There is a social aspect attached to the businesses in which the behavior of individuals towards the society will be judged as it was judged 1400 years ago when Muslim traders were famous for their fair dealings and character.
Nasir Ayub, founder and Managing Director of Spectra Engineering Solutions, has recently launched an interview Program on YouTube by the name of “Beyond Profit”. His first guest was our very own founder Usman Ahmed. The discussion point was Entrepreneurship and the various elements attached with it.
Entrepreneurship is a French word and it means to start or originate something. Unfortunately, in our society, it has only been translated into starting a business. However, it should be perceived as growing holistically not just a part of it. There is a social aspect attached to the businesses in which the behavior of individuals towards the society will be judged as it was judged 1400 years ago when Muslim traders were famous for their fair dealings and character.
Today, there are many challenges involved when you start a business or even when you conceive an idea. Normally, people do not really validate it in the market rather just go with only the conviction that it will be a success, but it just doesn’t happen. So, in his opinion THINK BIG AND START SMALL! And It is recommended to make a small launch of the idea to check the audience response and then go for big-scale after receiving the results of it.
The next big question is how much you need to spend on marketing once you are ready to launch the product or the service. So, for a new business, marketing theories in the books are quite different from the actual realities glaring at us from the market and the main disruptor for this change is “Internet 2.0”. It is giving a platform to the companies to advertise their product to a larger audience and 2-way communication makes it more authentic to validate the idea. This contributes to the media with more call-to-action options. As we know that print media has also a good reach but carries a big cost as well. So, it is better for the startups to go with digital media in the beginning and once their product gains strength in the market then it would be viable financially to go with the print and mass media options.
The next stage is to select the medium through which you would market your product, followed by the content of the advertising campaign. Nowadays, on average 70 percent of the ads are coming in the video format on various social platforms. Companies are investing more on small video promos and informative video ads. However, picture advertisements are still present in the market along with paid partnerships with various online celebrities.
Finance tracking and cash flow management are the two basic needs of any business and for a startup, these two things are the backbone for the survival of the company. People make or break because of financial management processes. In our country, there are not so many investment opportunities for young startups because of socio-political reasons. So, it is better to generate funds internally and utilize these limited funds to take decisions wisely. Initial expenses should be controlled through proper research and try to operate with limited financial liabilities.
Human resources are the most significant asset for any organization because without a trained team you will not be able to do a single thing even if you are the most powerful person in the world. Our Prophet Muhammad\’s (P.B.U.H) team is a prime example of how a great team can do wonders. So, investment in the people is everything.
Finally, to maintain a constant level of growth in a business, it is recommended to get serious investors who not only bring money but experience and exposure along with it. This will give you rapid growth to your business and it will also be very beneficial for the financial health of the company.