxes. Following these simple rules now will save you from legal and administrative headaches later.

    7 Tips for Starting Your Business in College
    To become a successful entrepreneur, [/tag/entrepreneurs/] one needs to dedicatetime and energy to a business venture. Starting working on business gives a lotof time to know the in and out of business. But it takes willpower to start abusiness [/tag/start-your-own-business/] at any age as starti…
    StartupTalkyShubham Kumar

    You Will Feel Burned-Out, Get Used to It

    You never know when things are going to start coming at you that you can’t control. Somethings might backfire and you might lose all hope. There is so much uncertainty that at one point in time you might feel you have lost almost everything. One must have a strong will and should be hopeful no matter what the situation is.

    Have a Vision

    Know what change you want. With vision, you can think about your capabilities and resource. Being a businessman, not having a clear vision or goals is the most dangerous thing to business and to yourself too. To become a successful businessman, you must know what goals you have to achieve and what changes need to be done to achieve those goals.

    Don’t Settle

    As it is said, there is always room for improvement. A businessman always sees where things are going wrong and how they can be improved. No matter how good your business is going currently, one must look for opportunities to improve more.

    Challenge Yourself

    If you want to be a thriving as well as become a successful businessman, you will have to challenge yourself no matter what happens. No one else is going to push you, so it’s up to you to do it.

    10 Ways to Boost Self-Confidence that You Need to Know as an entrepreneur|
    Believing in your abilities, powers, and judgments is what brings success inlife. Self-confidence is memory verse in our day to day life. Sometimes, Lifefeels meaningless without self-confidence. Self-confidence can be achieved byanalyzing and identifying what you are good at, what value you add …
    StartupTalkyParnas Ghosh

    FAQs

    How to become a businessman?

    • Take risks.
    • Challenge yourself.
    • Ask for advice.
    • Understand your customers.
    • Work on communication skills.
    • Be ahead of your competitors.

    How to become a successful entrepreneur?

    • Create a business idea.
    • Make a business plan.
    • Think about scalability.
    • Research your market and competition.
    • Know your customer.
    • Find rich people in your area.
    • Find an investor.

    What skills should a businessman have?

    Essential business skills required for a businessman

    • Financial management.
    • Leadership.
    • Communication and negotiation.
    • Project management and planning.
    • Marketing, sales and customer service.
    • Delegation and time management.
    • Problem-solving.

    How to improve business skills?

    • Keep financial score.
    • Set goals.
    • Master business presentations.
    • Monitor trends.
    • Sharpen your selling skills.
    • Find best practices to grow business.
    • Use high-impact marketing.
    • Motivate staff.

    What does a businessman do?

    Generates cash flow, Find investors, Create marketing campaigns, and Negotiates with the supplier.

  • Everything you need to know about WhatsApp Business

    WhatsApp Business, a sequel to the WhatsApp Messenger App /Software which incorporates basic sales, marketing, and business tools for small, medium, and large scale firms, was given a warm welcome to the world of telemarketing in recent times and has since converted from being just a simple, supplementary software to a majorly used app in itself. Here is everything you should know about the Whatsapp Business App which you may … or may not have heard of.

    The WhatsApp Business has successfully introduced a virtual location for businesses as it simultaneously acts as a stall, a shop, a customer care agent, and lots more. It is important to note, though, that the self-marketing attribute leveraged to make the awareness and engagement of this App a huge success is one out of the five things you need to know about WhatsApp business which you, probably, never knew before now. Are you eager? Let’s move.

    As a Virtual Service Center

    Virtual Service Center
    Virtual Service Center

    Consider this platform as your virtual service center where customers or clients would get a first-hand, top-notch kind of attention as they would at any of your physical outlets. A formal tone of communication, a remarkably reduced employment of smileys and emojis except you intend to make emphasis on appreciating a patronage or make similar reactions.

    How to Create a WhatsApp Channel: A Step-By-Step Guide
    In this step-by-step guide, we’ll walk you through the process of creating and managing WhatsApp Channels, enabling you to harness this powerful feature effectively.
    StartupTalkyAbira Dutta

    As a Catalogue

    The CATALOGUE feature is your best bet for displaying your available goods to every contact on your list. You can save a considerable amount of data by uploading and re-uploading pictures and customer reviews on your status timeline.

