Let us talk about business. Who doesn’t want to be the CEO of a good company that is raking in high money for them? Well, the correct question would be which young entrepreneur today, who has good vision and thinking capabilities doesn’t want this? Well, everyone does. But the way we are going about it is very mundane and thanks to the recent development of the rules that have changed for the better. Heard about the offbeat career paths like photography, writing, journalism, etc.? Just like these jobs there are a lot of risks involved in starting up a business and when questioned as to what advice they would give to someone looking to start their own business, the CEO of Zuora – Tien Tzuo came up with this interesting and first of its kind reply.
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He thinks and he said it also, that anyone who wants to start their own business should not be actually going for a formal business school education or they should forget whatever they learned as soon as they come out of the college. This is the first and the foremost thing that happens. Now, everyone knows what the business schools do. They make individuals with some thinking capacity wear out as soon as they come out of the college. Now, they have only one aim, and that is to produce individuals who are worth selling in the market. They make a product, not an entrepreneur. So, the college is out there to their own business, and they care little or not at all about the students who are enrolled in their college. So, the students with big ideas just become too restless or tired of the mundane life that they give up on everything they thought of doing in the first place.
Now, the way people look at business today has changed a lot too. Just like the mundane studies of the business schools have become an old school, in the same fashion business and start-ups today are more than that. The earlier business was selling a particular product and their units in the market, and it was the physical business that people did. But today, it is much more than that. The services are available online, and any people looking for a start-up are planning to venture into the online business. It is more about the quality of the service the company or the start-up will provide because that is what will retain their customers for longer as they are the ones who need to be satisfied. So, more than anything else, customer satisfaction is what matters the most. And an online business venture is the one that will need the best minds to collaborate and make a successful venture. Now to start your venture, these are the things that you will have to keep in mind.
The first one is the measurement of annual and total contract revenues and the capital that would be required because any business start-up requires money and calculating it at the right time is the first step that one should take. And this is one of the things that is not taught by the conventional business school people in their accounting lessons.
The next thing to be noted is that today people look for fast result more than anything else. The first and the foremost thing they want from any new product or service is to give them the required results and outcome and ensure that the services will benefit them. This is not what you are taught in your marketing lessons at business schools.
The most important thing in the business is the product you are selling, and the one thing to always note is that the product doesn’t get upgraded on their own. They are not personalized; they need to be made better with time and for this constant work needs to be done on them. This is not taught in the manufacturing lessons at the business school. Access is important and people today are not opting or craving for owning anything, the one thing they are interested in are the shares and they want to ride on the equity. This is also not taught in any of the conventional classes of design. Surprising, isn’t it?
And in the end it all comes down to the kind of services you want your company to give, and that should be customized too. The service is extremely important and if this doesn’t speak for you, then nothing else will. So, always ensure that your business start up gives the best services. And before starting a business, always be sure of the product you want to sell and that the people you are targeting should be interested in buying your products and services too. All this in mind and you are good to go.