Ways to make business unique and successful in 21st century. Challenges or threats on Enterpreneurship and how to convert challenges into opportunities.

1. SUBMITTED BY : GUNJAN
AWASTHI
B.Sc.B.Ed. 6th sem.(Physical)
Roll no. 13
ENTERPRENEURSHIP
DEVELOPMENT – II
ASSIGNMENT

3. Que.1- What makes your
business unique in 21st
century and how you can
get success? Discuss.
In a world where the competition regularly claims to be
no.1, it’s difficult to differentiate and build your own
identity. Difficult, but not impossible. Effective
differentiation is one of the main challenges small
businesses face , as they are forced to compete against
big companies.
There are some ways to help business stand out from
the crowd. Each one of these factors helps in making
business unique.

4. Ways to make business unique

5. 1. Provide legendary customer
service -
 Treat your customers like royalty, even if you are
not in the service industry. The belief that
customer service only matters in the service
industry is a myth. All customers have an
expectation of great service and will not put up
with waiting in long lines or receiving poor
responses from representatives. Around 75% of
customers state that they consider customer
service a true test of a company’s competence.
Even small companies seem to be doing much
better in this area, as they have discovered the
loyalty-generating power of remarkable customer
support.

6. 2. Admit Mistakes and Fix
Problems to Build Stronger
Relationships. -
 Customers equate experience with brands. If they
have even one bad experience that remains
unresolved, they will write off the brand. And
negative feedback spreads like wildfire through
social media and word of mouth. You need to be
on top of your game to improve the customer
experience, sometimes by going far out of your
way. One major point is to accept your mistakes,
whether they are your fault or not. Customers
prefer businesses that own up to their mistakes
and take steps to correct them. In fact, customer
relationships can actually be stronger after a
problem than before, if handled well by your

7. 3. Be Honest About Your Products
and Services -
 Honesty is not just the best policy; it should be
your main policy. Can’t deliver by a due date?
Call and let your buyers know. One of your field
reps messed up on a bid? Immediately have a
tough conversation with your client. Lying to
customers is like shooting yourself in the foot. If
your customers catch you lying, they will lose faith
in you and may even spread negative feedback
about your business. One common form of
dishonesty in business is failing to share bad
news. In reality, the faster you share bad news,
the more your customers will respect you. Just
make sure you follow up with solutions .

8. 4. Come Up With Something
New-
 Continue to reinvent your company by adopting
emerging technologies and introducing new
processes, products and solutions. For example,
make use of social media and mobile apps as a
growing number of buyers prefer to find and work
with you through their phones. There have been
many examples of people coming up with unique
ideas that have made a lasting impression. All of
these attention-grabbers help businesses stand
out from the crowd; however, to be effective the
underlying product or service must be at least up
to par.

9. 5. Embrace Corporate Social
Responsibility-
 While some may argue that a company’s main
responsibility is to take care of its core
stakeholders such as customers, employees and
owners, experts believe that businesses should
give back to society as well. Corporate Social
Responsibity programs help businesses stay in
customers’ minds, improve goodwill, and often
bring in more revenue.
 This kind of approach might mean making a
dramatic shift in your entire business model, but
these businesses stand out because they are not
just another company that sells their products.
They are making a positive impact on the world

10. 6. Start a Blog-
 Most forward thinking companies are familiar with
the benefits of blogging . If you’re tired of being
overlooked online; if you’re seeking a fresh way
to share ideas and have your voice heard, get
involved with corporate blogging. You can write
the content yourself and/or involve employees to
regularly contribute. Many companies hire outside
writers to provide content. Sometimes it’s good to
have someone else handle certain tasks .
 Caution: Be sure to concentrate on high quality
content in your blog. Purely promotional text will
drive readers away, while insightful, entertaining
and educational content will attract them.

11. 7. Offer a guarantee-
 Can you guarantee next-day delivery? Are you
confident enough in your product or service to stand
behind it 100%? If so, guarantee it. Adding this type of
assurance to your marketing message shows
customers and prospects that you truly care about
their satisfaction.
 Here’s the only thing you need to remember: you
must back up your guarantee if and when the time
comes. Guarantees are a great way to reduce the
perceived risk of buying your product or service.
Eliminating the hesitation for making a purchase can
lead to more sales.
 Plus, a guarantee can also make your company seem
more trustworthy and likable.

