How does this sounds to you “BEING YOUR OWN BOSS” does this gives you goose bumps, if the answer is YES then there is some hidden passion in you which is craving to be out of the skin and wants you to give it a chance. Most importantly you are going to follow your own dream. These chances are life events, as you plan to navigate through the life journey of being an Entrepreneur.
Let’s understand the definition of ENTREPRENEUR –“a person who sets up a business or businesses, taking on financial risks in the hope of profit” Before placing the entire or major part of your earnings at stake there are some essentials tips gathered from successful business owners advice.
Feasibility reports are the foundation stone for any organisation, once the idea blooms for any business, it is essential to develop a feasibility study to see its realization. It’s basically a methodology to check the success relevance of the project, the product or service, is fair market study, competition, SWOT, the marketing strategy, revenue buildup, costs and the ROI.
Building the project on paper with near to actual figures is called the feasibility study, if it doesn’t support your project, then you don’t have a project. It’s the assessment of the practicality of a proposed plan or method product, project management tool, or the execution method.
Major global researches show the unprecedented increase in remote work or what companies call it #work from anywhere, this has given quality edge to the companies to hire the best talent from across the globe without any boundaries, resultantly this has contributed to the growth of the organsiational objectives as well. Open Ideating, cultural embedding and diverse thinking are few of the important contributions of this new work methodology
However it was earlier in practice but not as much as in recent times , the fall of the COVID 19 pandemic has shown remarkable increase in the growth of the remote talent hiring’s, going as per the international data available with leading researchers it has shown and increase of over 122% in year 2020 itself. So this is IN forever now and the organizations have to be ready to match this new era of global workforce.
COVID 19 pandemic has been a tough educator for all of us, one thing we most of entrepreneurs have realized is that we had lot of cost purposely burdened on us and falling revenues [most of business enterprises] and complete lockdown particularly for hospitality and travel fraternity has compelled us to partial or complete shutdown of services and resultant revenues. Coping up with these cost burdens we all have downsized our expenditures to sustain the organizations in tough times.
During all this process which was call of the hour, we all identified these extra burdened costs, like retaining office spaces for remote teams –particularly sales and business development or media management which essentially does not need a office until unless the size large enough , if it is position based representation ,in that case office spaces are not required, or second scenario is of sales based representations to the likes of Pharma industry where we have free moving sales team or remote working personnel’s. Controlling these remote teams is also a great challenge to ensure productivity and results. Through this session we are trying to underline essential methodology to control measure and manage the productivity of remote teams.
How often do you forget the importance of teamwork in your organization , No company or brand was built by one man or woman. It takes a team of hardworking and actionable individuals to create a path to success. The degree of commitment above the responsibility level forms a great team.
we must ensure to cultivate the feeling of ownership in every team member to achieve greater goals, this cannot be done with one or two sessions of training , it’s the culture embedded in the company and the importance given to every member inputs, knowledge, thoughts, in policy forums , the management has to ensure two way process of upward –suggestions and feedback and downwards –policies and goals. These voices when heard and given importance cultivate the sense of ownership and belonging to the members and create REAL TEAMS
Here are few Brainstorming quotes to cultivate Team spirit in any organization
PERSONAL development is a lifelong process. Realising the personal potential is up to the individual; remember one can define the capacity of himself at his own. It is a way for people to assess their skills and qualities, consider their aims in life and set goals in order to realise and maximise their potential. Personal development consists of activities that develop a person’s capabilities and potential, build human capital, facilitate employability, and enhance quality of life and the realization of dreams and aspirations. Personal development may take place over the course of an individual’s entire lifespan
Understanding the personal development traits, we need to break this entire subject in three aspects
Physical | Mental-Spiritual |Professional |
PHYSICAL Development in simpler terms is development of the physical personality, the way you physically present yourself to the world, language command, social etiquettes, mannerism, your outfits, grooming and dressing style. All these things do matter when you are presenting yourself to the world , the trust someone gathers over you is from the first impression of the physical personality, once this is taken care of the transaction or the responsibility would then come over next. It is easy to work on the physical development, some basics things taken care can make wonders. Self-confidence is the belief in your abilities, actions and decisions. If you have confidence in yourself, you might be more likely to pursue ambitious goals, try new things and believe you can succeed
Brand is not just a business identity but itself is a business, it the most important asset a business possesses. Brand provides key communiqué of the business, it not only critically differentiate with the market competition but also shapes the internal work culture of the business. It’s one of the most important and valuable virtual asset of the company.
