Business Tips For The Beginners - Basics To Build A Business (1)

Summary

In this video, Coach Hendra Hilman shares essential tips on starting a business. He compares a business to a tree, emphasizing the importance of a clear vision and a strong foundation. Vision is key to shaping the future of your business, while a solid foundation includes having a clear mission, strong financial planning, and maintaining quality. By focusing on these elements, entrepreneurs can ensure their business has the right foundation to grow and succeed. Coach Hendra stresses the need for consistency and quality in every aspect of the business to guarantee long-term success.

Takeaways

• 😀 A successful business requires a clear and focused vision of how it will look and grow, similar to how a tree grows with a strong root system.
• 😀 The vision for your business should be something that might not exist yet but could in the future, just like the invention of planes or phones.
• 😀 Your business foundation is crucial for its success, similar to the strong root system of a tree. Without a solid foundation, your business might crumble.
• 😀 Your vision and mission are the core elements of your business foundation. Vision is what you aspire to create, and the mission is how you plan to achieve it.
• 😀 Financial planning is an essential part of the foundation. Understand your turnover, profit potential, and financial strategies to predict growth.
• 😀 A business’s financial success depends on knowing your potential income. For example, selling products with a clear profit margin is key to tracking success.
• 😀 The quality of your products or services should always match the price you’re asking. Customers expect a quality that aligns with the price they pay.
• 😀 Consistency in quality is critical. Whether it’s food or a service, the customer experience should be the same every time, regardless of the hour.
• 😀 Take inspiration from successful companies like Amazon and Disney. Their missions were clear, and they focused on making things easier for customers or offering experiences.
• 😀 Always think about the trends in your industry. Predicting and adapting to these trends will help you strategize for higher turnover and long-term business success.

Q & A

Why is it important to have a clear vision when starting a business?

A clear vision helps define the direction of the business and serves as a foundation for all decisions and actions. It helps you imagine what the business will look like in the future, like planting a seed and growing it into a tree with strong branches and roots.

What does the concept of 'vision' mean in the context of starting a business?

In business, a vision is a mental picture of what your business could become in the future. It's an imagined goal or aspiration, something that may not exist yet but is the foundation for your plans and actions.

How does the analogy of a tree relate to starting a business?

The tree represents the business. The roots represent the foundation, while the branches symbolize different aspects of the business. A business needs strong roots (foundation) to grow tall and strong, just as a tree does.

What role does mission play in a business's success?

A mission gives actionable purpose to the business vision. It defines how the business will operate and what it aims to achieve, serving as a guide for daily operations and decision-making.

How can vision and mission differ between two businesses?

Each business can have a unique vision and mission depending on their goals. For example, Amazon’s mission is to sell almost everything online, while Disney’s mission is to create magical experiences for adults and children alike. Both are distinct, yet they share a clear purpose and direction.

What is meant by 'foundation' in the context of building a business?

The foundation of a business includes its vision, mission, financial planning, and quality control. A strong foundation ensures stability and success, just as the roots of a tree support its growth.

How should financial planning be approached when starting a business?

Financial planning involves predicting your turnover, understanding potential profits, and setting realistic goals. It's crucial to know how much money you need to start and sustain the business, and ensure that your pricing strategy leads to profitability.

What is the relationship between quality and pricing in a business?

Quality must align with the price. A high-quality product justifies a higher price, and customers expect the quality to match their investment. Consistent quality builds trust and customer loyalty.

What example was given to illustrate the importance of consistent quality?

A restaurant offering consistent food quality across different times of the day was used as an example. If the food tastes the same at breakfast, lunch, and dinner, it builds trust and customer satisfaction.

What should an entrepreneur do to predict the potential of their business?

An entrepreneur should assess the market trends, estimate potential turnover, and calculate profits based on their product or service offerings. Understanding how many customers they can attract and how to scale their business is crucial for growth.