Showing posts with label Small Business. Show all posts
Showing posts with label Small Business. Show all posts

Indonesia's economy held by lack of infrastructure


Indonesia's economy held by lack of infrastructure — Locals, and their ancestors, block road project, showing constraints on Indonesian economy — Months behind schedule, the construction crew racing to finish a highway encircling Indonesia's traffic-choked capital is being blocked by a determined group of locals and the ramshackle cemetery that is home to their ancestors.

Talks on a new location have yet to reach an agreement accepted by all the relatives of the some 500 people buried there. That has not stopped authorities digging a new cemetery a short distance from the old one — pointlessly according to Yaman, the neighborhood chief.

"There is no way we can agree to that," said Yaman, pointing to workers hacking through the thick red earth amid a mid-afternoon rain shower. "It will be too noisy. How are we supposed to pray for our ancestors there?"

Indonesia's economy is booming. But to sustain and deepen its growth, it badly needs new roads, bridges, power stations and ports. Land disputes such as this one in west Jakarta, and a host of other difficulties from corruption to budget-draining populism, make building such infrastructure a long and costly process. That is preventing the country from attaining the kind of transformational development experienced in a generation by countries such as South Korea and more recently China.

Last week, floods engulfed around 30 percent of Jakarta, including its central business district, dramatically exposing decades of underinvestment in the drainage and flood defenses of the city of 14 million people.

To be sure, beleaguered economies in the West would envy Indonesia's current growth rate of more than 6 percent. Coupled with political and social stability, it represents a dramatic change from the Indonesia of 12 years ago, when political crisis, separatist violence and economic meltdown led to fears the massive island nation could break apart.

Investment has soared over the last two years amid high Chinese demand for the country's coal, palm oil and rubber and rampant consumer spending across the country. Property prices have doubled in downtown Jakarta over the last 6 years, while malls, hotels, housing estates and convenience stores have sprung up in towns large and small to cater for a newly minted middle class.

The boom has left some wondering whether the country should now sit alongside Brazil, Russia, India and China in the BRIC club of newly powerful emerging economies. While the government expects the country will continue to attract investment, others doubt it will fulfill its potential.

"Six or 7 percent is all well and good, but can it go the next step to 8 or 9 that the government wants?" said Gareth Leather, an Asia specialist at Capital Economics. "The main problem is the business environment is still not conducive to the kind of conditions needed for economies to grow to that level."

While scrimping on infrastructure, schools and hospitals, successive governments have chosen to maintain subsidies on fuel for the country's 240 million people. Cheap fuel may win votes come election time, but it comes with a cost. In 2011, the subsidy bill ran close to $20 billion, the same amount the government is targeting to spend on infrastructure in 2013.

That figure represents a 15 percent rise on 2012, but experts doubt the government will be able to spend it all because it lacks the capacity to do so. Foreign investors can bring in expertise, but for many the country remains too risky because of corruption, legal uncertainty and problems acquiring land.

Political and social problems are also looming. Most of the leading candidates vying to replace President Susilo Bambang Yudhoyono in mid-2014 are old faces, seen as likely to champion economic nationalism rather than reforms. Labor disputes are on the rise, as are wages. While poverty is being reduced, income inequality levels are some of the highest in the world.

The country's investment chief dismissed fears of economic protectionism, predicting Yudhoyono's successor would be driven by pragmatism despite campaign rhetoric to the contrary.

"Whoever the president is in 2014, if they want to maintain power, they need to provide jobs to reduce poverty," said Basri Chatib. "Like it or not, even if they become nationalist, there needs to be an open economy. "

The infrastructure challenges facing the country become clear when travelling around it: highways between major cities cut through markets where traders spill onto the road, snarling traffic. Local fruit is often more expensive than that imported from China because of the costs of shipping to the capital from the regions. Cement costs 10 times more on outer islands than in Jakarta once it has made its way through the antiquated port system.

