How to survive long in the Business?

Everyone wants to run their own business for one reason or another. You want to be head of the company, work with people who have different qualities from each other, make a time table of your choice and try to make a career in the business which you are passionate about although it is not as easy as it looks. Most of the time, people initially commit blunders, especially when they are entering the business for the first time. They are not aware of the harsh realities of the company says Gaurav Mohindra.

Key Factors for Success in Long Run

Have a cautious Approach

If you want to survive in such a competitive environment, you must be extra careful, which makes you stand in front of others. You have to think differently and satisfy your customers with innovative ideas as marketing skills, and the latest technology is not sufficient to be successful as an entrepreneur.

It is quite challenging to find people in your profession who think like you if so it has many advantages. If you make a personal network, it could act as a platform where your various business problems can be addressed. You are able to grow in your business with the increase in your network.

Be Patient and Never Rush Into Things

One should not rush in for something before knowing the pros and cons. If you are not satisfied with the work, you must not start it. Many people are of the opinion that they should start their own enterprise. Startups are made exclusive by the media persons as if one is bound to become rich overnight and start owning precious cars like Lamborghinis and private jets. One has to work very hard to make the startup successful says Gaurav Mohindra.

Proper Research Is Essential

One must not enter into any sort of business if you are not interested in it and work in the ditches. Most of the probable businessmen are under this impression that they can really handle the ups and downs in the business by owning it. Startups are so much advertised as it is straightforward to be successful in it, and one has to give your hundred percent to succeed and enjoy the luxurious lifestyle by owning a private plane and Lamborghinis.

Communicate well With the Stakeholders and key important people

According to Gaurav Mohindra, business people have to convey their goal to fellow partners, staff members, investors, and advisors. Every entrepreneur should work with full determination towards his goal. You must be confident in tackling each person or group of people to the senior officials. Your way of dealing in the business backfire if those ideas do not boost your sales.

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Public Relations Pitch Guide

A three-step guide to gaining meaningful journalistic coverage.

My goal here is to help you make great strides as a journalist. Being seen by your customers is the separation between success and complete failure for businesses and business-people of all sizes. Here is one account of a tremendous public relations moment. The creator of 1-800-GOT-JUNK decided to call up a local news publication and he managed to convince them to advertise his business on the front page of their publication. This publication changed everything for him, as it helped him get his industry-disrupting business off the ground. Gaining exposure is vital to any business-owner, notes Gaurav Mohindra. Businesses of all sizes can use public relations strategies and gain heavily from them if they choose to put in the time and effort toward the endeavor. I will now try to break down three most important things one must do in order to execute an effective public relations campaign.

The first thing any business must do is introduce themselves. The media is always going to wish to know you know what you are talking about, so it is vital that you introduce and prove yourself through literature that explains your company and the services it offers. Begin with your biography. And be illustrative in order to keep your customer engaged. Gaurav Mohindra recognizes how important it is for businesses to keep their customers engaged.

Next you will want your news to be contextualized. Creating a successful public relations pitch is only made possible by placing the Writing a winning PR pitch means placing your news in locational and industrial context in order to allow your business to separate itself from its competitors. Consider what it is that makes your pitch and business concept more valuable than anyone else’s. Ask yourself if your business is offering something that no other business is offering.

Gaurav Mohindra: And last, you will want to be relevant with your placement. You don’t want to make a campaign in an inappropriate publication to your business’s goals and customer base. One strategy, is to keep an eye out for news stories that are very relevant to your business that you can offer an expert opinion on. The exposure that your presence would afford your businesses is easily worth the effort of keeping an eye out for good stories that may pertain to you and your businesses. Begin with a current event and begin contacting reporters who have or are likely to be involved in the coverage of that event.


Perhaps That 401(k) Isn’t Necessary

While we assume employees prefer to have a 401(k), it may actually be the case that they don’t need it or want it. Gaurav Mohindra recognizes that a 401(k) isn’t always a necessity. Below are a few reasons that they may be unnecessary.

Quite similarly to awarding equity, giving 401(k)s is currently an accepted standard, with many business runners thinking it is their only route to pulling in and keeping hold of talented employees. The Dept. of Labor appears to feel the same. A quite recent change in policy now makes it much simpler for small businesses to afford multiple-employer plans. This is worth taking note of, reflects Gaurav Mohindra. It is important, particularly for small business owners to consider whether a 401(k) is their best choice.

There are different options that may not only be better for your employees, but also for you as a small business owner. Below are a few reasons why.

For starters, it is costly and difficult to manage. The Department of Labor themselves admit that 401(k)s are particularly difficult to manage for small businesses. That is why they are attempting to make multiple-employer plans easier to offer. How expensive 401(k)s can be depends on the fund one uses and the fees associated with it. Business owners are also liable for things beyond their control.

Another reason is that as a business owner you have to watch out for audits. A 401(k) is subject to audit, whether it’s your own or a portion of a multiple-employer plan. If it happens to get audited, it isn’t the IRS who performs the audit, but the Department of Labor.

Gaurav Mohindra: There are better options than a 401(k). The average American is under the impression that they require $1,700,000 in order to retire. If this is the case, people should ask themselves why they’re so caught up in a protocol that limits your contributions to 19K per year. Because at that rate, it would take a person ninety years to save enough money to retire. This doesn’t even factor in the major tax you’ll have to pay when you eventually withdraw the funds.

Also, the primary reason a business owner would instate a retirement plan is if it is required in order to pull in and keep hold of good employees. When selecting a retirement plan, business owners should first consider whether it’s something their employees truly require of them.