    While you may need to constantly refer your clients to your catalog to check out their preferences, it helps them to make their choices and decisions without the littlest of pressure from you, the vendor which may or may not account for an after-remorse later on.

    As a Reception

    The AWAY/GREETING MESSAGE is meant to make your clients comfortable chatting with you while you are away but as sweet as you would want your welcome note to be, it would be sweeter to make it as precise as possible!

    This message should do three major things which are to Welcome your recipient, give a tagline about your brand and call them to state their aim of reaching you. An example could be,

    ‘Thank you for reaching out to the home of edibles 100% fresh from farm. Please let us know how we can help you’         ‌

    As a Labelling System

    The LABEL feature is a virtual assistance tool that helps you keep a track on your clients as it, the tool, classifies them on the basis of the payment status with you. This will help a great deal to identify your clients from each other even on the run whenever you fail to relate with whatever name their contacts are saved as on your device. It happens to everybody.

    Labeling_StartupTalky

    The labels help you to organize your customers into the following  classes:

    • New customers
    • New orders
    • Pending payments
    • Paid orders
    • Completed orders        

    Paytm – An E-wallet that rules the world of Digital Payments!
    This post has been approved by the organization it is based on. Nearly 1.7 million people in the world are unable to engage in the formalfinancial system. This imposes adverse effects on saving and investments.Cash-based transactions lack transparency and are also typically unsafe. Paytmbrought …
    StartupTalkyHimaya Presthitha

    As much as we tend to keep personal records and tracks on our clients in the case of a physical outlet, this feature greatly helps in satisfying this need by employing different colors of tags which you will get used to and will be able to define at first glance overtime regardless of how confusing it may seem at the beginning of your journey on Business Whatsapp.

    As a Privacy Check For Your Business

    You can now have your private conversations separated from the business talks by installing both the Whatsapp Business App and the Whatsapp Messenger App on the same device but with linkage to different phone numbers. At your discretion, make the business contact public and the other private; this will help you maintain your privacy especially if you are the kind of person that would never think of joking with yours!

  • How Rockefeller built his trillion-dollar oil empires

    How many wealthiest Businessmen or tech giants are living today? There are plenty of them who have worked their path through to the billionaire. But the only name topping the chart died almost a century ago. The businessman who continues to rank as one of the richest men in modern times built a trillion-dollar oil empire. This is the story of John Davidson Rockefeller(1839-1937).

    He is still one of the great figures of Wall Street, reviled as a villain, applauded as an innovator, but universally recognized as one of the most powerful men in history.  

    Early Stage of Rockefeller

    John was a smart individual since childhood. He got his hands into a lot of tasks, including raising turkeys and doing chores for neighbors, to make any money for his survival.

    34 Business Ideas To Implement In Rural Areas [In 2020]
    This post describes some incredible rural business ideas that can be launched ona full-time basis or as an afterthought. If you live in a rural area, it mayseem hard to think of business ideas. Numerous business sectors that are easilyaccessible in huge urban areas are not available in case of ru…
    StartupTalkyDevashish Shrivastava

    He received an unusually good education for his time till the age of 16 and then found a job as an assistant bookkeeper at a company called Hewitt & Tuttle, but he left that position in order to form a business partnership with oil driller Maurice Clark, that would later become Rockefeller, Andrews & Flagler, a company that focused on oil refineries rather than drilling.

    Frustrated with the low wage rate at the Bookstore, he decided not to invest his more time into the job and get some higher paying work. He then managed to secure a loan and started selling food products, such as grain and meat.

    The business boomed and John made some serious money. He was far from a millionaire though, but he didn’t do too bad for an inexperienced teenager. He was only 18, but the banks, impressed with his commercial acumen, were ready to loan him more money.

    Standard Oil

    In 1865, Rockefeller had borrowed some money to buy some of his partners and take control of the refinery. Over the course of the next few years, he acquired new partners and expanded his business in the growing oil industry. In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother, and a group of other men. John Rockefeller was himself the president and largest shareholder.

