Let’s explore how entrepreneurs can expand or diversify their business, using the example of Vivek Oberoi, a successful actor and businessman who manages 28 different ventures. We can learn from his business strategies to improve employee efficiency and lead our businesses to our desired goals.
Ideate Big to Make it Big
When aiming for business success, it’s essential to think big. Many traditional entrepreneurs tend to prioritize absolute ownership over the potential growth of their business. For instance, some might prefer 100% ownership of a business worth $100, rather than having a 10% stake in a business valued at $100,000. However, it’s important to realize that owning a smaller share of a high-value business can be more lucrative in the long run.
The key to understanding this concept lies in one’s willingness to relinquish a percentage of ownership for the opportunity to be part of a more substantial enterprise. It’s crucial not to limit oneself to a single idea or business purely for financial gain. Instead, focus on envisioning and pursuing larger opportunities with the potential for substantial growth.
Involve People in Your Business
Encourage active participation from individuals in your business operations. When you actively engage with 100 people, it’s not just 100 individuals working for you, but rather 100 people contributing to both your business and their own entrepreneurial goals.
By fostering a sense of involvement and emotional investment in your team, you can inspire them to work with unwavering dedication, treating the business as their own. To achieve this, it’s crucial to build trust among your team members, motivate and inspire them, and provide the necessary training and skill development opportunities. This approach is not only beneficial for the business but also enhances the overall satisfaction and productivity of the team.
Think Different
Vivek Oberoi once said that when he enters the film industry, his father When Vivek Oberoi entered the film industry, his father wanted to launch him as a big brand. However, Vivek chose to make a name for himself using his own talent and abilities, rather than relying on his father’s influence. Despite facing numerous rejections and challenges, he persevered and confronted each obstacle with determination. He believed in accepting and overcoming these challenges, refusing to be deterred by failures or setbacks. Vivek’s journey serves as a reminder that in the world of business, one shouldn’t rely solely on family inheritance or support; instead, it’s essential to embrace the struggle and pave your own path to success. It is through overcoming significant challenges that individuals truly prove their mettle and accomplish great things.
Don’t fall in love with Your Business
As a business owner, it’s important to remain realistic about the nature of business. While it’s great to be passionate about your work, it’s vital to remember that businesses can experience both success and failure. Being overly emotionally attached to your business idea may cloud your judgment when making critical decisions. Instead, it’s crucial to remain open to new opportunities and be ready to pivot if necessary
Ultimately, the goal of a business is to generate profits. If a business idea isn’t performing well, it’s essential to recognize when it’s time to let go and focus on endeavors that are more financially viable. By prioritizing the bottom line, you can ensure the sustainability of your business and achieve long-term success.
In contrast, it’s essential to channel your emotional energy into your personal life, particularly your family and loved ones, rather than being overly attached to materialistic things. Building and cherishing strong familial connections can provide immeasurable joy and fulfillment that transcends the pursuit of material wealth.
SWOT Analysis
Performing a SWOT analysis involves a comprehensive examination of the internal strengths and weaknesses of yourself and your business. This includes identifying core competencies and areas that require improvement. Additionally, it’s crucial to identify external opportunities in the market, such as emerging trends or untapped customer segments, and potential threats from competitors, market shifts, or changing regulations. By identifying your strengths, you can strategically allocate resources to further enhance these areas, thus leveraging them to capitalize on potential opportunities. Simultaneously, understanding and addressing weaknesses will allow you to mitigate external threats and position your business for sustained success.
Bring Professionals in Business
It is crucial for businesses, whether they are family-owned or conglomerates, to attract professional talent to their management teams. By bringing in professionals, you can benefit from their expertise and experience. Additionally, consider providing opportunities for these professionals to transition into entrepreneurial roles within the company. Offering them a stake in the business can further incentivize them to contribute to the company’s success and align their interests with those of the business.
Convert your Team into your Stakeholders
To truly engage your team and inspire them to work with full dedication, it’s essential to provide them with incentives. Without proper incentives, it’s unlikely that they will feel motivated to give their best effort. Consider making your employees stakeholders in the business, enabling them to share in the company’s success and participate in its growth. By empowering them to create wealth for themselves through their involvement in the business, you can cultivate a sense of ownership and commitment among your team members. Encouraging them to invest in the business can also foster a stronger sense of connection and dedication to the organization’s success.
Find out the Gap in the Market
Before expanding your business, it’s crucial to identify any unmet needs in the market and understand the existing demand. To do this, you should thoroughly research the market to pinpoint areas where there is a lack of supply to meet demand. Once you’ve identified these gaps, you need to create a proof of concept (POC) to demonstrate the feasibility of addressing these needs. Additionally, it’s important to establish a solid financial plan to support your business expansion. Only when you have completed these steps should you proceed with scaling up your business operations.
Build Efficiency in your Team
Remember to build efficiency in your team by focusing on creating a high-performance group. When your team is capable of executing your ideas and vision effectively, you won’t have to spend excessive time and energy on daily business operations. Having an efficient team means you won’t have to make all the decisions on your own. To achieve this, start by finding the right team members, providing them with proper training, trusting them with responsibilities, and motivating them to perform at their best.