The Beginner’s guide to Visionary Business

Establishing a business is fun. But only establishing a business doesn’t make you an entrepreneur. You have to be well sober enough to understand that vision is necessary.

A clear vision of what you are doing helps to expand the business. And in business, you need to maintain a consortium in order to succeed. Let's ponder in detail.

A visionary business shall have these elements.

GOALS/OBJECTIVES

The very first thing we need to ponder upon is the ultimate goal of the project. Without a goal, we cannot decide what will be our path. Nevertheless, it is the basic foundation of any business and needs to be well defined by the founders of the company.

Notwithstanding other things, it shall be well documented in pen and paper format and agreed upon by all the partners of the venture.

On the other hand objectives of the business are the same as the goals and all the format of the steps in conducting the operation of the business must be included.

It has been well proved by several reports that the aftermath of a proper well-defined goal and objective is a sole factor of a successful business. It helps to eliminate distress.

MARKET ANALYSIS

We need to figure out the obscured factors of the market. It’s a boon step in order to make things easy. Not only will it provide you direction but also it will help in order to analyse the competitor's strategy.

Hence to analyse the market we need to first jolt down all the elements of the business. Then all the information shall be well read off.

This must be done by skilled people and to be more clear do not rely only on google for the research because your competitors are strong enough to hide the main element.

FINANCIAL PROJECTIONS

Finance is ultimately the backbone of any economy. Hence, in the world of business, we have the same concept too.

The power of any country is well defined by the strength of its GDP, and it is the same concept which is well adopted by the business too.

You need to define a basic goal as to what will be your financial target from hence. What is the vision with regard to money in your business?

You need to sit down with your board members or if you are small then sit with your founder and co-founder and decide what will be your strategy with regard to money and ultimately the financial projections.

RESOURCES & CAPABILITIES

If you are a small business then you might be lacking the basic resources required to run the startup. Well, no worries. Even big companies were minuscule once.

Nevertheless, you need to gather all the resources you have in hand and this method is known as BOOTSTRAPPPING.

See your competitors will never be magnanimous towards you. They are in business and in business, emotions don’t have any legs to stand.

As capabilities, you have to gather the bright minds that can tackle the resources thing and help you to level up the game.

RISK ASSESSMENT

The biggest risk is not taking any risk. In the arena of business, the person who takes a risk is the one who knows how to become victorious in the coming future.

Risk is what differentiates the leaders and the followers.

My wise advice to you will be that please take calculated risks rather than blindly listen to anyone.

MARKETING STRATEGY

Now all the above things when noted down will be sufficient enough to define a simple marketing strategy. Nevertheless, the founders shall be sober enough to list down the basic elements of the marketing strategy.

More of that in the next blog post. Stay tuned!

PRODUCT DESCRIPTION

Now, Steve Jobs once said, ‘It is more important to decide what not to do than to decide what to do' because in the world of action, over-promising and under-deliverance we seldom find people who are real goal achievers.

In order to become the 1% of it, we need to define it clearly. Our products must be well known and understood by us itself. We need to make it very clear that we have complete knowledge about what we are selling, hence describe well.

LEGAL ISSUES

Legal issues are inevitable. It funs at times. Law is the same for all and in the arena of clear money making, we need to understand the fact that legalities need to be well taken care of.

Competitors might use the weapon of the law to put you in trouble.

This can be well seen in the case of IPR (Intellectual Property Rights) disputes. Companies register their things to safeguard their products and even use them as a weapon.

BUSINESS STRUCTURE

A well-run company needs to have a basic structure in order to make the system in autopilot mode.

It’s the hierarchy which defines the basic structure. We have already discussed the importance of a hierarchy in detail in one of our posts. You may refer to it!

CONCLUSION

It clearly transpires that a business in the long term can only succeed if the founders of the company have VISION. Hence, to succeed one needs to have a long-term clear vision. In the end Victory.