    Standard Oil Company
    Standard Oil Company

    Rockefeller’s Oil Monopoly

    In 1859, the first oil well in the United States was discovered. And so there began the oil rush and rise in demand. A lot of passionate entrepreneurs, including Rockefeller, rolled up their sleeves and prepared to grab their slice of the pie.

    When a bunch of determined, ruthless, pioneering entrepreneurs see an opportunity, they don’t show any mercy to their competitors. These people are relentless and won’t settle for anything but the first spot.

    How to be a Good Boss | 10 Ways
    Becoming the leading head of any company or office is a great honour andopportunity. It always gives a feeling of superiority and strength. As the boss,people get respect, attention, and love from their employees. However, this isnot always the case as bosses might become the center of gossips an…
    StartupTalkyParnas Ghosh

    John Rockefeller not only sold refined crude oil but he also squeezed profits from byproducts like paraffin wax, tar, and naphtha. He didn’t buy wooden barrels from other businesses, he bought a forest and used his own wood to produce barrels to store oil.

    The revenue kept coming and Rockefeller made all the small competitors surrender to his authority. Rockefeller incorporated his company as the Standard Oil Company in 1870.

    But there was one thing that was still bothering him. There were four more competitors left and Rockefeller, who was raised in a crowded household and earned 50 cents a day, wasn’t a big fan of sharing.

    Rockefeller’s Standard Oil gained a state of monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, various companies were combined into the Standard Oil Trust, which would control some 90% of the nation’s refineries and pipelines.

    By 1890, his company, Standard Oil, was gaining major profits, which he used to buy out competitors. While Rockefeller’s offers were usually readily accepted, he had ways of persuading holdouts.

    He bought up all the oil barrels to cause a shortage that crippled smaller companies. Orchestrating price wars between wholly-owned subsidiaries, forcing holdouts to sell at losses. Also, Secretly bribing legislators.

    Limiting the number of trains available for shipment by leveraging his close relationship with the railroad companies. Purchasing all of the equipment and the equipment suppliers, then refusing to sell replacement parts to holdouts.

    Rockefeller’s Journey to Trillion Dollar Empire

    Standard Oil Trust

    After his failure to reorganize the rail industry, Rockefeller decided to restructure his sprawling empire. He and his partners innovated a first of its kind trust, where they swapped their individual holdings for shares in the trust. Rockefeller now wielded centralized control and veto power on all of the corporate boards within his conglomerate. The immediate benefits included even lower costs, lower kerosene prices, and standardization across the industry. Rockefeller’s company now had the assets and wealth to build pipelines and other infrastructure, on a scale that was previously unthinkable.

    10 Largest Trillion Dollars Companies in the World you never heard of
    The advertisement and marketing campaigns are very important for the promotionof the largest companies in the world. Although, why to waste money on theadvertisements if you are already earning millions. Well, this article willnarrate about the largest companies in the world who are selling produ…
    StartupTalkyAshwini

    Standard Oil also employed chemists who developed ways of increasing the types and quality of combustible fuels and created methods of converting waste into usable substances. The petroleum coming out of the ground was being refined into various products, such as diesel fuel, varnish, and hair gel. As the new products became cheaper to produce, the company increased its global economy of scale.

    Standard Oil had its hands in many ancillary industries, such as iron, copper, steel and coal, but it also grew its presence in more unexpected areas, such as general stores. Rockefeller wisely forced shops to carry his products alone, where he was able to draw on the empire’s war chest to slash prices, thereby driving non-compliant shop owners out of business. Standard Oil likewise bought up newspapers to promote its version of events. It also owned its own boats, railroad cars, and warehouses, while manufacturing its own sulfuric acid.

    Rockefeller’s later life

    After retiring in 1896, Rockefeller channeled his energies towards philanthropic deeds, donating millions of dollars in the latter years of his life. With his son’s help, he created the Rockefeller Foundation, to carry on his work after he died. His business practices and charities have nonetheless benefited millions of people.

  • Developing Entrepreneurial Mindset, Here is What it Takes!

    Having an entrepreneurial mindset differentiates a success and failure as an aspiring entrepreneur. One should be adaptable, yet decided, committed, yet OK with dissatisfaction, and a pioneer, yet a pessimist. Thus, it is important to know why and how to develop entrepreneurial mindset. By following some simple steps  and exercises, an  aspiring entrepreneur can develop entrepreneurial mindset.

