Image by Gerd Altmann from Pixabay 

I applied this notation as a heading of my article, as we are all aware of this phrase. We often use it but hardly understand the depths of business in the real sense. It is one of the famous dialogues we all listened to from the movie RACE-3 by actress Daisy Shah. I know many viewers are not interested in business but want to be called an entrepreneur without knowing its value concerning personality and mentality.

Nowadays, I used to listen to many of youth-interest going towards doing small businesses as their start-ups. The TV reality show Shark Tank generated our keen interest in these start-ups positively. If you have seen, you can understand how the several schemes by the central government also approve to solve their financial issues by giving them proper finance to motivate youth towards starting their start-ups. But do they know what risk it has or what strategy they need to plan ??

The problem is funny to think about this phrase that always keeps notifying me that it's none of your business. Most have forgotten that in any field of work, everyone is equally important to us, as well as random strangers. Occasionally, they play the role of your goodwill, and sometimes, strangers can play the part of your customers. So basically, everybody's business is to think twice before saying anything in front of anyone because everyone who contributes to business here wants to talk about public relationships. Here is the most problematic thing I know from newcomers to business tycoons.

We know a few named and famous personalities who are our youth inspiration in the world of business, such as Dhirubhai Ambani, Anil Ambani, Mukesh Ambani, Ratan Tata, Aditya Birla, Elon Musk, Steve Jobs, and Mark Zuckerberg. These persons are unique in their ways. You can't skip these personalities if you are not interested in doing business. We primarily mention that central government is for the people, of the people, by the people.

I used to think literary businesses are for the people, of the people, and by the people. It just matters to understand people decide whose government is about to win by voting. In the same manner, we decide whose product we use, we satisfy, and we publicize its growth from mouth-to-mouth publicity behind the screen of that company. We are ordinary people flourishing and making someone a business tycoon every five years to decades. Even the ones who are doing nothing, basically unemployed, those people also made Mark Zuckerberg rich by using social media platforms.

Now I would draw your attention towards the technically ethical problems which businessman has to deal with from whom we are aware. Firstly, I know everyone knows business is like a zig-zag, up-and-down graph of financial status. At that time, most individuals who were not into business would think, thank god it's not my business, and it's their business, as it's understandable that no one wants loss in life, especially financial loss.

