Most of the startups Now - a - Days are Looking at Breakthrough either they may be a working professional ( fed up with 9 -5 job or looking at change ) or a business owner who wants expand his business Globally.
I really appreciate the startups efforts , patience , time , energy , investment . Hats off to you guys , But please remember that you should also sustain in the market so the efforts taken by you pays off to you and your generation .
## Coming back to the Point now , Why startups fail ?
-They dont have a Practical exposure / Experience to handle the business . why? They lack the knowledge , It is always ethical when you get guided by guru's or Experts in that industry ( Not all Experts will be mentoring , LOL! 😁😃😁) This is the foundation step that Startups has to work out with. Getting practical knowledge with an update helps you for the consistent business & growth as well.
- Being a Startup , they get excited when a foreigner Approaches him/her for the Product. I understand when we meet / experience what we love we get excited. But this is Business , You should frame your boundaries before you start your talk on your trade / transactions. ( Very important )
-Managing funds - I can say its a top priority step whether you are good at financials or not . managing this will make your startup run smoothly. Being said that ( In India ) Even though there are 100s of advertisements on loans, you need to take out cash from your pocket & start your trade .
-Building a strong Relationship with your buyer is a very important skill in your startup , because today we are in the world of doing business on CREDIT ( no Harm if you give credit ) but you need to know your Buyer well ( Their financial background & Business background ) which every startup has to verify by themselves . Today we never know who goes bankkrupt either personally or through the business . A Consistent talk will give you the smell on the current situation of the buyer. ( I never say startup to do trade on CREDIT , But we are forced to do so as market is moving in that direction 😉😅)
-Supply chain Management - Again this plays a vital role in the cash turnaround ( this is what makes money actually ) - Need to get in touch with RIGHT & GENUINE Supplier . Before you approach a supplier you need to know its Harvesting time , production time , where , how ,when its produced . Product knowledge is Damn Important . the skill of negotiation is the need of the hour 😆.
-Shipment / Transportation - Be aware especially in Mumbai ( Nothing to hide , lets be frank ) Whenever a startup approaches most of the shipping companies gets you a hefty Bills to settle , 1st time you talk you get a fancy figures , 2nd time its ok lets do , 3 rd time when you speak up , it turns out be on a higher angle so please be sure before taking any service from logistics , get in writing all inclusive cost .I have seen myself getting Trapped due to un-competitive / last time change in logistics cost. ultimately failing to do the trade.
-Keep your expectations low , very important . I feel that in exports people have high expectations on Margins . Obviously i dont say you to kick - start with 0 Margins . a Nominal margins allows you to do the trade peacefully
To wrap up , Maintaining all the above will help you to sustain in the market , and see the growth . I write this article with much Positive thoughts in Mind so that our Countrymen's Doesn't fall into the pit of failure.
You can leave your comments , you can ask any doubts / advises / clarifications leave in the below comments .
Dont Forget to Share this with your eximpruners if you feel this is worth reading😃🙂
You can also join our group " #LearnExportImport " to learn & Keep you updated in Exim Journey.
Hope this article help you take appropriate decisions
#santhoshraghavan Santhosh Raghavan
I really appreciate the startups efforts , patience , time , energy , investment . Hats off to you guys , But please remember that you should also sustain in the market so the efforts taken by you pays off to you and your generation .
## Coming back to the Point now , Why startups fail ?
-They dont have a Practical exposure / Experience to handle the business . why? They lack the knowledge , It is always ethical when you get guided by guru's or Experts in that industry ( Not all Experts will be mentoring , LOL! 😁😃😁) This is the foundation step that Startups has to work out with. Getting practical knowledge with an update helps you for the consistent business & growth as well.
- Being a Startup , they get excited when a foreigner Approaches him/her for the Product. I understand when we meet / experience what we love we get excited. But this is Business , You should frame your boundaries before you start your talk on your trade / transactions. ( Very important )
-Managing funds - I can say its a top priority step whether you are good at financials or not . managing this will make your startup run smoothly. Being said that ( In India ) Even though there are 100s of advertisements on loans, you need to take out cash from your pocket & start your trade .
-Building a strong Relationship with your buyer is a very important skill in your startup , because today we are in the world of doing business on CREDIT ( no Harm if you give credit ) but you need to know your Buyer well ( Their financial background & Business background ) which every startup has to verify by themselves . Today we never know who goes bankkrupt either personally or through the business . A Consistent talk will give you the smell on the current situation of the buyer. ( I never say startup to do trade on CREDIT , But we are forced to do so as market is moving in that direction 😉😅)
-Supply chain Management - Again this plays a vital role in the cash turnaround ( this is what makes money actually ) - Need to get in touch with RIGHT & GENUINE Supplier . Before you approach a supplier you need to know its Harvesting time , production time , where , how ,when its produced . Product knowledge is Damn Important . the skill of negotiation is the need of the hour 😆.
-Shipment / Transportation - Be aware especially in Mumbai ( Nothing to hide , lets be frank ) Whenever a startup approaches most of the shipping companies gets you a hefty Bills to settle , 1st time you talk you get a fancy figures , 2nd time its ok lets do , 3 rd time when you speak up , it turns out be on a higher angle so please be sure before taking any service from logistics , get in writing all inclusive cost .I have seen myself getting Trapped due to un-competitive / last time change in logistics cost. ultimately failing to do the trade.
-Keep your expectations low , very important . I feel that in exports people have high expectations on Margins . Obviously i dont say you to kick - start with 0 Margins . a Nominal margins allows you to do the trade peacefully
To wrap up , Maintaining all the above will help you to sustain in the market , and see the growth . I write this article with much Positive thoughts in Mind so that our Countrymen's Doesn't fall into the pit of failure.
You can leave your comments , you can ask any doubts / advises / clarifications leave in the below comments .
Dont Forget to Share this with your eximpruners if you feel this is worth reading😃🙂
You can also join our group " #LearnExportImport " to learn & Keep you updated in Exim Journey.
Hope this article help you take appropriate decisions
#santhoshraghavan Santhosh Raghavan
No comments:
Post a Comment