Even though starting a business requires a lot of labor, your work doesn’t end after choosing the right opportunity, or making the right deal. To succeed, you frequently need to put in more time than you would if you were working for someone else, which could include sacrificing quality time with loved ones. It is quite demanding, am I right? You can still make it work if you play your cards well. Learn from Pranav Arora, the founder and CEO of Stunned Mind as well as an investor, speaker, philanthropist, and venture capitalist. Among the many ventures and sectors he is involved in are consumer products, wealth management, and real estate.
Giving Your 100%
According to Pranav, people who are dedicated to making their firm successful may find the proverb that states there are no weekends or holidays for business owners to be accurate. There is nothing wrong with working a full-time job, and several business entrepreneurs overestimate the actual cost of the sacrifices needed to launch and run a successful enterprise. Pranav is in charge of Just Funky’s B2B and B2C sales and marketing in addition to leading the division. In middle school, Pranav established his first “business” by buying packs of gum and pencils and selling them to his buddies during the breaks in class. That was his first real experience as an entrepreneur.
Solve Bigger Problems
Many prosperous companies overlook the significance of offering excellent customer service. If you provide your clients superior service, they’ll be more likely to choose you over your rivals the next time they need anything. The quality of the services a company offers frequently makes the difference between successful and failed enterprises in today’s very competitive business market. The adage “undersell and overdeliver” is applicable in this situation, and astute business owners would do well to heed it. At the age of 16, he started his first serious company. It was called “Highly Educated.” Its main goal was to sell items and accessories for smoking, such as hookahs, stash jars, and incense. The Just Funky Foundation and JMTD Holdings, both of which support young students, are two of the well-known international companies where he now serves as chairman and a board member.
According to Pranav, being consistent is essential to succeeding in business. You must consistently take the steps required to achieve success. Long-term profitable habits will be formed as a result, helping you earn money. While still in high school and throughout his first semester of college, he grew his business in his spare time. After a semester in college, Pranav made the decision to leave and focus solely on growing his business. He was successful in growing Highly Educated into a million dollar company. After a few years of growth, he made the decision to sell the business so that he could pursue his other interests.
Nailing the Exponential Growth
Pranav continues by stating that companies will expand at their own speeds, oftentimes without the control of the employer or employees. Running a lean operation can, however, have several advantages that can help a firm expand fast. These advantages include concentrating on a narrow product line, scaling up rather than down, and having a clear competitive advantage. There are several potential sources for rising sales. You may up your advertising budget where it has been shown to work, solicit referrals from current customers, create a direct-to-consumer email list, and other strategies. A product line can also be expanded, but if it performs poorly, it will hurt your bottom line.
What Does It Take?
Startups may be a great method to produce returns for stakeholders if business success is defined as providing profits for stakeholders. The top startups offer an excellent, scalable product or service. The company is prepared to seize opportunities when they arise, is able to swiftly pivot, and is aware of the market and its financial status.
According to Pranav, the success of a firm depends on its goal. With a big aim in mind, it aids the founders in expanding the business. It instills a feeling of purpose in the workers and offers them something to strive towards. Additionally, it helps create a personal connection with clients by letting them know what the business stands for. Your purpose, in his opinion, is more than just a sign expressing what you stand for. Your company should operate in accordance with the mission. Do you claim to be passionate about utilizing sustainable energy? Then, you should make clean energy investments for your facilities and seek out suppliers and vendors who utilize or invest in clean energy at all points in your supply chain. Your purpose will have greater relevance for your organization the more it can be centered on how your firm operates.