TOP 10 CHALLENGES FACED BY SMALL AND MEDIUM BUSINESSES (SMBS) IN INDIA

  • Recruiting Employee:- An organization should value the employee after and even before recruiting them as the company's behavior towards them goes to feedback through their work efficiency and loyalty. We can't avoid we Indians are bound to respect some of our relation-based connections. Keeps on selective employee, salary to be high from time to time so that they can understand their efforts recognized by the company and owner.
  • Office set up:- As it is understandable to run any business, every owner needs a space or place called an office set up. Working-space office chambers have large amounts of cost and spontaneously when your profession starts expanding. The owner needs more space to establish further as the employee quantity increases. If the owner loses his business, that rent becomes more of a burden for him as a person.
  • Competitors:- As a customer, I have to say for every product, I have many options I can choose according to my pocket and shopping taste. But for a businessman, it's a platform that came into his life with already established competitors. Stand in that environment, run as much as you can, and prove that your product is long-lasting and does not depart as fumes.
  • Inconsistency in cash:- As we all know, business is a game of financial ups and downs, but when a business gets a drop, you should be alert about what loopholes in your cash flow route line. Many times, it's connected with budget issues, not paying bills on time and knowing you cross the time bar how much penalty one has to give, too much-taking loans and debt for business investment, tax compliance by avoiding Internal Revenue Service, mixing business and personal expenditure from same account this might create confusion, ignoring unseen expenses.
  • Owner:- In a business, many things are supposed to be done by the boss to run the business, having sufficient staff, the interference of the boss doesn't stop. Sometimes, it responds in the wrong manner for employees or business clients toward the downfall of business growth as too much dependency on the owner, too much for every resource of decision or effort becomes complicated most of the time. It shows that the company is insufficient in the absence of a boss.
  • Quality check:- Quality check is the most crucial when your product arrives in the public market for getting a response as feedback the company's staff are alert. But after launching and when the business expands, most of the time, the company does act careless regarding the quality of that product because, at that time, company rules change with comparing the time availability, and now well focused on quantity rather than quality which, leads to losing the public trust in your product.
  • Marketing and Advertisement:- Marketing with a proper target who can understand your product ads is the most challenging. You have to understand your product value and for whom it has the utility to purchase. For that, you need a research and development team for the customers. For example- if the product is Kitchenware, there is no need to approach college students. What advertising media you use played a crucial role in directly connecting to your customers? For example- youth like digital ads with vibrant or black and white colors according to products, and women love to buy things after listening mouth to mouth publicity.
  • Bookkeeping:- Bookkeeping is essential if you are running any business. Keep one record of every transaction detail in one place/folder /file. It would help you to understand the cash flow of your business timely.
  • Audience or Clients:- Don't rely on the same clients over and over again who would not support your products or purchase or appreciate your product, as you have to understand being an owner of your company, you are bound to your product. However, your clients and audience are like free birds of their choice.
  • Brand Building: A brand is a sophisticated connection with your product. How your product reaches out to every known-unknown customer, what kind of ads your company publish, what kind of services your company gives for the satisfaction of your customers, and what feedback and response you are getting for your product from any individual or user of your product. It's the pattern that all things regarding your products are interconnected. It is like a game of building blocks. Your one fault moves towards ruining your business before getting the acknowledgment of the brand name of your product or company.

I can't stop here as the challenges for business are not over yet. I just informed you about the challenge regarding what the company is about to set up and what problems one has to face before starting a business.

Conclusion:-

I have heard from my family members often that business is not in our blood. So, is it from heredity? No, but yes! If you are born into a business family. Beyond your staff members, you will keep getting tips, strategies, unique ideas, how to control your employees, and many things from your family members. Many have already cleared in the mindset of entrepreneur who belongs to business families, the courage to deal with money ups and downs typically service class not going to understand its root as we all understand that business tycoon Mukesh Ambani got the quality to rule the world of business from his dad Dhirubhai Ambani and is called business is in blood.

Business, how complex? I hope all of us can understand and be more relatable to our lives. I think those who can invest their time with alertness and make it interesting for their employee and customers will steadily and surely win the race of business zig-zag routes by focusing on their evolving roots.  

References:-

  • https://www.tmf-group.com/en/news-insights/business-culture/top-challenges-india/#:~:text=But%20doing%20business%20in%20India,the%20success%20of%20your%20venture.&text=The%20cost%20of%20starting%20a,be%20daunting%20without%20local%20knowledge.
  • https://www.theofficepass.com/toppings/top-challenges-faced-by-small-and-medium-businesses-in-india.html
  • https://www.indeed.com/career-advice/career-development/retaining-talent#:~:text=Retaining%20talent%20begins%20with%20recruiting,worked%20with%20their%20past%20employers.
  • https://portcities.net/blog/latest-news-from-odoo-port-cities-2/the-biggest-challenges-smes-face-and-how-to-overcome-them-51
  • https://www.netsuite.com/portal/resource/articles/business-strategy/small-business-financial-challenges.shtml#:~:text=Too%20Much%20Debt,Mixing%20Business%20and%20Personal%20Finances
  • https://www.hansenmultimedia.com/2018/11/is-founder-dependence-hurting-your-business/#:~:text=Founder%20dependence%20is%20a%20phrase,and%20supervision%20of%20its%20founder.
  • https://www.moneycontrol.com/news/business/6-marketing-mistakes-that-can-be-the-undoing-of-an-sme-10983201.html
  • https://www.businessnewsdaily.com/1484-starting-a-business.html

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