CUSTOMER DELIGHT

Customer delight is seen as an exaggerated word we hear in every motivational speech. In seminars, speakers rant about Customer Delight and we do nothing but stare blankly at those speakers during their rant.

It is true that delighted customers are five times more likely to repurchase a product than satisfied customers.

If a customer complaints or is unhappy with your product or service, don’t be discouraged. If they cared enough to share their feedback, you have been given a great opportunity to better understand what is needed to delight your customer base.

First lets understand what customer delight is not! It’s not “Have a nice day” or “Buy one get on off”! It is the sense of surprising customers with the level of service you provide’, its surprising them in a positive way please!

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FEAR OF FAILURE

Imagine if you could do anything in the world without feeling fear or any negative feelings.

Fear of failure is instilled in us from early childhood. We’re told not to do that, avoid this, or else.

After a while you become cautious. Instead of taking action, you seek permission and confirmation.

As we grow, this belief tends to become unconscious and automatic. You aren’t aware of its presence, yet it controls you from the shadows, like an invisible puppet master.

Every entrepreneur we know is afraid of failure. It’s human nature. When we go outside of our comfort zone, we feel scared. As entrepreneurs, our ego and identity become so wrapped up in what we are doing, that when things do not go as we expect, we can literally feel like we are going to die.

What does failure do to us? We fall into a vicious downward spiral. Failure is a lot like a shot from a double barrel gun but with a difference. The first shot is like the news which explodes in one’s face. But it is the second, after a short time lag, which causes the most damage. It comprises of pain, humiliation, shame, frustration and anger. The first shot pales in comparison. It is life after the blast that causes the most hurt.

Successful people seem fearless and extraordinary, but that’s just how they’re perceived. Successful people started out very ordinary and through a combination of practice, hard work, effort, and action achieve their success. That myth of fearlessness, however, can act as a barrier to many, causing us to believe that being successful is predicated on being fearless and inherently extraordinary. But being brave isn’t living without fear; it’s living with fear, confronting it, and taking action in spite of it. It’s challenging yourself and putting yourself in places where you encounter fear and facing that fear. Fear is a very normal and inevitable part of being human; it’s one of the characteristic that define us. It’s a part of all of us. No one is truly fearless; they’ve just learned to embrace fear.

SWIM BEFORE YOU SINK!!!

When we say sink or swim, we are not asking you to take a dive. Rather we are talking about the situation that can be equally alarming for your business.

People love to hear about startup stories. Especially one that has chronicles mishaps of first-time entrepreneurs and their eccentric founding team members.

There is a reason why some startups fail while other succeeds. Libraries are full of books on “How to become rich?” or some famous and successful Entrepreneur sharing his “Secret”. But at the end of the day the success or failure of the business does not come due to some book but rather the efforts and investment made in the business.

If you think the biggest reason for failure is short of money than BINGO!!! You are right, ultimately a business do fail because it runs out of money. But along with this, there might be magnitude of reasons why this may happen. Management teams, business models, access to markets, finance, ideas, timing and the abilities of the entrepreneur themselves are all factors that can influence the failure of startup.

Many founders tend to build solutions first and find problems to solve for paying customers later. All too often, they operate using unproven business models and ignore important questions about who their ideal customers are, how much it will cost to reach those customers or how much of their initial capital must be used to support their own living expenses. Any one of these mistakes can sink a promising startup.

Just look at TinyOwl, which shut down most of its locations in May because of a faulty business model. The India-based restaurant delivery service had raised more than $27 million in investor funds, but it couldn’t overcome the costly logistics of running the company or the oversaturation of the restaurant delivery service industry.

It’s also easy for first-time founders to get so caught up in their ideas that they dive in before vetting their concepts. That’s how companies end up with solutions that are looking for problems — and often how they fail. Inventory costs alone can consume a startup’s budget as its founders search for a fit.

Businesses that try to reach all demographics end up with generic, boring products. Instead, they should identify who will actually be interested in the offering and whether it fills a want or a need — before they sink serious money into building a product. No matter how excited people are about a product they want, they’ll ultimately prioritize items they need. Responding to urgent demands strengthens the business model and improves the startup’s chances of success.

Successful startups don’t deal in vague assumptions and unsubstantiated business models. Entrepreneurs must rely on fact-based decision-making to ensure their companies have the best chance of succeeding in competitive markets.

ENTREPRENEURS IN HEELS

You don’t have to be masculine to be a strong woman.

Women in India have come a long way from being just ‘homemakers’ to the ‘worldmakers’. The world now sees them with a different eye and a new respect.

Gone the days when women were not considered to be strong enough to compete with men. Gone the days where men used to dominate world and were reluctant to acknowledge the fact that women are as good as men if not better.

The new generation women across the world have overcome all negative notions and have proved themselves beyond doubt in all spheres of life including the most intricate and cumbersome world of entrepreneurship. Entrepreneurship, considered to be one of the toughest arenas, is now experiencing the footsteps of some of the most powerful women who truly have fire in their bellies.

India too has its own pool of such bold and fearless women who have made a mark for themselves both within the country as well as overseas. Hindu scriptures defines women as the embodiment of ‘Shakti’ and she lives up to image every time, whether it is problem solving at home or running a successful business.

Their relentless zeal, incessant quench for success and willingness to walk the extra mile has broken all myths about their inborn limitations that were supposed to be major roadblocks on their success expressways.

Be it in any field, e-commerce, education, investment, travel, fashion, fitness anywhere and everywhere women are determined to make a difference and their own identity.

Chanda Kochar, Indira Nooyi, Indu Jain, Simone Tata, Suchi Mukherjee, Jyoti Naik, Ritu Kumar, Shahnaz Hussain,  Ekta Kapoor; are just few names to add in the ever growing list of self-made women. Today women have proved that they are equally, or more capable of excelling in the male-dominated fields.

WHAT TO PURSUE?

I have so many new ideas for my business. How do I figure which ones are the best to pursue?

We always struggle to find the answer of a very basic question. Which is the most profitable business?

Most business owners want their business to grow, and often growth includes consideration of new products or services. Sometimes, though, brainstorming new possibilities interferes with maintaining the core business by distracting the owner from focusing on the issues confronting them. To allow room for new ideas without distraction, it helps to have a system for handling them.
Being an entrepreneur is attractive for many reasons. Some people think about opening a business all their life but never get around to actually doing it.

Then there are people who open one or more businesses, hustle their way through whatever gets thrown their way, and make it with a little bit of luck and lots of ambition.

Then there are the people in between which is where most people are at. You have a million business ideas or maybe just this one nagging idea gaps that just doesn’t seem to go away. The question is where do you start? How do you know whether a business idea is worth pursuing? Entrepreneurship is a gamble. And with the chips stacked against you, it’s difficult to know whether an idea has possibilities.

It’s not just about finding a good idea; its finding an idea worth pursuing.
But, finding that idea, and building a company with that idea in mind, is always a struggle. It almost has to be that way.
For those of us who have a variety of business ideas and want to narrow it down, here are five ways to find out whether your business idea is a yay or a nay.

In lieu of this, try examining the idea using the following five questions:
1. What does this idea have to do with my business mission?
2. Does this idea replace an existing outdated product or service?
3. Will implementing this idea use excess capacity?
4. Who are the customers for the new product or service?
5. What is the value to customers they can’t get anywhere else?

New ideas are best implemented only if they improve business performance in some way such as increasing profits, using excess capacity, or improving customer service for existing customers. Include these in the next update of the company business plan. New ideas build businesses if they are strategically a good fit. Any system that helps analyze ideas will benefit the business owner, so find the strategy that works best for your business.