Anisuzzaman Chowdhury is a veteran business leader who serves as chairman of the publicly listed company Navana Pharmaceuticals. This article will look at entrepreneurship and what it takes to establish and scale a successful business.
To succeed, an entrepreneur must navigate a constantly changing landscape. To achieve this requires a clear vision, strategic planning, resilience and the ability to adapt to new challenges. Every entrepreneur’s journey is unique. Nevertheless, successful business leaders often share similar experiences and strategies that help them reach the pinnacle of their respective industries. The attached infographic contains some interesting statistics on entrepreneurship.
To succeed, entrepreneurs need a burning desire and drive to achieve their goals. They must cultivate a clear vision for the business, outlining the desired outcome of the organisation’s activities. It is this vision that will guide the founder and their team, helping colleagues to stay aligned, motivated and focussed. The attached PDF delves deeper into the topic of corporate vision, providing an overview of the key benefits of businesses crafting a solid corporate vision statement.
With the business landscape constantly evolving, successful entrepreneurs recognise the importance of dedicating themselves to continuous learning, seeking out new knowledge, and remaining curious and constantly on the lookout for opportunities to improve their skillsets. Be it through reading industry-related materials, networking with other professionals, attending conferences or formal education, great business leaders invest in themselves, taking pains to stay ahead of the curve.
One of the key factors to succeeding in business is the ability to keep operating costs low. New business owners may not have access to the capital necessary to rent a big office or hire their entire workforce right away, and this need not be a bad thing. Overextending budgets, over-hiring and trying to grow too quickly can all have a catastrophic impact. By carefully managing cashflow and keeping operational expenditures low, business owners ensure their venture is sustainable, positioning it for the best possible chance of success.
Creating a business plan is a critical endeavour for all business owners, helping to crystallise their ideas on paper and create a roadmap for the business to achieve its goals. A well-crafted business plan covers various elements of the business, providing an overview of the products or services it offers and information on the management team, target audience, competition, and short and long-term goals. The embedded video takes a closer look at business plans and why they are critical to commercial success.