The challenges are especially apparent in Jakarta. As the middle class has grown, so has car and motorbike ownership. But unlike in neighboring Bangkok, Kuala Lumpur and Singapore, the city has failed to build decent public transport. As a result, commutes of 6 kilometers (miles) often take upward of 1 ½ hours.

Construction of the west Jakarta section of the ring road was supposed to finish at the end of 2012, but securing the land from locals in its path has been especially torturous. As elsewhere, speculators — often working in league with government officials — bought up the land and have essentially set their price for the project to continue.

The cemetery was public land before locals started burying their dead there more than 20 years ago. Authorities have offered at least three alternative locations, but they have been rejected. Yaman, who goes by a single name, insists that he and the villagers he represents don't want money to solve the problem. When out of earshot of Yaman, one villager suggested they were waiting for a payout in exchange for the right to dig up their dead. Authorities in charge of buying the land on behalf of government declined repeated attempts for comment.

A new land law that aimed at removing these obstacles stipulates that negotiations must be completed in three months and gives the government greater authority. It has been praised as giving more certainty to investors seeking to partner with the government in large projects. Still, it doesn't apply to projects started before 2014 and, as ever in Indonesia, how it is implemented will be crucial.

Jakarta's port, built in 1877 by the country's Dutch colonial rulers, is a symbol of how the country is growing — and what it needs to do to catch up with the rest of Asia. Handling almost 65 percent of the country's imports and exports, traffic has grown by 25 percent a year since 2009.

Construction work began two months ago on a $4.5 billion expansion that would double its capacity. Yet there are currently no plans to upgrade or build new road or rail links to and from the port, which is surrounded by urban sprawl and crammed with traffic.

"We can't wait 15 years to develop a new port, with the growth we have now we need to build today," said Richard Lino, head of the state-run corporation managing the port. "So I'm doing my part first and will then say, do you want to join with the trend. "

Customs clearance is currently more than 6 days, twice as long as in Kuala Lumpur, adding to business costs and clogging up the port further. "We are still fighting with the customs," said Lino. "Everyone knows what they are like." ( Associated Press )

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Indonesia Is (Not) a Tempe Nation


Indonesia Is (Not) a Tempe Nation - Indonesian founding president Sukarno, in his fiery speech in 1963, said, "We reach the sky, control the land and seas. We are a hard-working nation, not a 'tempe' nation, nor a nation of coolies. We fight at any cost and willing to suffer to achieve our nation's goals.”

The president was not referring tempe as an inferior food product, but in the course of Indonesia's history, tempe has often been associated with weakness, sufferings and oppression.

Dutch Governor General van den Bosch ordered forced labor in 1830 and all Indonesians who worked for plantations had to consume mandatory cheap food derived from cassava and soybeans, of which tempe is made. Tempe was founded during those years.

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Some producers of tofu and tempe who are members of Tempe and Tofu Producer Cooperation throws away tofu after raiding tempe and tofu stalls in markets in Semanan that did not join the strike scheduled from Wednesday to Friday. (Antara Photo)

At a time when the Dutch colonial rulers feast on fried chicken, stewed meat and gurame fish, inlanders or locals, had only tempe, tahu (tofu) and kerupuk (crackers) to eat with steamed rice, according to one account of history.

For ages, tempe has became a popular for its rich nutritions. Until today, no household is without tempe. Sukarno, Suharto, Gus Dur, Megawati and Susilo Bambang Yudhoyono, and the majority of people alike always craved for tempe at all times.

Tempe is always good whether its plain-fried, sambal tempe, tempe bacem, or tempe cracker which is exceptionally good with an ice-cold Heineken. And the best quality tempe comes from the area of Wonogiri which borders Central and East Java, where home-grown soybean is of the best quality.

But alas, tempe is no longer abundant or affordable. 80 percent of the soybeans had to be imported. Price of a kilogram of soybeans is now twice as high. In some places, they are no longer available. Tempe has become a rare luxury. The common Indonesians are now without tempe — their only alternative source of protein to more expensive chicken or beef.