12. 8. Focus on a narrow niche-
 When you try to serve everyone, you serve no
one. This is especially true with service-based
businesses.
 Adapting your model or approach for a wide
variety of businesses is not cost effective for your
business and it makes it harder for people to
know if your company is a right fit.
 A great way to stand out is to narrowly define
whom you serve. Because of that, it makes it
very simple for the customers to know if they
would be a good fit for your business or not.

13. Ways to make business
successful

15.  1. Get Organized
 To achieve business success you need to be
organized. It will help you complete tasks and
stay on top of things to be done. A good way to
be organized is to create a to-do list each day. As
you complete each item, check it off your list. This
will ensure that you’re not forgetting anything and
completing all the tasks that are essential to the
survival of your business.
 2. Keep Detailed Records
 All successful businesses keep detailed records .
By doing so, you’ll know where the business
stands financially and what potential challenges
you could be facing. Just knowing this gives you
time to create strategies to overcome those

16.  3. Analyze Your Competition
 Competition breeds the best results. To be
successful, you can’t be afraid to study and learn
from your competitors. After all, they may be
doing something right that you can implement in
your business to make more money.
 4. Understand the Risks and
Rewards
 The key to being successful is taking
calculated risks to help your business grow. A
good question to ask is “What’s the downside?” If
you can answer this question, then you know
what the worst-case scenario is. This knowledge
will allow you to take the kinds of calculated risks
that can generate tremendous rewards.

17.  5. Be Creative
 Always be looking for ways to improve your
business and make it stand out from the
competition. Recognize that you don’t know
everything and be open to new ideas and
different approaches to your business.
 6. Stay Focused
 The old saying “Rome wasn’t built in a day”
applies here. Just because you open a business
doesn’t mean you’re going to immediately start
making money. It takes time to let people know
who you are, so stay focused on achieving your
short-term goals.

18.  7. Prepare to Make Sacrifices
 The lead-up to starting a business is hard work, but
after you open your doors, your work has just begun.
In many cases you have to put in more time than you
would if you were working for someone else, which
may mean spending less time with family and
friends to be successful.
 8. Provide Great Service
There are many successful businesses that forget that
providing great customer service is important. If you
provide better service for your customers, they’ll be
more inclined to come to you the next time they need
something instead of going to your competition.
 9. Be Consistent
 Consistency is a key component to making money in
business. You have to keep doing what is necessary
to be successful day in and day out. This will create

19. Que.2- Eaborate challenges or
threats on Enterpreneurship in 21st
century and how they are
converted into opportunities?
Entrepreneurs face many challenges in today’s
ultra-competitive business world. Fortunately,
entrepreneurs also have more resources than ever
before to tackle those problems.
The challenges of starting a business are well-
known. Entrepreneurial issues are many and
varied, and they're unlike any you'll find as an
employee in a business.
The following are some challenges faced by many
entrepreneurs today and how to convert them into

20.  1. Deciding what to sell
 Probably the biggest challenge of entrepreneurship is
figuring out what kind of product or service to offer. It’s not
an easy question because getting it wrong means your
business will fail no matter how well-designed and set up it
is.
 Entrepreneurs must understand the customer who is likely
to purchase their product, what market they are seeking to
serve, what the competition looks like, what they could offer
to give themselves a competitive advantage, if their target
market is large enough to support the product, if their target
market is too broad, and a host of other issues.
 How to overcome it: Self-assess and research
 There’s only one way to deal with this challenge: diligent
research. You must come up with a detailed business plan
that you can defend to any potential investor or partner. Your
research should describe your target market in great detail
and offer realistic plans for how you will become profitable
— not pie-in-the-sky predictions based on nothing more than
hope.
 You also have to assess yourself to determine if you have

21.  2. Marketing
 To paraphrase sales guru Grant Cardone, if people don’t
know you, they can't buy from you — not won't buy from
you but can't buy from you. Marketing introduces you and
your brand to customers so it is possible for them to even
consider buying your product and service.
 But marketing is a challenge for entrepreneurs because
oftentimes they’re strapped for cash, and building a brand
through marketing can be expensive with no immediate
benefit early on. You’ve got to decide how to market your
product or service — choose from mobile, social media, or
print — and determine whether it’s wise to work with
outside agencies.
 How to overcome it: Test and examine
 When you’re starting out lean, you must figure out where
your marketing money will get the most bang for the buck.
Start small with free social media platforms and try out a
few different approaches.
 Consider broad, more capital-intensive approaches based
on some of the results you see. Always start with a small

