New challenges in business | SupportBiz

Managing Growth

New challenges in business

Innovate and execute

First-time entrepreneurs need to tread carefully. Business, they say, can be more lucrative than a salaried job. Launching a venture might be easy; sustaining it is not. Entrepreneurs must know how to opportunity from challenges and utilize the former in their favour.

Doing business in troubled times, where global woes and local pressures are mounting, is no easy task. With the cloud of recession hovering over the market, one wrong move could impede growth. You have to make the right moves at the right time in order to rise to the top of your game.

You have to keep an eye on what your competitor is doing. Innovation and timely execution are necessary to win the race. Execution also requires that you work with the right kind of people, and build a people-centric organization.

The author, Mr. V.S. Rama Rao, suggests that while establishing a new business, one needs consider setting up shop at the right location with access to talented workforce. Access to capital, raw materials, reliable power supply, readily-available labor, a good transport network to move goods are all important things to consider when starting you own business.

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