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8 Tips You Should Know If You Want To Start Your Business Successfully

8 Tips You Should Know If You Want To Start Your Business Successfully

As Scott Belsky said, “It’s not about ideas. It’s about making ideas happen.” It’s really not that the success of an idea depends on its uniqueness and potential foremost. Rather, it depends on how you bring the idea into action.

You may have heard, as an entrepreneurship enthusiast, people calling an idea a “billion dollar idea”. However, ideas in themselves are of negligible worth. It’s hard to sell just an idea for even a few thousand dollars, unless you’re an expert salesperson.

Don’t get me wrong. I’m not trying to undermine the value of an idea at all. In fact, a concrete idea is the first and foremost thing that you need when starting your business. However, there are plenty of other variables which determine whether you transform an idea into a successful enterprise or not.

Here are some tips to help you if you want to get your business of to a successful start.

1. Identify strengths and weaknesses

A common fallacy among young, enthusiastic entrepreneurs is the invulnerability regarding their idea. It is convenient to believe that your idea is impeccable. This however is not always the case. No matter how brilliant an idea is, it will have shortcomings.

A proper analysis of strengths and weaknesses of your idea will help you understand its actual value. It can help you identify risks and difficulties in implementing your ideas. Furthermore, it can reveal opportunities that you are unaware of.

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Once you identify the strengths and weaknesses in your plan, you can decide how much time and money you will need to put into the endeavor.

2. Create a business model

Your idea is not going to earn money by itself. You need to find the best ways to milk money from your idea. You will need a proper business model for that.

A proper business model will help you figure out elements such as who your customers are, which demographic your idea appeals to, what marketing approach you should take, what are the company’s capital and resource requirements, and how does the company plan to manage its operations as it grows.

A business model helps you to set clear financial goals and develop a proper implementation strategy to achieve those goals.

3. Take feedback from experts

One of the biggest mistakes young entrepreneurs make is that they don’t care to take any suggestion from experts. They feel their idea is solid and see no need for any feedback.

However, with years of experience under their belts, experts can understand the multiple aspects of your enterprise in a much more dynamic and realistic manner.

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Taking feedback from experts will help you to take a better approach towards implementation of your project and will also introduce you to difficulties or problems you might not have considered previously.

4. Form an alliance

If you think you alone can successfully grow a huge enterprise, you are wrong. If it’s a small scale enterprise, you could do it on your own. But even in that case, teamwork helps a lot.

You need to find a group of likeminded individuals with compatible skills who add to the value of the group. It’s best to go for people with different skill sets.

It’s always better to form a group that includes a developer, manager, designer, marketer and business analyst than one consisting of all developers.

5. Know your competitors

You might think that your idea is one-off and never thought of before. But there is a high chance somebody else has already thought of it in one way or another.

Whether the idea is a novel one or quite common, you will always have competitors, both new and those with years of presence in the industry.

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You should give plenty of thought towards contending with the competitors, existing and potential ones alike. And, outsmarting the rivals should be more than displaying more captivating ads or glossier banners on your building. Here are some great ideas on where to put those vinyl banners. The main focus should be on providing better customer experience than your rivals.

6. Earn your team’s support

Just increasing the number of heads in your team doesn’t achieve anything for the success of your enterprise. You need to build a solid team.

You need to build a cohesive team where individuals add up to each other. For that, the most important thing is to build a sense of trust and belief within the team.

You need to earn the support of your team. You need to instill belief in them that your enterprise is going to succeed. You might even need to make compromises in doing so.

7. Focus to boost skills within your team

For the continuous growth of your business, the team members also need to grow constantly. That requires continuous increment of individual skills.

Even when the business is not really succeeding, you need to find ways to aid in the boost of individual skills of team members. The members should constantly upgrade themselves for the betterment of business as well.

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It might be hard to do so in the beginning, but you should set aside some amount for training of the members, their recreation and also challenge them at every step.

8. Expand your idea

Ideas often arise from that sudden spark, when you feel you have come up with something big. At that point, you could even explain your idea in a sentence.

But ideas continuously grow. You might start with something elementary but, after lots of brainstorming and planning, you add more aspects to your idea.

With the growth of your business, you should continuously work on reforming your idea. You should regularly refine it, adjust requirements and try to continually assure that it is relevant.

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Nabin Paudyal

Co-Founder, Siplikan Media Group

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Published on January 28, 2020

How to Ace an Interview: Nailing the 10 Most Tricky Questions

How to Ace an Interview: Nailing the 10 Most Tricky Questions

As someone who has been in recruiting for over 10 years I can tell you the interview is vitally important to getting that new job you really want. During the interview process, there will most likely be at least 2 interviews, a phone interview and an in person interview. Both are important.

Companies can of course have different interviewing processes but in general, there is at least one phone interview, also known as a phone screen, and a live, in-person interview. The in-person interview can be with one person or it might be with a variety of people. While they are both important, the live interview is typically the one that will make or break you as a candidate for the position you are interviewing for.

Many of the interview questions we will review here will more likely come up during the live interview. But it’s a good idea to be prepared for them on the phone interview as well.

To illustrate how important the live interview is, I’ll tell you about my search that happened a year ago. I’d decided it was time to move on from the role I’d been in for a little over 6 years. As I started researching and looking for a new opportunity, I began down the path with 2 companies. With the one I landed with, I’d had 3 separate phone screens, each one an hour long. They must have thought they went well because I was asked to fly to the city where the corporate office is at and do an in-person interview. — with 8 people.