Lets first understand the BRAND DNA ,where did this idea came in from ,in this era of globalization the individualism was born ,in simplified words this individualism gave birth to fragmentation of our personal and social identities and this encouraged self identity as it is truly said you are what you buy and use. Symbolic experiences are increasing in demand thus increasing the demand of the commodities they represent. The brand is primary connection of communication between manufacturer and the consumer and has changed the focus of sales directed to the consumer.
POSITIONING OF YOUR HOTEL IN COMPETITIVE SET is the most important exercise which has to be implemented with caution ,market intelligence and operating environment of the city. In order to maintain an important position rather respective position it is must to analyze the market economic conditions , travel trends , operating segments and market penetration thresholds.
THINK LONG TERM- it is often seen the hoteliers making mistakes by establishing short term gains or opportunity benefits rather than long term , the situation demands the focus should be on long term plans , may be establishing five year strategic plan which is reviewed every six months. The current or short term marketing exercises, brand building is undertaken according to the reviews of the long term planning.
Let’s talk about Revenue Management, what is it and its importance in the present scenario, increase in the increase of competition, increase of special offers and promotions, increase of distribution channels, increase of price transparency and decrease in time to react. These factors have a direct effect on business revenues and its resultant profits; we have all be searching for strategies to maximize the revenues of our business. This has given rise to Revenue Management
“Revenue Management is interesting subject to be studied and more important to be implemented, my experience says once you establish it as a habit in your organization it’s more of a fun and sense of achievement as not only the business revenues grow at pace but the employees are also satisfied toward the price fetched for the quality services delivered to every guest. It’s highly motivating tool to be established in every organization.”
MANMOHAN SINGH
FOUNDER CEO –EDUGRADEONLINE.COM |MANAGING PARTNER –GOLDEN TULIP UDAIPUR | MANAGING DIRECTOR –WGHIL..COM
PEOPLE here are referred to a broad term of our peers , colleagues who work around with us in any organization .They eventually form inner circle and define the behavior of the organization and off course we are also one of them. Knowing how to manage people around you with their ambitions is a key to success.
There are a lot of courses and literature available on this topic but what is important is its application as there is no defined process but it’s a trait every individual has to develop in his/her routine behavior, it’s a habit to be formed. Small soft skills and good habits such as wearing a smile and nod of acknowledgement also help to win confidence of people around you. Irrespective of the position you are labeled as, your peoples management plays an important role. Here we list some techniques which would assist you in sharpening your people’s management skills
Be a good LISTNER – that’s absolutely a first basic principle, reminding you of the basic listening skills of paying attention, do not interrupt; maintaining eye contact, acknowledgement nods etc. The key to listening well include keeping an open mind and not jumping to conclusions before or during conversations .This means you can’t assume what the speaker is thinking, what their problem is, or what the solution to their problem is – you have to let go of your preconceived notions, and you need to ask them. Even if they think the cause of a problem is obvious, a great manager listens with the intent of understanding as much about the situation as possible; don’t just barge in with a possible solution assuming you know all the answers well.
GET ENGAGED in conversation and communicate well
Effective people management involves understanding the people who make up the organization – their personalities, motivations as well as their personal and career goals. Empathy, active listening, and a people-first approach lead to a deeper mutual understanding of individuals and collectives. It is important to understand that people are different and have different traits and skill predispositions. Communicate well enough to maintain the dialogue , there are hidden surprises in each communiqué enabling for better solutions
BUILD TRUST AND KEEP APPRECIATING
Our engagement in the conversation and empathy shown towards the speaker builds levels of trust which later converts to loyalty towards a person or organization as the scenario may be. Appreciating the work and giving public acknowledgement is the highest motivator for the person ,so ensure you are up to it.
CONFRONT but BEING POSITIVE
People who work around with us are from diversity of culture ,generation thought and the way they perceive things, the difference of opinion could be active , covert or passive so confront what is wrong but in a positive manner, making them understand shows the maturity levels of the person handling them. We do not need a temporary solution but a lasting one. Remember such conflict when emerged the solutions can lead to resentment or negativity or strengthen the team.
