Though starting your own business can be interesting but the field in itself is daunting. The journey of beginning business has its share of ups and downs and the whole accountability is yours. Each decision you make and the outcome you get is all yours.
Many people when they start their own business do a lot of mistakes. One should learn from these mistakes, correct it and move forward. It will be still better if one learns from the mistakes from peers and avoid making the same one.
Toolsvilla is one of the largest portals that deals in machine tools and equipment which covers the big procurement gap. It covers both aspects of trade that is product availability and economical pricing.
There are more than 5000 registered customers within two years of starting the portal. Co-founders shares their experience and offered few suggestions for the upcoming entrepreneurs as described below.
When a company is launched the most important aspect the entrepreneurs should give is the highest priority to customer’s interest. Each and every step that is taken from designing the product to selling it, customers needs and difficulty should be considered. More often it is seen that the entrepreneur stresses more on what he is offering then listening to the customer’s need and problems. The customer should be the focus of attention and everything should revolve around it.
When Toolsvilla started it was just like another e-commerce website. On studying customer’s behavior and pattern through the feedback the co-founders simplified the user interface of the website. The customers were not too tech savvy. This led Toolsvilla to make the buying process more easy and comfortable.
Responding to customer’s demands and needs is indeed crucial and essential which drives the venture towards success. One has to go as per market situation and circumstances, depending upon demand and supply dynamics. If one is unable to keep up he may have to face problems. The strategy to take the company forward should be adjusted according to the need of the hour.
Many young entrepreneurs over indulge initially with the funds and have a tendency to spend recklessly. Maybe presently they may afford it but if possible they should avoid unnecessary expenses in the early stage. Operating on necessarily sufficient funds help companies take quicker decisions in case something is going wrong or in an unplanned manner.
Many new entrepreneurs are unable to ascertain beforehand the number of resources needed to meet their objective. One must set goals along with the time period in which it should be achieved. By doing little maths (calculations) along with accounts (income and expenses), will help them not to compromise on their targets under any situation.
All the co-founders should have a common goal and aim to achieve their targets. In other words, they all should work with same seriousness, commitment, and participation. Sometimes it so happens that one or two co-founding members back out. This will waste a lot of time and energy one has put in the project. Hence co-founder should be chosen with great care.
When starting a new venture most of the entrepreneurs do not pay careful attention to all the legal requirements needed, like PAN, GST, TAN, taxes, duties, PF, ESI registrations etc. Once the enterprise grows government officials from different departments start visiting your premises and point out to the compliance you have not complied with.
It is better to higher services of the legal practitioner at the onset of your venture who will guide you. If caught off-guard you will have to pay the sum plus interest plus penalty plus consultancy fee. All this will be taken into consideration right from the date when the enterprise began functioning. Same applies to the closure of the enterprises.