Posted at 11.21.2018
"One who undertakes an enterprise-acting as intermediary between capital and labor. "
-Oxford English Dictionary
Becoming an effective business owner doesn't happen by accident or by chance. It is a long process which involves various strategies, characteristics and quality of person who wants to become successful entrepreneur. Madan Paliwal who's a successful businessperson in his condition, says "Learning to be a successful businessperson is not a simple task! There are certain attributes and strategies that are absolutely necessary if you would like to be successful in your businesses". Madan Paliwal's example demonstrates how some characteristics, features and strategies support to learning to be a successful businessperson. He strongly believes in "quality somewhat than quantities". Matching to Sharma (2009), "It is vital to follow some approaches for the progress and firmly development of business". An entrepreneur organizes different kinds of industries from inception has different solutions and call for an in-depth knowledge base. The significance is the businessman starts and runs his own new business.
Kant (2000), "All the businessman were men of self-control, high integrity and with strong need for achievement". In India Mr. Madan Paliwal CMD of Miraj Band of Industries has following characteristics and characteristics which is important:
Initiative: Mr. Madan Paliwal used resources and arrange for his business. He started out his business with Rs. 200 (3) capital. Now Miraj Group of Companies capital cross Rs. 1000 Crore (15000000). The next companies in Miraj Band of Companies:
Miraj Products Pvt. Ltd. , Miraj multicolor, Miraj pipe & fittings, Miraj Hotels, Miraj Executive, Eye view motion pictures, Miraj builders, Miraj realcon, Asia packs. (Group profile of miraj group) Miraj group's consumer products are tobacco, tea, soap, matches, plastic, stationary, pipes etc.
Therefore we can say the businessman should be effort to utilize the available resources and arrange for all those who get excited about an organization.
Goal: An entrepreneur can set sensible but challenging goals for himself as well as for others in the organization. At the time of starting Madan Paliwal experienced clear goal and he has achieved maximum goal.
Involvement for long time: Madan Paliwal started out his business on 18th August 1987. He goes on involve in his business. Hence determination from the businessperson for longer period may be 5 to 15 years is necessary for conceptualization, building and working an business.
Capacity for problem solving: In the initial phases of the venture many teething problems you can do and an entrepreneur should be a creative problem solver to turn troubles into advantages. Madan Paliwal's life is filled with struggle. He fixed many problems in his business.
Good team leader and motivator: A business owner accumulates his team; he should instruct them, keep them on advanced of drive and also provide a host for creativity and good work culture. Madan Paliwal started his business as a single person however now a day's 1000 employees in his companies.
Energetic: Taking care of resources and jogging an enterprise calls for extended hours of work for longer time frame and hence an entrepreneur is a man of high vitality. Madan Paliwal works 15-16 Hrs. daily. Regarding to him -"A labour is also do hard work daily in his life but he makes only 100-200 Rs. per day, hence entrepreneur do work hard in right way. " ( Paliwal, 2008)
Good communication skills: To be a leader a business owner communicates effectively with all concerned such as financiers, employees, customers, suppliers and all who are worried with the new enterprise. Madan Paliwal is also good communicator.
Mental capacity: Madan Paliwal blessed at Nathdwara, A little town in Rajasthan (India). He began small scale sectors (Miraj sectors), now it is converted into Miraj Products Pvt. Ltd. Sharma (2009) 'An businessperson will be a man of higher level cleverness, creative, positive thinking and decision machine with clear aims in mind'.
Good Human relation: Tactful and warm human relation can be an important factor which brings success to an entrepreneur. Emotional stability and keeping himself as a model to others. Motivates the employees to put their finest performance at all levels in the organization. Madan Paliwal also follows good human relations.
Kant (2000) 'Strategies will be the way of performing the target i. e. how to execute a particular be employed by the achievements of predetermined goals'.
2. 0 - Business Strategies:
There are various strategies which are ready available enterprise like-
2. 1. Market Strategies
Market Strategies includes the business's marriage with existing and prospective customers, its knowledge of changing needs and opportunities on the market, just how it identifies and grows to its customers. Madan Paliwal started out Real-estate business at Jaipur. He launched affordable homes, Villas, commercial organic etc. His marketing strategies were very good. After getting success in Jaipur he started new projects in Ajmer, Udaipur, Bhilwara, Mumbai & other locations in India. He says that "the main strategies that are essential so you can get success in market is draw in the marketplace to us, Examine management's assumptions, perceptions, predispositions about the market, and determine to what extent they can be valid. And lastly examine new opportunities on the market, new products, collaboration with others etc". (paliwal, 2008)
2. 2. Firm Strategies
Organization includes the constructions, systems, policies, methods and activities of the business, the way in which in which it exercises power, requires decisions, communicates, coordinates and integrates its activities. Madan Paliwal is good organizer. He handles more than 1000 employees in his group of companies. He says the key strategies that are essential for success in organization strategies are: Analyze the jobs of executives, professionals, and supervisors to recognize tasks that can be delegated to lower levels and the conditions necessary to make that delegation effective. Next establish clear job information for each position, and create something whereby the responsibilities and authority of every position are clear to other folks in the business. Furthermore determine whether we can innovate any new systems that will further improve our performance. See whether there are systems successfully employed by other companies that may be employed by our company. Finally Measure the success of important systems in the company (e. g. Accounting, Budgeting, Workers information, Planning etc. ) in terms of their quickness, their staff requirements, quality of work, cost of functions, and whether fully being employed. (paliwal 2008)
2. 3. Products, provides and services strategies
It means the capability of the business to deliver products and services. It offers the range and quality of products and services it markets, the complex knowledge and skill of sales and service staff, and the amount of technology designed in its products and services and useful to carry on business. Madan Paliwal launched affordable homes for midsection & lower category people in every task because affordable homes advertising easily. After retailing homes & villas he launches commercial organic in task, hence commercial complex (too costly) become successful (interview with paliwal, 2010). He says that main strategies that are essential for success in Products, provides and services strategies are: Enhance the technology of your products and services with the addition of new dimension involved with it and Examine every technology inside our company uses. And identify ways to lessen cost. Then Match our products and services as directly as you can with the needs of the marketplace. Next Identify and adjust new and recent technology to better meet the needs in our customers. Furthermore Bring in new or improved upon solutions internally that will improve the functioning of our own business. Besides this Make improvement in our organization (structure, activities, systems, job positions, process, rules, rules etc. ) that will enhance the development and procedure of our technology. Finally continually expand and up grade the product and services knowledge and specialized expertise of your people.
