| Topic : Success Stories : Exploiting Global Leverage |
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Activity:
190 views;
last activity : 07 06 2010 20:18:09 +0000
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Innovative Idea
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Execution
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Mentors
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Keep operating cost low
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Team / Resources
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Keep head count to a minimum
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Venture
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I feel especially during the initiation stage of any business, important for success is a great innovative idea which will make you stand from the rest because it is the stepping stone to any successful business...
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I would say that innovation is one part of the puzzle, having the right people, operationalizing the idea and customer service are the other parts. I have been reading the black swan (wonderful book) http://en.wikipedia.org/wiki/The_black_Swan_(book)
the key success metric of a new idea or product is to unlock the latent need which exists ... www , google are all examples of that latent need.
It is the innovative idea which is the stepping stone for any start up business. The burning example of innovation is world wide web.
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I agree with sudeep but I feel success lies in its execution of any idea. Lots of good ideas fail due to bad strategy while a lot of
duplicate ideas succeed, because of the way they are implemented. In the end, I
believe execution is the key that leads to a successful business.
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The sucess of any venture depends on how it is executed, for executing one need to take people alon so people skills are also very important
There must be a culture change without changing the inherent culture
Yes Jiten rightly said, apart from a good idea and good strategy, one should also have excellent execution pattern, a good and nurturing company culture and willingness to change with the times and be always one step ahead of the competition...
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A enterprenuer if have good and experinced mentors to give him support. He is the one who can attain any thing. His mondern ideas when combine with mentor's experience can do miracles.
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I have come across over 500 project proposals : Some when I was working at KSFC and the rest when I have practiced as Project Finance consultant between 1992 till date. What I have observed is the entrepreneur, if it is a small scale/tiny project, starts with a zeal to start. He can run it comfortably too. Many a time, he may at best face working capital problem. If he has any technical, managerial weakness, the project fails and we can do nothing to make it a big successful venture.
I am more concerned about an entrepreneur who has started well but loses his way. The basic question here will be standardisation, systems, scalability and strength of finance. Many a project loses direction at this stage and the potential to make a fair success out of it will be lost.
It is at this stage that we have to hand-hold the entrepreneur. True, we have the government schemes, banks, entrepreneurial development organisations etc. but they are satisfied by conducting few programs and identifying new entrepreneurs. Somehow, I feel that a genuine interest to make a potential project a big success is missing in these organisations.
There are also entrepreneurs from B Schools; those who have started IT Companies etc. Such projects essentially cater to people who share similar outlooks. Systems etc. will be present there. Capital is necessary but good projects get it too. Not all projects can be scaled up to become a big success. In this group, a revolutionary idea will become very important. If a revolutionary idea or product is present in these projects, the project can be a big success.
There are also young entrepreneurs who have the backing and background to start big right at the beginning. They are not dependent on the developmental organisations much. They can raise capital also. They have the confidence to make it big. They can employ skilled persons at industry standard packages. These projects become a success even if the entrepreneur is just above average. These fail out of negligence, carelessness etc. Such projects can be turned around with entry of a senior partner or professional management support. Funds have to be available for restructuring.
Overall, there is no single point support to make a project a big success. When I prepare a project report, I have always maintained that it is like giving birth to a baby. There has to be some originality in project appraisal. The SWOT analysis should be genuine and not fulfillment of a formality.
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Initially it should be realised that small is beautiful but always think big. Successfuly smaller ground plan helps in building a mega enterprise |
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The team, i.e resources, becomes a very decisive element. I say so because the skills of each of the members of the team is what makes the above mentioned activities possible. Ideation, execution, management - entirely depends on skills & competence of the team. Even the VC and fund managers stress the importance of a team, more than the idea or any other aspect put together. |
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Recruitments should be done methodically, with extreme caution and should adhere to the operating plan. Surplus and Unproductive manpower add to cost hence any organisation should have a trimmed and productive manpower right from the start even if the business environment is good and this applies across all levels |
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If we compare from pre independence period to post independence period we can easily say that there is growth in the entrepreneurship.Only capital and idea is not enough to start a venture we require many more things to start a venture for example understanding the business, concepts,legal termsand conditions,selection of business type , suppliers, employees and many more things are ther.Before starting a venture gaining knowledge in the business domain is very much essential even govt. of India is also providing training with regard to this to impart the skills in new entrpreneurs.For more information on steps to start a venture please contact or mail to me my id is gundupagieresh@gmail.com my number is :9341271694 thank you |
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I would like to support Mr. Manjunath here. Bharat Ganarajya.. that is what it should be... |
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Believers believe and non-believers don't . No one can tell what will happen tomorrow but we want to get assurity which makes us feel more secure and so we want to believe in it. All the astrologers are taking advantage of this mentality. |