22.  3. Hiring talent
 Entrepreneurs who want to expand must find help. At a
certain point, you can’t do it all on your own. But finding the
right people is a big challenge, especially early on before
you have your own human resources department and
processes.
 You must learn how to identify what type of people you
need, how to evaluate them, and how to integrate them into
your business so they are vital parts of your organization
rather than “gofers” who need constant direction. You must
invest time in reviewing credentials and candidates, or
employees may actually hinder success.
 How to overcome it: Narrow your focus
 Develop a specific description of the role you’re hiring for
and a detailed breakdown of what skills and personality
attributes you need for the position. Then start vetting
applicants, checking each box to see how many of these
attributes they meet so you can compare them later.

23.  4. Delegating authority
 It’s not good enough to hire a bunch of people — you
must properly delegate work and responsibility to
them. As an entrepreneur, the temptation is to try to do
everything yourself, but this is not productive and will
limit your company’s growth. Strike a balance between
monitoring the business and trusting others to
accomplish objectives.
 How to overcome it: Learn to trust
 Give your employees clear roles and responsibilities,
as well as rewards for meeting certain benchmarks.
Make them stakeholders in your company’s success.
Avoid micromanaging people and processes. Give
people the space to use their talents and only step in
for minor course corrections. Be patient with others —
and with yourself.

24.  5. Managing time
 While it may seem like money is constantly in short
supply, time is the only thing that will always be limited.
Entrepreneurs must make sure their time is spent on the
most important tasks, and they must avoid spending time
on tasks team members can do. By freeing up this time,
they can focus on the bigger-picture issues, such as how
to take the company in a direction for growth.
 How to overcome it: Be organized and delegate
 Identify tasks that can be delegated and then delegate
them. Resist the urge to do them yourself because you
know you could do it perfectly. Trust your team members
— they will surprise you with how much they can get done
and how well they can do it. Focus on your own strengths
and let others handle everything else.

25.  6. Guarding cash flow
 Cash is always running for entrepreneurs, so you must
guard it carefully. It’s a challenge to ensure revenue is
consistent and can always cover costs and payroll. The
last thing you want to do is start paying employees late
because you didn’t plan cash flow properly, which can
have ripple effects on the morale of your staff and their
trust in your company and leadership.
 How to overcome it: Budget and plan
 Entrepreneurs need an effective billing system in place
and good record-keeping, which is where accounting
software can save the day. This software can account
for all costs and help entrepreneurs promptly invoice for
service and products. Consider working with an
accounting professional if you need extra help in this
area — it’s that important.

26.  7. Finding capital
 Before they even get to worry about cash flow issues, an
entrepreneur needs capital to get off the ground. This is one
of the most significant problems faced by entrepreneurs,
particularly those striking out on their own who aren’t well-
connected to angel investors with deep pockets.
 You will need capital for space, equipment, or to develop
and produce your product.
 How to overcome it: Be resourceful and aggressive
 Just like you must be a good salesman to get customers to
buy your product, you must also market yourself and your
company to potential investors. Consult with banks and
investors in your area, or look to public platforms like
Kickstarter . Consider approaching family, friends, and
associates seeking investment or for connections to
someone who might be willing to invest.
 A word of caution on taking money from friends and family,
however: That money will affect your relationship if things go

27.  8. Projecting confidence
 Becoming an entrepreneur seems fun and exciting, and
sometimes it is. But most of the time - particularly early on -
you’re constantly battling self-doubt. Do you have the
confidence it takes to be an entrepreneur?
 Unless you are brimming with confidence and have
the spirit to fight through adversity — because you will face
significant obstacles you can’t foresee — you will struggle
as an entrepreneur and will likely quit.
 How to overcome it: Believe in your skills and vision
 One way to deal with imposter syndrome is to remind
yourself that, even when you’re failing, that’s never true. You
have skills that are valuable, and your persistence and hard
work is admirable and something most people aren’t even
brave enough to attempt.
 Seek support and advice from other entrepreneurs to get
you through the tough times. And don’t completely bat away
feelings of doubt. Sometimes they open your eyes to

29. THANK YOU!!!