Yeah, it was a long day. The good news is I rocked the interviews across the board. I flew home that evening and the following day, I received a call with the job offer. That was less than 24 hours after I’d had the in person interview. This is how important the live interview is.

So how to ace an interview? We can dive right in to helping you nail the 10 most tricky interview questions:

1. What’s Your Biggest Weakness?

This is a personal favorite of mine. The primary reason for this question is not to actually find out what your biggest weakness is. Unless of course, you say something like “showing up to work on a regular basis,” then it’s probably going to get you kicked out of consideration for the role.

The main reason for someone asking you this question is to see if you are self-aware. That is if you know your weaknesses and are smart enough to account for them.

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The smart play here is to answer in a modest way. You want to be able to show that your biggest weakness actually has an upside. For instance, I usually say that mine is impatience. Which is true, I like to get things done. But what I ensure what I point out is that even though I am impatient, it’s because I like to crank and get a lot of work done.

2. Why Do You Want to Work Here?

Interestingly enough, a lot of people don’t have an answer to this question. It’s designed to find out if you’ve actually done research on the company and if you are excited about this position.

When I ask this question, many people have told me something like “because it looks like a good opportunity”. I mean, can you be any more generic?

The key to answering this is to show you’ve done research on the company and that you are enthusiastic about the actual position. Companies want people that are excited to work there, not just someone that shows up for a paycheck.

3. Where Do You See Yourself in 5 Years?

Employers are asking you this question to see if you have somewhat of a plan for your career. It doesn’t have to be completely mapped out in a step by step manner but, a general overall plan is good to see. It means you are goal oriented and are working towards something.

Don’t worry about answering in a way that states you are planning on sticking with the company until you retire. Rather, focus more on how it’s important to you to continue to learn and get better and better at what you do. Companies like to hire self-motivated people.

4. Tell Me About a Time You Messed Up

Or tell me about a time something didn’t work out the way you planned. Similar in concept. The key here is to show that you take accountability for your actions and how you react to things going wrong.

Companies like to see that you are willing to accept responsibility for the things you oversee and own up when you are wrong. People that always find a way to blame their missteps on other people or circumstances typically don’t make good team mates.

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The other component here is things don’t always go as planned, how good are you at adapting and thinking on your feet.

5. Why Are You Looking to Leave Your Current Job?

This may seem like a place to launch into all the things you don’t like about your current job. Or to talk about what a terrible person your boss is. Don’t do it. That’s the path you do not want to go down. And that’s really what this question tends to prod out of many people.

If I am interviewing you and ask this question and you tell me all the ways your boss doesn’t appreciate you and your company has terrible leadership, I’m thinking what you’re going to be saying about me in a year when you are interviewing somewhere else.

Make sure you are framing your answer in a way that doesn’t shed bad light on your current or most recent employer. You want to focus on things like you’ve enjoyed working for the company but your growth options are limited there so you are exploring outside opportunities.

6. How Would Your Current Manager Describe You?

This question gives you the opportunity to show off your strengths and what your boss appreciates about what you bring to the table. You want to focus on the positive traits that your boss likes and how it helps you in your role.

What you do not want to do is sprinkle in the things your boss doesn’t think as highly of. Don’t say something like my boss would describe me as a focused worker, at least on the days I make it into the office.

7. Tell Me About a Time You Overcame an Obstacle

Another one of my favorite questions. Interviewers ask this question to see if you are able to deal with roadblocks.

Things don’t always go smoothly, so having people on the team who are able to solve problems has huge upside.

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Being able to overcome obstacles is a great trait to have. Make sure you have a few stories about how something didn’t go as planned that caused a challenge and how you were involved in solving the problem. It’s a way of turning a bad situation into a good one.

8. Why Should We Hire You?

If you are at the point of a live interview, you should be highly interested in the position.

By this point, you should have a pretty clear picture of what the role is and how your skills and experience will help you succeed. The reason this question is being asked is to see if you are the right candidate for this role.

This gives you a great opportunity to tell your interviewer how your expertise will positively impact the role. Right now, you are in the spotlight to clearly show that your experience is the perfect fit for the position and why. Shine on!

9. What’s Your Greatest Achievement?

Employers tend to ask this question to gain an understanding of what your big wins were. What are the really impactful things that have happened during your career and how you were the reason why they happened.

This is another great opportunity for you to toot your own horn. What you want to be conscious of is how you tell the story about your biggest achievement. You want to make sure you say why it was such a big achievement.

If possible, it’s always good to include your team as part of the big win. Employers love to hire people who can make things happen but, it’s also important they understand the importance of team work.

10. Do You Have Any Questions for Me?

You might be asking yourself why this is a tricky question. Honestly, it’s not a tricky question if you are prepared for it.

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What the interviewer is looking for here is how interested and excited you are for the position. You’d be surprised at how many people answer this question with a blank stare or have no questions prepared.

Again, if you are at a live interview, you should be highly interested in a position and the company. You will convey how interested you are in the opportunity with some well thought out questions to ask.

You don’t want to just ask one question like “How often is payday”? Have at least 4 to 5 questions prepared but don’t overwhelm your interviewer with dozens and dozens of questions. Show that you’ve given some serious thought to this position by coming prepared with solid questions to ask.

The Bottom Line

There you go, insight to nailing the 10 most tricky questions during the interview process. There are, of course, many other questions you might get asked during the interview process but, these tend to be the ones that trip most people up.

Remember to take your time and thoroughly prepare for the interview. You don’t have to memorize your answers or anything but having a good idea of how you’d answer these questions will help you ace the next interview.

Here’s to being career advancement ready!

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Featured photo credit: Romain V via unsplash.com

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