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Know Your Business Fundamentals

Know Your Business Fundamentals

Know Your Business Fundamentals

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2.1 Finding a workspace

A workspace largely reflects a company's culture. The warmth, colour, décor, and amenities encourage employees to come back day after day... It should be both comforting and invigorating. Entrepreneurs should choose and design their offices carefully.

But there are so many decisions to make before you choose your workspace... Should you rent or buy an office? Should your store be located in a mall or on a street? Of course, you could also work from your kitchen table. Or perhaps a coworking space would be a better fit for you. Here are some pointers to help you decide...

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2.2 Building a team

Without the right mix of people, it is unlikely that a venture will take off successfully. But onboarding requires much discretion. You have to find people who espouse the same values as you. They should believe in your vision and share the same passion for work.

Your team should also be a good mix of divergent views and talents; each member coming in with their own strengths and talents. This enables a wide variety of ideas and skills in your startup, giving it greater chances of success. But how do you find that ideal team?

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2.3 Understanding legalities

Legal procedures may be tedious. But they are a crucial part of your business nonetheless. Today, more than ever, legal compliance is integral to a brand's credibility and longevity. Thus, you may be busy creating that ideal product, dripping with innovation and potential...but if you fail to follow legal procedures, you're likely to come under the scanner sooner rather than later. And that's a no-no for any new business. This session gets you thinking about the legal angles of your business.

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2.4 Mapping your business

A business needs much research and planning before it's launched. Because better planning leads to better decision-making... Some decisions may be taken at a gut level, but others call for logic and intelligent analysis... By mapping your business, you are creating 'a feasibility plan'. This process helps you assess your venture on its workability and profitability.

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2.5 Drawing up a business plan

The business plan sums up your entire business, analyses it and chalks out the way forward... It is an important document for potential investors and even your internal team.

How do you develop a business plan? Several standardised templates are available online, but what you need to create is a standout business plan that is personalised...

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2.6 How to fund your venture

Several entrepreneurs vouch for the efficacy of bootstrapping, and many businesses across the world have grown purely by reinvesting their profits into further expansion plans.

But of late, we’ve seen a euphoria around investing...million-dollar deals splashed across dailies, making startups seem akin to superstars. In fact, many startup enthusiasts bemoan how the success of startups is often gauged by the funding received. This lesson decodes 'if' you need funding, how you can get it and from whom.

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2.7 The secrets of good customer relations

For any business, new or old, good customer relations is key... More so nowadays, when one wrong move on your company's part can result in the customer posting bad reviews all over the internet.

But if you work on good customer relations, and focus on the customer experience as much as on creating the product or service, you will mitigate this risk to some extent.

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