START-UP AND BUSINESS MANAGEMENT     

 

 

 

 

 

The Past, Present and Future  

The obvious dearth in the availability of white collar jobs have caused an obvious shift in the ritual of graduating and hunting for jobs where there are none. Now, people are birthing new and novel business ideas. The establishment of small and medium scale enterprise have been on the increase in India and other Southeast Asian countries.

Entrepreneurs are rising in their numbers on a daily basis and causing a change in the course of the world’s economy. Start-up businesses are now the nucleus of developing economies around the world.

Starting and/or Managing a Business

Be that as it may, it is important to note that the challenge in this industry does not stop in starting up the business but in ensuring that against all odds, there’s a steady growth and advancement in the business and its structures. Essentially, any start-up that is not expanding or experiencing a steady growth is bound to collapse in no distant time. Therefore, as much as starting is important, proper managerial skill must be employed to ensure sustainability.

Business management involves the whole process of properly managing a business venture. In management it is important to note that a good working environment should be encouraged. Also, there should be a good relationship between the business owner and his workers and vice versa. Once this have been established, then the managerial structure will be solid. Proper management is the driving force of any business venture. Management keeps the workforce motivated and ensure that attention is not shifted away from the goal of the business. From inception, every business or startup should have a goal. A specific problem must have been identified and models at creating solution should be made available too. Effectiveness will therefore be based now how the management have structured the workforce to act in accordance with the goal(s) of the establishment.

It should be noted that start-up is not an end. Rather it is among the means that leads to an end. And also, the success of any start-up hinge on purpose. Once the purpose of any venture is not known, there is bound to be abuse. And when this abuse is not curtailed effectively, the collapse of such start-up is looming.

Before any startup can swing into full action or before any start-up businesses can be established, there are a couple of factors that must be put into consideration. Such factors include market survey, feasibility studies, targeted audience, means and processes towards increasing patronage or sales as the case may be.

Starting and growing a business is a cumbersome process. There  need to be a marketplace model on the group with a a vision which should never be compromised. Similarly, there is no rocket science involved in start-up. Entrepreneurs must be proactive. They must be able to sell their ideas and attract investors. They must be innovative and goal driven. They must be ready to learn, accept mistakes and consolidate on the mistakes so as to avoid the chances of repetition. The business word cannot survive on solitude hence when necessary, partnership should be encouraged and the power of networking should not be undermined.

Every notable business venture today started from a scratch. As a small start-up until growth and expansion happened through proper and well coordinated management system. Both concepts work hand in hand and one cannot survive independent of the other.

Currently, India is the third largest startup hub in the world and with government initiatives to support growth, there are policies now in place to help business managers and startups fulfill their dream with government backing. They include:

Make in India
In September 2014, Prime Minister Narendra Modi introduced a big initiative “Make in India” to
promote the manufacturing sector through promoting companies to invest in the sector. The intent of the campaign was and is still to attract foreign investments and encourage domestic companies to participate in producing new goods/services in the manufacturing sector  The government also took various steps to build a favorable environment to do business in the country. They include:

  • An online filing system for tax and application/renewal as well as extension on validity of industrial licences.
  • Foreign Direct Investment limits was also increased.
  • Intellectual property protection was also infused.

Digital India
Moving with the world in the use of digital technology, they made sure services became available through online platforms. It came in with the aim to connect rural areas by developing their digital infrastructure. This has become a huge opportunity for startups since they can have more reach.

Standup India
Being the 3rd largest startup hub means something and working with that, in August 2015, a new campaign “Standup India” was announced. It is to help startups with bank funding and encourage entrepreneurship among the young Indians. Through this, the prime minister requested all 1.25 lakh bank branches to fund at least one startup founded by tribals and dalits.

It also aimed at promoting entrepreneurship among women and scheduled castes and tribes. It also plans to create better tax regulatory system and ease stifling on startups.

OPPORTUNITIES

MARKET SURVEYOR

Every business should have a targeted market. A market that be the problem to the solution it is offering. It is the job of the market surveyor to survey the market of the business venture. To know the audience and the class of people that make up this audience. He also sets price tag on goods or services as the case may be. The market survey will determine the business model to be adopted as well.

BRANDING/ADVERTISING EXPERT

It is one thing to proffer a solution to a particular problem or produce a good or render a particular service; it is another thing to ensure that there’s proper and adequate publicity that will tell the needed audience about the solution, goods or service. The growth or success of any business hang significantly on a good advertising mechanism and proper branding. This is where the above named individual comes into play. He is expected to work together with the management and market surveyor to fashion out ways of selling the business out to the public. Advertising comes in different shades and it is the job of this expert to research and recommend the best model that will better showcase the business venture.

HUMAN RESOURCE PERSONNEL

Human capital development is a veritable tool in start-up and business management. As the business is keeping off, it would need the best hands that are competent and committed as well. It is the duty of the human resource personnel to look out for this. They help in maintaining a good staff-company relationship. They also carry out employment and outsourcing on behalf of the company. At the initial stage of establishment, the management could carry out this responsibility. But modern business realities have made it that professionals handle this part of the business.

INVESTOR

As the name implies, the investors is a capitalist that looks for business platforms or startup to invest in. This could come in form of partnership as well. He usually owns the money and not the time, or the time and not the money. However the case may be, the investor is not the originator of the business model. He is just a stakeholder.

BUSINESS ADMINISTRATOR

This individuals administer the business – either on behalf or the entrepreneur (which most times, he is) or as an employee of the company. He ensure that things are in the right places and work to fast track the progress of the business is done as and when due. The business administrator is seen as a key figure. Most times he wields and retain the power to make final decisions. Decisions that will either make or mar the business venture (or start up as the case may be). It can otherwise be said that the business administrator here is the head of the administrative department in the business venture.

Finally, we cannot exclude one of the most important people in the mix, that is the founder. Which usually is the person that brings the business idea or begins it/turns it into an actual business.

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