    Regardless of whether entrepreneurs have a current business or are preparing to dispatch their own business, one of the most squeezing needs is the means by which to create and fortify the entrepreneurial attitude. Yes, constructing a business requires genuine work and exertion; however, it is best finished with a mentality that grasps the activity and hazard required in turning into particular supervisors for their own company.  This may seem like an aggressive assignment if an entrepreneur doesn’t have these qualities.

    Why should one Develop Entrepreneurial Mindset?

    Developing an entrepreneurial mindset is very important for a number of reasons. First, such mindset gives you ability to perform at higher levels, thus achieving more. Secondly, it will allow you to develop your business ideas to the fullest. With the help of entrepreneurial mindset, you will have a better chance at succeeding at finding the right idea. By developing entrepreneurial mindset initially, you prepare yourself to the fullest for your entrepreneurial journey later.

    Developing an entrepreneurial mindset not only helps you in the entrepreneurial journey but it also gives you the tools to excel in whatever you do. Even if you are still working for someone right now or in college, don’t ignore this if you have not begun your entrepreneurial journey. Lastly, when it comes time to execution, you can go full force and not have to worry about learning an entrepreneurial mindset and all the details of your new business.

    Also Read: Common Problems Entrepreneurs Face and The Truth About Startup Life

    How to Develop Entrepreneurial Mindset?

    Frequently, the descriptors portray a decent entrepreneur as forceful, pioneering, road keen and a daring individual, among numerous others traits. The test is in changing one’s state of mind to fit every one of these descriptive words. So here are a few tips to develop an entrepreneurial mindset.

    Have a Positive Attitude

    Having a positive attitude is not about la-la-land guarantees or keeping up a Pollyanna-ish state of mind. It is about observing things in context and surrounding things in a positive light.  The correct state of mind grasps challenges, continually searching for the lesson covered in the troubles.

    Be Unique

    Entrepreneurs grasp their uniqueness. As kids, people tended to need to mix in instead of being explicitly extraordinary. In any case, now it is proposed that entrepreneurs grasp their individuality. When people can commend what makes them and their organization unmistakable, they emerge from the group and separate from their rivals.

    entrepreneurial mindset definition
    Entrepreneur Thinking can generate New Results

    Have a Clear Mission

    The work and item ought to offer some incentive to others. People ought to have an unmistakable individual mission they use to manage their vocation choices. As an association, it’s critical to be mission-driven and unmistakably convey that mission both inside and remotely.

    Have Perseverance

    An Entrepreneur will be more than once subjected to dismissal and could likewise experience naysayers at all times. One ought to be resistant to reactions and figure out how to treat achievement and dismissal similarly.  
Dissatisfactions are hard to manage. But at the same time are opportunities to learn and retain the most. In the meantime, achievement ought to never give somebody an overwhelming head on their shoulders which can make them exceedingly stubborn and close to new and better thoughts.

    Pace Yourself

    Yes, entrepreneurs have a ton of work to finish, to achieve the highest point of that mountain, yet tolerance and persistence characterize fruitful business people. Entrepreneurs have to pace themselves as they move to monetary and business achievement. Inspiring one is a splendid quality; in any case it is unsustainable. It is beneficial to get ready for those circumstances when they will have to work requesting hours, however they should not characterize themselves by their capacity to do that and just that, or they’ll soon wear out.

    Stay Flexible

    The adventure to achievement is not straight and keeping in mind that it’s critical to concentrate on results, be adaptable on the procedure. Remaining agile on the adventure will help to adjust and be centered on autonomous effect. Be adaptable in techniques; react to the market and the clients.

    Build a Network

    Know the gifts on the group and in the system that can be of advantage to the association. Figuring out how to function more intelligently and not harder is a piece of being ingenious. Entrepreneurs don’t need to rethink the wheel unfailingly. Research and know the space and every one of the advantages that are accessible.

    Also Read: Must Read Startup Books for Entrepreneurs in 2020

    Take Ownership

    The last stride in making a real entrepreneurial attitude is taking proprietorship. Be the pioneer, possess the work and assume liability