Tempe makers have refused to make tempe due to unaffordable prices. Meanwhile soybean farmers resent high prices of imports. They can no longer earn a living cultivating soybeans. Protests and clashes were seen in several traditional markets in Jakarta and other major cities across the country.

The tempe crisis is a reflection of failure on the part of the current administration to protect the farmers and the nation’s need for food security. Carried away and buoyed by the comfort of easy free-market and import policies, the government is now trapped for being too dependent on other countries which are now experiencing slowdown in farming due to drought. It is now at a worrying stage.

Agriculture Minister Suswono doesn’t have a way out but he has to be responsible. He has failed.

Coordinating Minister for the Economy Hatta Rajasa can’t do anything either, or even President Susilo Bambang Yudhoyono. The most they can do is to free import duties to lower prices. That won’t solve the problem. The only way out is to protect our own agriculture sector and food industry.

After more than 60 years of independence, and recalling Sukarno’s wish that Indonesia should not be a tempe nation, it’s an irony now that even becoming a tempe nation has been proved to be very difficult. ( thejakartaglobe.com )

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You're probably wasting your time


Attention Black Friday shoppers: You're probably wasting your time - After crunching two to six years' worth of pricing data for a number of typical holiday gifts, The Wall Street Journal has turned up the best times to go deal hunting — and they almost never involve standing in the freezing cold all night.

It turns out that gifts from Barbie dolls to watches to blenders are often priced below Black Friday levels at various times throughout the year, even during the holiday season, and their prices follow different trajectories as the remaining shopping days tick down.

Watches and jewelry, typical last-minute quarry for well-heeled shoppers, get more expensive as the season progresses, according to Decide Inc., the consumer-price research firm that gathered and analyzed the data for this article. Blenders, which might sit around for months if they aren't bought in the holiday window, get much cheaper at the end.

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The results reveal a lot about how retailers plot pricing strategy ahead of the year-end shopping frenzy that can account for a fifth or more of their sales. They also highlight how the industry has managed to use more sophisticated technology to turn Black Friday into a marketing bonanza by carefully selecting items for deep discounts while continuing to price broader merchandise at levels that won't kill profits.

"In the old days, all of the great deals were on Black Friday, but now you see some great deals on Black Friday and lots of offers throughout the season," says John Barbour, CEO of electronic-toy maker LeapFrog Enterprises Inc. and a former Toys "R" Us Inc. executive.

The fast rise of online shopping has presented a wealth of data for researchers looking to uncover retailers' strategies and pinpoint when prices are lowest. Decide aims to use that data to tell its member consumers whether to buy any of a number of products now or wait until later. The company is run by veterans of Farecast, a service that tried to predict whether airfares on specific routes were about to go up or down and was bought by Microsoft Corp. for a reported $115 million in 2008.

At the request of The Wall Street Journal, Decide tracked the prices of products ranging from flat-screen televisions to Barbie dolls each day for at least two years across a number of retailers and e-commerce websites. The results included the prices at more than 50 retailers, including Amazon.com Inc., Wal-Mart Stores Inc. and Macy's Inc.

Decide didn't track in-store prices, which differ from market to market. As a result, its findings don't reflect the "door buster" specials offered during Black Friday on limited quantities of items found only in stores. But online retailers like Amazon have become more aggressive about competing for Black Friday business, so the data still give a good picture of broader trends in pricing.

Prices for some gifts items are lowest early in the holiday season—meaning now—before retailers begin to gradually raise prices. But Decide's tracking of prices for at least two years produced some surprising conclusions about the best times to buy on average.

(Periods of lowest price identified in this article, based on averages over at least two years, differ from those in the chart, which is based only on 2011.)

Decide tracked the price of a Citizen men's black watch from 2008 through 2011 and found that the best time to buy it was early March, when the watch sank to $350 from its $600 list price. The average price for the watch on Black Friday and Cyber Monday was $379.

