Monday, 30 December 2013

ABCD - The 4 People Who don't Let Entrepreneurs Grow

Entrepreneurship is defined as a Process of identifying and starting a Business Venture, sourcing and organizing the required Resources and taking both the Risks and Rewards associated with the Venture.

Being an Entrepreneur, no doubt, is a high Risk step. You have to come out of your comfort zone, leave the fixed Monthly Salary which provides a big Cushion and plunge your hard-earned Money into a Venture which you believe will do well but has no Gurantee.

During this crucial Phase in Life, you need Support of some People/Agencies. Apart from Family and Friends, it is the Four important Agencies which come to your rescue during the Phase and Promise to help you out. These four are:

a) Advertising Agencies
b) Bankers
c) Consultants
d) Development Team

But what happens when these Four, the ABCD of the Important People you think them to be, turn out to be just Sharks. Here is How:

A - Advertising Agency: If you are starting a Consumer-centric Business, these are One of the Important People you need advise from as you need to Advertise your Product to the Public and pull them to you as fast as possible. But, it has been observed Time and again that they misguide Clients and tell them Ideas which fetches them more Income rather than which suits the Client. 
The Poor Client has no clue and if, in future, the Advertising Strategy doesn't Work , the Agency just washes its Hands off from the responsibility, saying that it may be the Product which is a Failure. 

B - Bankers: These are very Important People and their advise can make or break a Dream. But when you approach them for some purpose, some of the Agents lead you to opening wrong Accounts, are after you till you open them and just vanish in thin Air once their Goal is fulfilled. They offer you Schemes which gives maximum Commission to them. You try calling them later and cross your Fingers till they pick the Call.

C - Consultants: The Role of a Consultant is very very Important as they are the Professionals who know the nitty - gritty of the Game and have guided many others like you to fulfill their Dreams. These Consultants can be Legal, Corporate or others. So, you Bank on their advice for Future Growth of your Business. But, even they have been observed to have personal Profits in Mind. They hardly Talk about your Interest. They will give you Examples of People who have no relation to your Field of Business and force you to adopt their Strategies. They also harrass you by asking many Documents just like a Governement Office and you end up paying the Bill and getting the advice which you know will not Work. 

D - Development Team: Last but not the least, it is your Development Team whom you have hired to get your Work done. But, what happens when their Goals are different from yours? What happens if they are just interested in their Salary/Commission part and not your Business? This Team can be internal or Outsourced. 

The Problem Area lies in the Fact that you Hire Professionals who are adept at a particular Technology which you are not much aware of. So, you are depending on them for getting the Work done. But, it happens that due various Reasons, the Work is not done on Time as you wanted and this leads to Friction. 
Sometimes, you need to give Strict Instructions to the Team and this creates an unavoidable Negative Atmosphere.

The above were the ABCD Persons who don't let the Entrepreneurs grow with the Speed and Direction needed. While choosing the Right People/Agency is the Key, trying to keep a Balance with everybody is also Important. But, remember it is your Business and your Dream which is at stake. So, don't let wrong People ruin it. 

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Pragya Banerjee [ MBA (Finance); 7+ years of work experience ] 

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