The More You Organize The More You Earn
According to Pranav, being organized is a need for commercial success. It will assist you in completing activities and maintaining an organized schedule. Making a to-do list every day is a fantastic organizational strategy. Check each thing off your list as you finish it. By doing this, you can be sure that you won’t forget anything and will do all the activities required to secure the sustainability of your company. When he was sixteen years old, he started his first proper business. It was called Highly Educated. It was focused on selling smoke products and accessories like hookahs, stash jars, and incense. Currently, he is chairman and on the board of directors for several well-known multinational corporations, including JMTD Holdings (a financial consulting firm) and The Just Funky Foundation, which is a charity organization that offers support to young students.
Keeping a Record
In light of the present economic downturn and market turmoil, Pranav is of the opinion that all successful companies maintain thorough records. You’ll be aware of the company’s financial situation and any prospective difficulties by doing this. Just being aware of this offers you the opportunity to develop plans to deal with those difficulties.
At the age of 16, Pranav himself launched his first million-dollar company. Besides serving as the division’s head, he is in charge of Just Funky’s B2B and B2C sales and marketing. Pranav started his first “enterprise” in middle school by purchasing packets of gum and pencils and selling them to his friends in between lessons. His first actual experience as an entrepreneur came from that. He asserts that the majority of firms choose to maintain two sets of records: one physical and one digital. A firm may stop worrying about data loss by having records that are continuously updated and backed up. The physical record serves as a backup but is most frequently used to confirm the accuracy of the other data.
Being Aware of Your Competition
In spite of all the highs and lows of the epidemic, Pranav contends that competition produces the finest outcomes. You must not be scared to research and pick up tips from your rivals if you want to succeed. After all, they could be doing something correctly that you can use in your company to increase profits.
The way you evaluate competition will vary by industry. If you run a restaurant, you might be able to get information by simply eating at your rivals’ establishments, asking other patrons what they think, and so on. You can, however, be a business with far less access to your rivals, like a chemicals industry. In that instance, you would consult a business expert and an accountant to review not just how the firm portrays itself to the public but also any financial data you may be able to find about it.
Analyzing Risks and Rewards
According to Pranav, the secret to success is taking measured risks to advance your company. What are the drawbacks is an excellent thing to ask. You will know the worst-case situation if you can respond to this question. You’ll be able to take the type of measured risks that may result in enormous profits thanks to this understanding.
Also Read: 3 Entrepreneurial Uses of Artificial Intelligence That Will Change Your Business
Never Losing Focus
Pranav concluded our meeting with the old saying “Rome wasn’t built in a day”. Simply starting a business does not guarantee that you will make money right away. Keep your attention on attaining your immediate objectives since it takes time for others to learn who you are.
Many small business owners utilize their profits to pay back investment expenditures for several years before even turning a profit. Being in the red is the term for this. It’s referred to as being “in the black” when your business is profitable and you have money left over after paying your bills and employees. However, if a company is still not making a profit after a considerable amount of time, it may be worthwhile to investigate whether there are problems with the product or service, whether the market is still viable, and any other potential problems that could hinder or even stop a company’s expansion.