If you missed that window, there is still no reason to wait for a bargain. Categories like jewelry and watches become pricier throughout the months leading up to Christmas, according to Decide's data, which showed a steady incline in prices from October through December.

Ugg boots, typically a winter item, also became pricier as the holiday season progressed. Decide's data show the best time to buy Uggs during the holiday-shopping window is in September or October. The average price for a pair of women's "Classic Cardy" Uggs during those two months was $85, down from the $159.95 list price. On Black Friday and Cyber Monday, the average price jumped about 59% to $135 and $137, respectively.

Hot items like flat-screen televisions also become more expensive closer to Christmas, Decide's data found. The best holiday-season time to buy a flat-screen television is in October, says Mike Fridgen, Decide's chief executive.

The average price of a Samsung 46-inch "Professional" LCD television was $1,159 in October, according to Decide. On Black Friday, the same TV's average price was $1,355, the data found.

The same goes for almost any hot item and popular toys.

Buying early could help you snag an item before prices rise as supplies become tight.

The price of a Sesame Street Elmo plush toy increased 31% to $17.78 on Black Friday from its average in September and October, according to Decide's data.

The late-season price increases for toys that turn into hits can be dramatic. Ron Brawer, a partner at toy maker Maya Group Inc., recalls that his $29.99 Orbeez "Soothing Spa" toy was sold for as much as $90 during last year's holiday season as online retailers raised the price when supplies became limited.

"It was crazy," Mr. Brawer says. "They spent three times as much for something than if they would have bought it three weeks earlier."

For other items, it pays to wait until closer to Christmas. The mid-December price of a KitchenAid Artisan Stand Mixer, for example, dropped nearly 20% from the month before, according to Decide data.

Retailers will generally look to reduce inventory levels on items they overestimated or bought too much of in the days before Christmas, rather than having to resort to an even steeper discount on Dec. 26, says Arnold Aronson, a former CEO of Batus Retail Group, which in the 1980s was the parent company of department stores Saks Fifth Avenue, Marshall Field's and Kohl's.

The retail veteran, now managing director of retail strategies at consultancy Kurt Salmon, says chains have much more insight into margin and sales than they did in years past because of technology, and they're using it to carefully craft Black Friday deals that maximize the promotional benefit without wiping out profit.

"They have to provide value on the day, but they engineer it in a way that they can control their own destiny rather than fall victim to it," Mr. Aronson says.

Black Friday may be the best time to find incredibly deep discounts on some select items. But quantities are often limited, making the odds of getting those items slim.

Retailers use the offerings to get people through their doors, even at the cost of losing money on the sale, in the hopes of drumming up business for other products that aren't priced at such steep discounts.

The deepest discounts at Sears Holdings Corp.'s Kmart and Sears stores are still offered on Black Friday, says Ron Boire, chief merchandising officer for Sears Holdings. But like other retailers, Mr. Boire said, both stores will tag many items at full price that day.

Black Friday can offer fleeting bargains on some highly prized items, too. The price of Apple Inc.'s iPad rarely moves up or down. But last year on Black Friday, Apple offered a $41 to $61 discount on its tablet computers depending on the model.

Apple declines to comment on whether it will have a similar sale this year.

Videogame systems like Xbox also showed their biggest price drops during Black Friday and the following Cyber Monday, resulting in more than $100 in savings, according to Decide's data.

But those are exceptions to the rule. The transparency created by online shopping has made pricing much more volatile, says Mr. Fridgen, Decide's CEO. The result is that prices have become much more fluid than in years past, when items were discounted most heavily on Black Friday.

Vendors and retailers are under pressure from still-frugal consumers and heavy online competition to offer discounts more frequently throughout the holiday season.

