Tag: the best business coach in India

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Startup

How To Avoid These 5 Common Mistakes That Cause Startups Failure?

How To Avoid These 5 Common Mistakes That Cause Startups Failure
How To Avoid These 5 Common Mistakes That Cause Startups Failure

India is the 3rd largest startup ecosystem. Though the immense growth and support for startups is a pleasant change, the hard fact is that most of the startups in India fail within 5 years of their launch, as per a report by IBM Institute for Business Value and Oxford Economics.

One major reason behind the failure of any startup is the lack of innovation. But that’s not it! Another factor that contributes to startup failure is not learning from past mistakes and repeating them. Here is a list of five common pitfalls that every entrepreneur makes at the early stages that could cost them their dream venture:

1. Not Hiring People Who Think Out Of the Box!

Many entrepreneurs hire people just like themselves. Avoiding this trap is essential to make a startup business successful. Without people who challenge the stereotypes and the founders’ thinking, a startup fails to identify new opportunities or spot risks until it’s too late.

Avoiding this trap is essential to make a startup business successful. Startups should hire people who think out of the box and know no creative boundaries. The diversity of ideas, skill sets, and backgrounds are the key essentials of every successful startup. You can watch amazing videos by Dr. Vivek Bindra- the best business coach in India to learn how to hire the right people for your organization!

2. Rushing After Funds

Capital is essential. But this does not mean that every startup should rush after it. Speed is important, yes, but without breaks, it will result only in a misadventure. Finding a balance speed to find the right fit is equally essential.

Finding perfect Venture Capital is just like finding the right partner for marriage. Take enough time to find the right match- and avoid jumping at the first or the most extensive check.

To avoid a situation like that, put in a considerable amount of time to find a VC partner that will provide thoughtful guidance, and mentorship and will be there for you during the challenges.

3. They Don’t Consider Customer’s Pain Points

Too often founders get overly enthusiastic about their ideas related to their product or service. They often believe that once they build a product, customers will come. But building a product or a service without any customer validation or A/B testing can be dangerous for a business.

Instead, founders of startups should always find an alpha customer and then create a product to solve the customer`s biggest pain point. Creating a customer-centric product doesn’t happen by just sitting around a conference table brainstorming. The idea to build an amazing product comes from seeking out and tackling the real problems in the world that already exist. If you are confused about your business growth, you can hire the best business coach in India.

4. No Go-to-Market Plan

Entrepreneurs should document a clear and concise path to their profitability. To chart this document they should conduct rigorous research and analysis that challenge their market estimates.

This requires an in-depth knowledge of the strengths and weaknesses of their market competitors. They should also determine the company’s proprietary advantage in each market segment it is looking to penetrate.

It is also important to be prepared in advance to be able to shift the business with technological advancement or according to customer needs. And while adaptability is crucial, having a focused plan is also essential. As a startup the resources are generally limited, thus, it is important to be laser-focused for maximum impact.

5. Lack of Strategic Partnerships

Many startups think about partnerships just in terms of capital and checks. But startups also require strategic alliances that will help them refine their business models, and new customers, scale revenues, and generate market awareness.

By making partnerships with large and established companies, startups can save costs on R&D resources and the expertise of their professional team.

Want to know what are the other pitfalls that entrepreneurs should avoid? Know it all from the top industry experts with our Business Coaching Program. To know more, click here: www.badabusiness.com

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Strategy

5 Effective Tips That Will Make You A Better Negotiator!

5 Effective Tips That Will Make You A Better Negotiator!
5 Effective Tips That Will Make You A Better Negotiator!

Summary: Whether it is asking for a raise or speaking with an investor your negotiation skills can make a huge difference in getting you the best deal.

From salary discussions to closing the deal with a client or speaking with an investor, it can be difficult for many professionals to strike the right balance when negotiating. Neither they would want to ask for too little nor they would risk asking for too much, potentially ruining the chance of an agreement. It takes awareness, social acumen, and finesse when it comes to negotiating well.

If you feel that you lag behind your peers when it comes to negotiation, don’t worry! Negotiating skill is something that can be learned. You can watch an amazing video on Negotiation Skills by Dr. Vivek Bindra- who is a renowned business coach and motivational speaker in India.

Here are 5 strategies that will help you to become better at negotiation:

1. Discover Other Person’s Interests

While having a conversation with a person, it often happens that we tend to focus on his or her position or what exactly that person is trying to say. However, instead, you should ask relevant questions to know more about the real interest that they have.

Try to figure out what it is that they need out of the negotiation so that you both win. By getting to win-win, both parties will feel good and get what they desire. Conduct yourself as though you’re certain that a great result can be achieved if you and the person on the other side of the table work together as members of a team. Maintaining positivity and an affable demeanor throughout is critical.

2. Believe in the Value You Bring

When it comes to negotiation, your mindset matters! If you go into a tough negotiation feeling like the other person is doing you a favor by offering you a raise or by investing in your startup business, you’ve already lost. Knowing what exactly you will bring to the table will not only make you sound more confident but will also help you to define the value you are going to deliver. Put yourself in the other person’s shoes and ask yourself what would impress you about that person who is asking for the money. You can also learn negotiating skills from Dr. Vivek Bindra- the best business coach in India in this video.

3. Ask For More, Always!

Always ask for more when negotiating on payment terms or otherwise. If the employees ask for more money, ask them for more productivity. If a client asks for a lower price, sell them more products or services. When the other person thinks he or she has won, it is much easier to negotiate after that. Let them win the first negotiation, and they will usually be happy enough to let you win two to three more.

4. Conquer Your Fear First

Most of the time people do not negotiate or have trouble negotiating either because of the fear of conflict or fear of being told “no”. Hence, it is essential to identify what you are afraid of.  This allows you to be present in the conversation. Then, before you go into the negotiation, write out the case for your deserving money.

5. Make More Eye Contact

Maintaining eye contact makes you appear more confident. Hence, try to make more eye contact. By looking them in the eye and holding their gaze, you signal that you are serious and committed to your ideas. Eye contact also helps you analyze the other person’s body language and gestures to determine how they perceive you so you can adjust how you deliver your message.

Negotiations are an opportunity for everyone involved to get more of what they want. People often worry that they will be perceived as greedy, demanding, or ungrateful when they go into a negotiation, but negotiations aren’t personal. Hence, ask for your desired outcome confidently, with no prejudice.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our courses, visit: www.badabusiness.com