2. 4. Finance Strategies
This component defines how the company handles screens and utilizes capital resources for its growth. It offers the quality of systems and skills for accounting, budgeting and financial management, cash and credit management, control over purchasing and inventory, access to capital. Madan Paliwal began his business with only Rs. 200 capital. He comes after following financial strategies to control financial activities in his companies:
A. Determine that our company is exploring and taking advantage of every conceivable way to obtain financing to make our business grow.
B. Regulate how our company can utilize financial information as a good instrument for tracking and monitoring performance on key activities.
C. Determine what can be done to improve correctness and timeliness of accounting so that information on performance can be found as quickly as possible following the day, week, the month, or the work has ended.
D. Know what type of indicators we can develop as positive motivating tools to help managers and employees evaluate their own performance.
E. Determine what are the tips areas in which the company can save money by improving performance.
2. 5. Staff strategies
This component covers the energies, abilities, skills, and attitudes of employees that can be harnessed for progress. People and companies increase together. Miraj Band of companies provides maximum opportunities for their people to grow, find maximum opportunities because of their own development (interview with paliwal, 2010). His Group employs the following personal strategies:
A. Recruit people who have a high level of energy, a healthy body, highest possible degree of education and experience and write kind of personality to work effectively in our company and execute its ideals.
B. Review wage and salary level, and ensure that the compensation for each position isn't only fair, but perceived as good. Whenever necessary, educate people to understand the real value of the company's benefits deal.
C. Introduce profit-sharing or equity programs to make our people "owners" of company and develop the physical and complex skills of the people through formal training programs.
D. Develop the managerial and subconscious skills in our people through formal training, regular and ongoing training, personal direction and attention.
E. Give higher personal attention to people you work with (not to their work) and cause them to become do likewise using their people.
F. Recognize and reward individual efforts to enhance the functioning of our organization.
G. Maintain clear and effective two-way communication with all employees
H. Implement psychological beliefs such as respect for the average person, personal growth, independence, and tranquility to the highest level.
I. Give regular opinions to individuals on their performance and what they can do to boost.
3. 0. Other strategies
Other strategies have been followed by Miraj Band of Companies are:
3. 1 Stability strategy
Miraj Group has a stable environment, limited variety of products, customers, suppliers and competition, minimum need for skills and so on may follow what is called the 'Steadiness Strategy' such an organization is satisfied with its existing degree of activities and needs the same to keep.
3. 2 Expansion strategy
An group that wants to improve its degree of performance may adopt what's called the 'Expansion Strategy'. The following measures implemented by Miraj Group of companies:
Development of services for the prevailing markets.
Creation of new uses for the prevailing products.
Development of new products for new market segments.
3. 3 Vertical Integration strategy
A company itself should produce the raw materials needed for creation to ensure ongoing supply. Alternatively, it may also decide to get started on its own sales stores to serve its customers better. In either case, the strategy is recognized as the 'Vertical Integration Strategy'.
3. 4 Product Removal Strategy
A business device could also eliminate products that contain become unpopular with the buyers and bring only losses. Such unsuccessful products also damage the image of the business. Thus, the 'Product Elimination Strategy' may be followed by a company to avoid loss of earnings as well as reputation.
3. 5 Merger Strategy
It is also possible that similar business units may combine to rationalize production and sales and in so doing derive the advantages of economics of large-scale procedures. This is what is known as the 'Merger Strategy'.
4. 0 Conclusion
In the 21st century the idea of entrepreneurship is essentially related to impressive endeavors. It really is through to get worried with introducing something new in the surroundings of challenging competition.
Entrepreneur types of those who are highly determined, self-confident, creative and impressive, sales focused personalities well in tune with movements and who are able to translate a eyesight into a genuine small company.
They are encouraging young individual to form new business enterprises and providing such government supports as infrastructural facilities (like drinking water, electric power, Transpiration, Industrial sheds or developed plots, Communication system and taxes incentives, to accomplish this creation process.
Madan paliwal efficiently adopted all above point out strategies in his business since many years.
All these strategies are very proficiently and effectively followed by an venture for the success of his own as well for the expansion of business enterprise As effective as the business strategies; the well is the positioning of the business. It really is impossible to become successful businessman without business strategy.
All the strategies which can be mention above should be followed by the person who would like to turn into a successful businessperson.
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