John McCarvel, the CEO of Crocs Inc., says the shoe maker has a big Black Friday planned at its 200 U.S. stores, but he's also planning promotions in early November and after the Black Friday weekend to keep customers shopping. Last year, Crocs sent its customers a mailing with a coupon in the first week of December that drove traffic, he says.

"I think you have to do more in this marketplace," Mr. McCarvel adds, referring to the need to be aggressive with discounts. "The consumer will shop where they can get a deal, whether it's finding you online or at Amazon and other locations." (

READ MORE - You're probably wasting your time

Return to Sender


Return to Sender - What undeliverable mail can teach us about economic growth -The allegedly poor performance of “the government” is a staple of conservative rhetoric, while progressives retort that private sector success is typically built on a solid foundation of public services and infrastructure. Common sense, however, suggests simply that the quality of government services varies. The United States Navy is a fantastically high-performing agency. When I visited Stockholm, employees of the metro system did a great job of helping me understand how to use the city’s bikeshare system, even though they had to speak in a foreign language and I was clearly not eligible to vote for their bosses. But when a few years back I needed to get a replacement recycling bin from the D.C. Department of Public Works, my then-roommates and I were plunged into a Kafkaesque nightmare. Even though these differences in performance level are clearly real, there’s very little effort to measure them.

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A paper posted last week to the National Bureau of Economic Research website aims to counter that with a simple test. The vast majority of countries have signed international agreements committing them to the principle that undeliverable letter should be returned to their senders. So the researchers deliberately mailed letters to fake businesses around the world to see which postal agencies return them, and how promptly. Many of the results are about what you’d expect—Germany is efficient and well-governed—but there are some surprising high-performance standouts, including dark horses Uruguay and Algeria.

The basic experiment was simple enough. Alberto Chong, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer mailed 10 letters to fake businesses in each of the 159 countries.

Each letter was correctly formatted and featured both a return address and a clear request to “please return to sender if undeliverable.” The letters all featured a real city and real (and appropriate) ZIP Code (or similar), paired with the name of a fake company and a nonexistent street address. The idea was to ensure that the letters would make it through the automated scan-and-sort portion of the delivery process and find their way into the hands of a human letter-carrier. The question then is what happens when a carrier is faced with an undeliverable piece of mail: Does she throw it out, or does she do what she’s supposed to do and initiate the process for returning it?

This is, the authors note, an interesting test of government performance in part because there’s no place for bribery. Shakedowns are an important aspect of public sector dysfunction in many parts of the world, but it’s not logistically possible to make return of undeliverable mail contingent on the payment of a bribe.

The experiment revealed amazingly wide variation in postal performance. Twenty-one countries returned all the letters within a 12-month span. Four of them—the United States, El Salvador, the Czech Republic, and Luxembourg—got it all done within 90 days. There were 16 countries, by contrast, that didn’t send any of them back within a year. Those are mostly African countries, but Cambodia, Tajikistan, and Russia also make the list of shame.

The meat of the analysis, however, is the number-crunching that followed. Controlling for other variables, it turns out that you’re more likely to get your letter returned from a country that uses the Latin alphabet. That’s about what you’d expect, considering that the envelopes were addressed using the Latin alphabet. Then again, international postal conventions commit all countries to delivering Latin-addressed mail so the fact that personnel appear not to be properly trained in its use is telling. In addition, various measures of “postal resources” are positively correlated with proper return of the letters. Countries that have more postal workers per capita, more post offices per square mile, and more detailed postal databases all do better. Money invested in postal systems, in other words, isn’t “wasted” in any narrow sense: More resources really do make more productive postal agencies.

These linguistic and technological factors statistically explain 41 to 46 percent of the observed variance in postal performance. The rest seems to be the secret sauce of management.

What’s interesting here is that good performance is strongly correlated with general indicators of economy-wide management skill. Countries with higher-ranked business schools, better-educated managers as revealed by census data, and high scores on surveys about managerial willingness to delegate and capacity to innovate all do well at delivering the mail. In other words, politics may matter less than you think, and “the government” isn’t that different from the private sector. Well-managed, high-productivity postal services exist in the same place as well-managed, high-productivity private enterprises. Given this, it is also not surprising that they found no difference in efficiency between countries that have government postal monopolies and those that have competitive mail delivery.

