As per the state of the Indian Startup Ecosystem 2018, over 10,000 startups were shut down as a result of internal conflict and lack of proficiency in management.
To further elaborate, a firm whose entrepreneur is not thorough with the various aspects of managing a business may be subjected to policy deadlock, inefficient supply chain, shortage of funding, etc.
Such problems not only hamper a venture’s profitability but also lay a negative impact on its sustainability.
This way, before venturing into the world of business, it is a must for every entrepreneur to become familiar with the fundamental aspects of a business.
It directly helps entrepreneurs to develop strategies that enable them to manage their venture effectively and maintain profitability.
Major aspects of a business venture to Know
Irrespective of the size and scale of one’s business operations, entrepreneurs must become familiar with these aspects of a business –
The first step to develop a sound business strategy is to conduct thorough research. Such an endeavour enables business owners to gain valuable insight into their competitors, target audience, and scope of their product.
In turn, the information gathered helps them to build and modify their business strategies accordingly. Consequently, all these make the market a vital aspect of the business world.
Similarly, sound management ensures effective execution of business strategies and facilitates profitable productivity. Therefore, entrepreneurs should pay attention to the managerial aspect of their venture.
Further, due attention should be given to the firm’s supply chain as it tends to influence the overall performance and efficiency of both project and sales management.
Also, as an attempt to improve SCM, individuals may opt for a substantial supply chain finance facility like a small business loan. Such financial assistance comes in handy to install the latest tools and techs which tend to facilitate smooth operations.
Startup capital is probably the most crucial business aspect of any firm. Having a substantial financial corpus not only helps establish a startup but further helps to maintain it.
However, not every business is equipped with a robust source of working capital to sustain its operations for a long time.
Since working capital is indispensable to keep one’s business operations running smoothly, entrepreneurs often look for financial assistance from dependable sources.
For instance, most small and mid-size firm owners avail a business loan from leading institutions like Bajaj Finserv.
Usually, the aim is either to start up or expand a venture, maintain the supply chain or to replenish their existing working capital.
Such institutions also tend to provide exciting pre-approved offers on their financial products like personal loans, business loans, home loans, etc. Consequently, it makes the entire process seamless and affordable.
Nevertheless, before availing such financial assistance, business owners should gauge how much working capital does their business need to proceed with their application accordingly.
4. Product and customer service
Both product and customer service tend to play a vital role in helping a business develop its niche in the market.
While the former is mostly responsible to generate profit and market share, the latter mainly helps to retain profitability and ensure market goodwill.
This is why successful entrepreneurs tend to be careful when it comes to developing a robust marketing plan that boosts profitability and enhances customer experience.
5. License and permits
Likewise, individuals should make it a point to learn about the essential licenses and permits to ensure their business runs uninterruptedly.
Such licenses would serve as proof that the firm adheres to the laws and regulations laid down by authoritative bodies. Further, they are considered to be a vital component of the documents required for a business loan.
Therefore, start-up owners must make it a point to find out more about the vital aspects of business beforehand. Doing so, they would be able to improve their supply chain and overall profitability by developing the required strategies.