How to improve your business skills:
Business skills! Today I am going to share a simple yet amazing business skills with you. Do you remember during our childhood, we used to go to a trade fair exhibition? There used to be several fun games and rides like giant wheel, roller coaster. One such fun game i really love is if you pay 10 rupees, they will give you four rings. They place several products ranging from a 50 paisa match box to an expensive gadget.
All you have to do is you have to throw your rings accurately on any product, You can take that product home. It’s all yours this is the game. I went running to my dad and asked him for 10 bucks. Then my dad told me, He dismissed it and told me it is a fraud.
Nobody will win don’t waste money, take this 10 bucks, and go get yourself some samosas. Of course, I did not listened to my dad I went ahead to try my luck. I have actually won its a 50 paisa match box. I spent 10 rupees to get 50 paisa match box.
While I was still standing there cursing my stupidity, I saw someone who won a bicycle. He is carrying the bike I ran to him and asked what his secret. I lost ten bucks. He laughed at me and gave a very simple tip I am playing this game for an hour now. I lost more than 200 rupees.
Every time I failed hitting the target, I learned the mistake I made. And improved my target the next time. If I threw it too fast I could not hit the target. Next time I used little force instead of throwing it too fast. But this time I used way less force that needed.
I improved my throw every single time. He told me this principle. Think about it for a moment. You have sent a product/service to the market, there is not much response from your customers. It does not mean, they did not like the product. It means they did not need the product or it lacks features they need. Its them telling you they need a product with improved features. All you have to do is take that product and improve it based on customer feedback.
When we throw the ring, our bring gives us a negative feedback. You are throwing it in wrong angle. Your speed is not right. Every time we receive negative feedback, we need to improve our attempts. That winner improved his threw. But I lost because I never improved my throw.
I lost all my rings at once, in the same way, most people without improving their business/service they keep throwing Zero improvement, no in depth analysis. They do not fix the flaws in their business model due to this, most people fail in their businesses.
This is not just in business world, same thing happens with students too. Let’s just say they are studying a theorem or formula. If you are not getting it without analyzing the reason. They stress themselves intensely and struggle with their studies stop for a moment and think about it. Why are you not able to understand that subject?
You skipped a chapter before, which is why you are struggling with the current topic or there are complicated terms in that topic. This is why you are having a hard time mastering your business skills. That’s how you succeed in business if you have strong business skills, life or career. Most people do not do this their focus is always on the prize. If your focus is always on the profits or revenue, how will you improve your product?
The moment someone enters a new business, they complain about not being able to generate enough revenue. If you improve your business skills and product and promote your business to right audience, you will generate more revenue. See how i focused my attention on the prize instead of focusing on my throw. You need to constantly take feedback from customers and evolve your product. If you do not, you will never generate good revenue.
Another important thing in the ring game is, you are not supposed to throw all rings at once. Imagine I started a fast food center and invested all the money I have in one go. Let’s just say the investment is somewhere around $1000. I rented a nice place. It costed a lot, I was left with no money means, I am all in. There is no way out. I don’t even have the money to develop my product instead of renting a fancy place, what if I rented a small food truck or one of those
ice cream cycle type vehicles.
Now try to send the product to the market once. It will cost you very little to pull this off. You can rent everything you need If your customer kicked your product .We can take that product, improve on it and send it back to the customer. If your budget is 1 lac rupees.
Take a very small portion of it and start your business. Some people blindly invest 20-30 lac in a business. I don’t get these people .They buy computers, setup fancy offices, build company websites. They do all the nonsense and drag themselves into a dark pit.
Before you send your product to market, you need to test it right? I totally understand, that you feel really confident about your product. Which is why you get yourself in trouble? That blind confidence is the Enemy! They quit their job with no backup plan. So Stop doing this start by testing your product/service, Let’s just say you want to develop a mobile app for students. Don’t jump right into mobile development, first off validate the idea.
If you want to make something for students, don’t directly jump into the product development stage. Take a piece of paper and draw sketches of your app. Roughly explain the interface to them. Show your plan to school kids in your neighborhood. Ask them if this app idea is useful to them based on the feedback.
Do a few more sketches now rinse and repeat. Go slowly in the start and you have to play the game long enough. Some people decide in just 2 or 3 months, that they failed at their business.
I think I should go back to job I threw just four rings and decided, I was a failure. But that winner played the game long enough. And eventually he won the bike which is impossible. You need to invest a lot of time to enhance your business skills and most importantly patience into your game (product). That is when your product evolves into a great product, so please keep this in mind before starting any business.