What is an enterprise? It is a new plan, project, or business. There are an endless number of successful enterprises out there that help us in our daily life and make our life comfortable.Eg-Amazon is one of the most successful enterprises in the market. Jeffery Preston Bezos is the founder and chief executive officer of Amazon.com. Initially, he started it as an online marketplace famously known as kindle and then expanded into a multitude of product categories and today everything ranging from breakfast cereals to television can be found on Amazon and can be delivered to our doorstep with a single click. It solves a lot of problems such as a person might not have the time to go to a store and buy groceries or stationery so he can order his list very conveniently sitting on his office chair and it would be delivered right to his house. It would also save the trouble of carrying loads of bags. So the foremost important step to setting up a successful enterprise is to find an opportunity, a business idea that is required but is not on anyone’s radar. This makes you unique in the market and if your business caters to a wide variety of populations chances are that your clients may grow very rapidly.
You have less competition and more time to expand. So the ingenuity of the idea is a key factor in determining whether it is successful or not. Moving on further to establish a successful enterprise you need to ensure that your solution to the problem or plan to work out a situation is feasible and possible and most importantly accepted by the people. Eg-if someone wants to start a frozen jelly company and has no idea how to go about the storing facility the idea is a waste but if the person figures out that the jelly would be bought by customers in liquid form and refrigerated for 15 mins will give that liquid a jelly-like texture will give a rest to the problem of storing as there is no melting going to happen due to the liquid form of jelly. Now you have an opportunity and a plan but how to set up everything? To grow a business people should be aware of it.
Advertisement is a very essential step in spreading information about the enterprise. To reach out be people start with ads on TV, newspapers, banners on billboards, and fliers. Influential people and actors should be hired to work in the TV ads as they attract people’s attention and ability to influence people to buy the product or use the service. Packaging of a product by its purpose is vital as it makes it convenient for the customer to get to know about the product. The packaging should be informative and the color scheme should be attractive. Once people get to know about the product or the service attractive offers and heavy discounts should be offered to attract people s attention. They should be regularly offered according to the relevance of time. One of the most important marketing strategies is the placement of the product on the shelves. It should not be hidden in a corner, it should be right in the eye so even if the person did not visit to purchase it would see it and get interested in it.
Once the service or the product is fully prepared to be launched, it is the team that will make it a success. Hire the right kind of staff, experts who will help you and take some things off your plate. Involving them in decisions will lead to more rational decisions and it will foster greater investment. Build a strong Human resources team. The engagement of culture and employees has a lot of power on all fronts of the company. Provide excellent customer service as when people get things beyond their expectations they are certain to spread the word amongst their friends, and families and there is nothing more impactful than a recommendation from a known. Build a website or an app or an Instagram store to grow your business, You can promote your content without having to pay for ads, compete for space, etc. Having brand consistency is a crucial step in growing a business. Giving a specific logo to the brain and catchy taglines help in identifying the company. For eg- Coca cola has kept its brand identity and product consistent for over 130 years. There should not be a lack of consistency in marketing and brand development as it keeps the people‘s attention toward the product constant. Everything must be scalable, one of the most commonly stated principles of building a tech startup but on the contrary For eg-Airbnb, Brian, and Joe founders of Airbnb took matters into their hands and did anything but scalable but it got them enough ideas that concept could work. Their story shows that business strategies should not be necessarily long–term affairs and are superbly amazing, they should be justifying the moment.
An entrepreneur needs to be patient and take calculative decisions For eg- Toyota spent years studying its competitors. They blended their ideas with the ideas of the American carmakers and came up with something even better. They got to know about their weakness and used them as their strength. They improved their functional-level strategies. They understood that the bigger picture comprised many small tasks and employees. They created an industry and then dominated it. For eg- Hubspot created a software platform that aimed to turn this marketing concept on its head. This is a platform where companies could post blogs, eBooks, etc. They invented this industry and became successful in it. They marketed a platform whose sole purpose was to create that new type of marketing. They proved that their new way of marketing was powerful by building a company worth billions. Building customer trust Eg- Colgate educated their customers and also opened an oral care center. They share information about how to floss teeth and brush them effectively and prevent cavities and oral diseases. Customers love to get free knowledge and learn things that impact their lives and their loved ones. Many efforts go into starting a successful enterprise but above all, it is the constant focus and determination and not giving up that give us such big successes.