Researchers often puzzle over the fact that on the quality of government services almost invariably increases with per capita income. This, the authors point, is “surprising if one focuses on the uniqueness of government, but makes perfect sense once it is recognized that government is subject to the same dynamics as the private sector.” In other words, government agencies are people and tend to share the characteristics of the overall society in which they’re embedded. Countries well supplied with capital and skilled workers manage to do a decent job of delivering the mail. Those that can’t get letters sent where they belong tend to be countries where the private sector doesn’t work well either. The stellar performance of El Salvador’s postal service may be an indicator that this small, poor country devastated by recent civil war has some of the underlying qualities needed to make it much richer. ( slate.com )

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Six rules for maximizing your business lunch


Six rules for maximizing your business lunch - If you're meeting with a client, going out with your boss or attending a group function, the business lunch is probably not what it appears to be. Although being yourself and going into it with a relaxed attitude is the best way to impress others, understand that it's much different from a nice lunch with your spouse. You're being watched and judged based on how you carry yourself which is why you don't want to break these six business lunch rules.


Don't Overdress


Wearing jeans when everybody else is in a suit would be a career nightmare, but the opposite is true as well. Wearing a suit in a business casual environment makes you appear as if you didn't know where or why you were attending the lunch. Ask others you know about it, or call or stop by the restaurant to get a feel for how others dress.


Don't Overdrink


Sure, you don't want to get drunk at a business lunch, but alcohol isn't the subject this time. You don't want to be the person who has to use the restroom when important conversations are taking place. Not only does it look bad, but what if you drink so much water that you have to go to the restroom multiple times? Don't stress drink.


No Phones


This isn't the time to check your email, talk to your wife, text a friend or look at the score from last night's game. In fact, unless your phone has work-related content on it, keep it in the car so you aren't tempted to break the rule. Just because our phones have become an almost permanent extension of our hand, doesn't mean that it's proper to have it out all of the time.


Easy to Eat


What can you order that is not only easy to eat, but also makes you look dignified as you do? Do you want a spaghetti stain on your shirt? How professional do you look when you're trying to wrap your mouth around a monster burger? Also, eat healthy. Don't represent yourself as the person who doesn't take care of themselves. Nobody looks down on somebody who is too health conscious.


Don't be the Lone Eater


Never start eating until the host eats or invites everybody to indulge. A basic rule is that you never want to be the only one eating. If you're the host and are about to talk business, take a bite or two so everybody else at the table knows to begin.


Non-Controversial Topics


Anything that involves a heavy opinion is a topic for another time. Your opinion may not be right or wrong, but it's probably different from at least one other person's at the table. Not only will you make them uncomfortable. but they'll also form an opinion of you that may be less than flattering.


The Bottom Line


See your business lunch for what it is. It's a business function where you have to be on your best behavior and manners. Aim to impress. ( newschannel5.com )

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Starting A Small Business


Starting A Small Business - Do you have a business idea? Think it's never going to work out? Think again. Starting a business can be tricky, but with the right information and resources, it doesn't have to be. Here are five key points that people need to master as entrepreneurs in order to have success.

Starting A Small Business

Have a Clear Vision
Having a vision is what encourages business owners to frame their initial thoughts and ideas. Your vision is what gives you the motivation to mold them into concrete results. Stay true to your vision and keep in mind that it can only get better with positive thinking and hard work. Having a clear vision will keep you focused when you are faced with obstacles and challenges. Here are some tips to help you shape your vision:

Allow Yourself to Dream
Vision is about future and the dream you want to achieve. Allow yourself to envision what life would be if you were guaranteed success in your new business venture. How big would the company be, where would it be, what would your role be, and what is your five-year and 10-year goal?

