Posts Tagged ‘simplicity’

We plan for success in anything that we do, right?  Then why am I writing about planning for failure?  Who does that…plans for failure?

I would say all of us do…at some point or the other, plan for failure that is.  In business too people plan for failure and most times they do it unknowingly.  Steer clear of these roadblocks and you are sure to meet with success in business and life…

My Ideas Rock

Self-confidence is good and it is a much needed attribute for an entrepreneur but wait….too much of anything isn’t good.  That goes to say too much confidence is not good too, unless you’ve out it to the test and there’s merit in it of course.

You’ve zeroed in on a business idea name you think it rocks!  That’s the best thing that could happen…Yes or No?

Well…Yes…it could be if you’re lucky and the idea is well received by people more importantly customers.  However the assumption may not work in your favor always.  This is precisely why you should never assume that the idea you’ve come up with is great that too if it is the case only in your opinion.

To avoid this….Take a survey/poll or better still define a product/service favorability scale and ask people to rate at least 5-10 business ideas that you have come up with. 

A Likert like scale tweaked to suit favorability rating is the way to go.  The perks?  The survey is short, people are willing to take it as it is less strenuous and time consuming and at the end you will have a better idea about whether or not the business idea you have in mind has wide acceptability on some logical basis. 

Lack of Clarity

Clarity of vision makes all the difference and it is no different with business ideas.  You should know what it is that you want to do, where you want to go and how.  A great idea is nothing without a plan of action and this is why you need to get one first.

When I talk to entrepreneurs and ask them where they see themselves five years down the line, ten years down the line and even twenty years down the line some of them have an answer some don’t.  Those who have an answer are clear about where they want to take their business.  That is the key to success.

When you plan a trip you know where you are going, how you will get there, which route to take and even how much time, money and other resources will go in to it.  Apply the same to your business and watch it grow!

Absence of SMART Goals

Simply having goals is not enough…your business goals should be SMART:

Specific: I want to earn my first million in two years time.

Measurable: I want to double my client base in one year.

Achievable: I can run one web based business without hiring any help for a year.

Realistic: I can afford to exhibit locally and at flea markets for the first three months.

Time bound: My website should be up and running in two months time. 

All these goals spell out targets in a time bound fashion.

If your goal is to become the best in your field, it’s a good way of putting it but then where are the specifics?  Get down to them. 

Finance First Customers Later

Most entrepreneurs fail to realize their dreams because they think finance will be a problem.  I read something interesting today and it made a lot of sense really…financers will come to you if you have a winning idea.  I business can do with a cash crunch (for sometime at least) but it cannot do without a customer crunch!

If you focus way too much on getting finance on fretting over the lack of it, you have hardly any time to think about getting customers, building a client base and customer profiling.  As Philip Kotler says, “Marketing is the beginning and end of all business activity” and what does marketing begin with?  The customer and his needs.  It also ends with the customer…customer satisfaction to be more specific. 

Finance is important but pumping money in to a venture that no one buys from is sheer folly and the road to business failure!

Leaving Everything to the Consultant

So you’ve hired a consultant to help you plan and position your venture and brand?  He/she knows best and there’s nothing left for you to do?

If this is your approach then your business planning exercise could end up being the biggest failure.  Hiring a consultant is not an end in itself.  It also does not mean that you have no role to play in planning your business.

Your active involvement in outlining the core values of your business and brand as you envision it, what you stand for and how you’d like to be known is important.  

Opting for Complexity over Simplicity

Do you believe that a complex, high tech product will net you customers and profits? 

Think again…why does the local bakery have a steady stream of customers?  It has the freshest baked goodies on offer.  It may not have swanky interiors, a well lit café and sit out but it does offer the best product in town.

When you think of a business idea the top the top things that you should consider are “Does your product simplify life?”, “Does it help people to save time?” and “Does it offer convenience?”

The answers to these questions will help you determine whether or not your product is marketable. Fast moving products are those that offer simplicity, convenience and savings are the key to building a successful business model.  Creating a unique business based on small, simple ideas is the most profitable route that a business owner can take. 

Hopefully this post will put things in perspective for you and you will be able to overcome these obstacles to establish your business with much success….Plan for success! 

When you think of a business idea the top the top things that you should consider are “Does your product simplify life?”, “Does it help people to save time?” and “Does it offer convenience?”

The answers to these questions will help you determine whether or not your product is marketable. Fast moving products are those that offer simplicity, convenience and savings are the key to building a successful business model.  Creating a unique business based on small, simple ideas is the most profitable route that a business owner can take.  Here’s how…

Savings Are Always Welcome

Products that save time and offer convenience are highly preferred especially nowadays when “time” is a scarce resource.  If you can create a product or provide a service that saves time chances of commercial success are high. 

Take the case of ready to eat meals like cup noodles, heat and eat options and something like two minute noodles, people buy them simply because you can rustle up a meal in no time.  

Mobile Brands

The best thing about brands with wheels is that they are door delivered, cut travel time and reduce the effort involved in locating what consumers need.   This is precisely why online shopping and e-banking have become so popular with people.  They offer convenience 24×7 without leaving the comfort of one’s home. 

Even a relatively simple business model like the Tiffin service provided by Mumbai’s Dabbawalas is built on the principle of convenience.  Hot, home cooked meals delivered to your office or place of work without the early morning rush to have packed lunch ready before you leave for work. 

Convenience Packs

Convenience packs like sachets of soup and shampoo, tea bags, ready to use coffee mixes that will make one cup of coffee are popular among buyers.  The main reason being that you can whip up a meal for one in no time, wash your hair without lugging a bottle of shampoo around and the other reason being these packs are easy to carry.

If you can create little products for everyday use that are easy to carry and use you’ve won half the marketing battle!

Solving a Problem

An interesting instance of a product that solves a problem is the Bagswitcher, a product I reviewed last month. The Bagswitcher is a practical pouch that has around six compartment-type pockets along with a key hanger and a chained compartment for women to load your essentials. This pouch fits into a handbag with ease.

Whenever a user wants to switch bags, all they need to do is grab the switcher by its small handles and transfer it to the next handbag. The USP of the product is that the moment you put your hand in the handbag to find you compact powder you know exactly where to look for it.

Classics Live On

Classic products that have stood the test of time are simple and ones that can stand the test of fashion and trends to go on and on.  The Little Black Dress (LBD, as it’s commonly referred to), a cocktail dress, the origins of which fashion historians trace to the 1920’s designs by Coco Chanel is a wonderful example of a timeless product.

Attaining business success become easy once the product is sorted out.  Simple, clean lines, models that save time and sometimes money too are always preferred by buyers.  This is why simplicity is the key to business success!

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