Managing Business Through Human Psychology - “A Handbook for Entrepreneur” by Ashish Bhagoria - HTML preview

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Achieving and Maintaining Success

There are many people who get successful and achieve top position in their life. When we start a new business we identify ourselves with the industry however success is about making our identity within the chosen industry. Sometimes success comes through hard work and at other times destiny plays a role. Success gives a person the feeling of safety and security. But, with success also comes the fear of losing the position that has been achieved. To get rid of the fear of losing success or standing, we can prepare for tougher times.

Being Unique

In business, either we create our own brand or sell other company’s brand. Every product or brand has multiple features and mostly similar features are available with competitors as well. However, there is always a unique feature in a brand which becomes its USP. By promoting the unique feature we can generate customer’s curiosity, once the customer is interested other features can be highlighted.

In a business where we are selling other company’s brand we can create uniqueness in the delivery of service. This service becomes our identity and our USP. Always, remember to create USP or uniqueness in your business.

Being at Par

When we start a business we are unknown to the market. There is a certain standard that the market has reached before our entry. The first thing that we must aspire for is to come at par with our product or service to the existing standard of the market. When we are at par with the market, the customers will start considering us and eventually accepting our products. Remember, most customers do not trust new companies or buy their products. The number of experimental buyers is very less in comparison to the buyers who buy tried and tested products. So before becoming market leader we must first be at par with the market.

Being Fast

Now that we are at par with our competitors, we can think of overtaking them. We have to be fast enough to keep pace with the changes and move ahead of your competition. The journey from the bottom of the market to getting at par with market and then over taking competition is possible only when we are continuously innovative.

When we launch a new product or a new feature it might work well. If it does, then it is possible that the competition will also come up with similar product or service. If we have to be a step ahead of competition, we must be continuously innovative and fast to implement it.

Being on Top

When other organizations or people try to damage our image and sabotage our activities then understand we are going in the right direction and reaching the top. While on top it is advisable that we maintain strong confidentiality about our company secrets and the new ideas. But, we cannot expect everyone to be able to maintain confidentiality. Thinking practically we cannot hide everything when there are other people and external agencies involved. Another way is to create a deviation for the competition like a fake target, a project that we will not do but the market thinks we are doing.

If we ever face loss or downfall in business, we should first think about survival and maintaining the current status quo than trying to go back to the top position. Like is said, when we fall down, before we can run again we must first stand up.

I know of this small food joint which used to run very well. One day due to heavy rain the whole shop collapsed and nothing was left. But this person did not break down instead he took it as an opportunity and rebuilt a better place. Now his place looks better and runs better. His confidence and innovative thinking helped him come out of a tragic situation which otherwise would have grounded many people.

So we should try to maintain stability, focus on survival and then on growth. Every loss is actually a profit, as it helps us to learn from our experiences. Even in losses we must hold our confidence and never let it show on our face. It is imperative to keep the confidence of people in our organization. If the market comes to know that our organization is in loss, the first ones to leave would be our customers. And we will have to rewrite the whole story.

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