7 business lessons that every young entrepreneur must know
As a young entrepreneur, you have lots of enthusiasm, and you dream of making big in your business field. With fresh ideas, you are always excited to bring a positive change in the lives of the customer. But, you must know the right business lessons, so that you don’t fall behind while executing your ideas and plans.
That’s why, Manav Jeet, an experienced entrepreneur with a multi-million dollar startup named, Rubique, has shared some hard-learned business lessons that experience has taught him. Manav is revolutionizing the finance industry through Rubique; an AI-based digital lending platform.
So, here are seven business lessons from Manav Jeet, that every young entrepreneur must know:
1. There is no place for stagnancy in business
After my 25 years of corporate experience, I started my journey in the start-up world only with ‘unlearn to learn new things’. Learning never stops. I’m still learning new aspects of the business; as technology is playing a great role in changing our perspective towards business in many ways. Also, I have experienced and witnessed that with a closed mindset, it’s difficult to innovate and scale up; thus it’s necessary to learn & adapt to build a successful business.
2. Focus more on positive experience than marketing
Personally, I feel, rather than spending a lot of time on finding different ways of marketing to create brand awareness, one should give preference to positive customer/stakeholder experience created through the product/services. Because the positive WOM (word of mouth) by them has more power to not only create a brand identity but also a long term sustainable brand equity.
3. Master the basics of business
Always remember the basic business fundamentals, and balance your profits and costs to maintain positive unit economics. In the early stages of your business, it is very important to limit your fixed costs. Also, when it comes to money management, engrave the following quote permanently in your mind: “Remain optimistic but prepare for the worst”.
4. Utilize the power of social media
The power of social media has huge potential, if planned & channelized well, it can rip great benefits for personal as well as organizational growth. Among all social media platforms, Facebook is very useful to establish connections with the consumers, Twitter gets you visibility among peers, and Linkedin is the most powerful tool for networking and creating organization brand equity. So, be visible on these platforms but not randomly, choose the right influencer groups, and get involved in a relevant conversation.
5. Be more personalized while networking via emails
In present times, email networking has definitely become an important aspect of any business building. But just collecting visiting cards & creating an email list does not really help. Daily, I come across two to three mass mailing campaigns from vendors (marketing/consultancy etc.) which are not even relevant with my work. Email is a more personalized way of communication, so don’t just mass mail a proposition without knowing the interest of the potential customers.
6. Build your team wisely
It doesn’t matter what kind of business you run, the basic fundamentals remain the same and therefore the strategies. One such basic fundamental of the business is to choose the team members wisely. The team with passion and an open mind to experiment survive through the ups and downs of a startup, while those with corporate culture fall apart soon. The journey in a startup is all about enjoying the obstacles that you face and rewards that you gain. If a person is ready for it, then hire him or her.
7. Don’t just stop at the initial success of the business
It’s very important to not get satisfied once your business starts generating profit. As many successful start-ups in India which have turned profitable have continued doing more innovation in the same space or have started spreading their wings by doing horizontal/vertical integration in similar space. There is great potential in the Indian market. So I would say “Don’t stop, there is more to do”.
Currently, he is serving as Founder & CEO at Rubique Technologies. With rich experience of 25+ years as a veteran banker, he held key positions at various corporates like HDFC Bank, Citicorp Finance, SBI Mutual Fund, Reliance Capital, and YES Bank.