Write It Down
Every business starts with a dream. When you have one in your mind, don't let it go. Pick up your pen and start writing. You can always start with a simple sentence or a short executive summary, which you can reorganize and revise later.

Start Simple
One of the mistakes startups make at the very beginning is that they try to solve too many problems at the same time. A complex vision and mission statement could easily cause you to stray in various directions. Try to keep it simple.

Share It
No one is perfect. Same as your vision. Share your vision with your friends and family. See if your vision has logic and if it is achievable.
Try to get feedback sooner rather than later in order to shape your plans better.

Establish Reasonable Goals and Milestones
Starting a new business means you are running against the clock. "Setting meaningful goals and benchmarks early on is key because they will serve as your road map," says Tanya Prive, co-founder and COO of social network Rock The Post. "Goals need to be high enough to inspire you to push even harder, but they also need to be grounded."

Here are some tips when establishing your goals and expectations:

Don't Confuse Goal with Vision
Vision serves as inspiration and long-term heading, while goals help anchor the vision in reality.

Wear Various Thinking Caps
Challenge yourself and understand the reason behind each milestone. How do these milestones help close the gap between reality and vision? Is it the most strategic way of going about this? Is it achievable? Who do you need to partner with in order to make these milestones?

Be Clear and Specific
When you are defining your goal, your goal should include three basic elements. Those elements are what (i.e. a number or something that is quantifiable), when (i.e. time or certain date that is measurable) and how (i.e. ways to achieve the goal). One simple example is "By making calls to 1,000 clients, my goal is to make $100,000 in revenue sales by the end of the first quarter of 2012."

Pivot As Often As Needed
One of the single most important things as an entrepreneur of a start-up is to realize when the direction of the firm needs a change in strategy and having the ability to "pivot." Pivoting is crucial to surviving because as you grow and evolve, your goals and direction change. Be ready to adjust your strategy often in the early stage.

Know Your Market
An idea is only valuable when your company is addressing a need or problem within a specific market segment.
Regardless of what type of business you are starting, it's important to focus on three basic elements:

1. Target demographic
2. Problem or concern your business is addressing
3. Knowing everything about your competitors

Market research is priceless. Be prepared to do plenty of market research before you start a business. Figure out what your competition's success and shortcomings are and know what makes you stand out from the rest. Keeping a close eye on the competitors is key because it will help you keep a pulse on the developments of your sector.

Here are some tips that will help you when defining your target market.

Online Research
Search engines such as Google, Bing or Yahoo provide the most simple and powerful tools to start.

Ask Experts
There is always someone to learn from. Ask friends, colleagues or experts who may know your market or business well. Ask them for insights, experience or even referrals for any further information. Also, you could always try to ask questions online by visiting websites like Quora and OSQA.

Attend Events
There are many local events around you that gather experts and professionals. By signing up for these business events or seminars, you will receive the latest industry report, meet the experts for in-depth discussion/analysis and broaden your social network connections.

Outsourcing
There are many companies who provide dynamic, quick and affordable research solutions to startups and small businesses. Tools including online surveys, industrial report, price list, target consumer
demographic distribution, consumer behaviors and so on.

Team Players Are Key
A strong team with diversified skills and experience is one of the strongest tools to have. If you want to make it big, you can't do it alone. The ironic thing about a start-up is that you have to do more with less. Picking people that not only carry their weight, but that are smarter than you is key.

Here are some tips that will help you when picking a winning team:

Search Online
Use w
ebsites such as LinkedIn in order to assist you in finding people outside of your network.

Positive Company Culture is Key
Given that most start-ups don't offer much security, healthcare, pension funds or comfy corporate facilities, it is important that you create an incredible culture and sell the success vision of the company to your employees.

Start With a Small Group
More people working doesn't always equal increased productivity. Know what the needs and responsibilities of each position are, and select eager, ambitious, self-starters who enjoy the adrenaline rush that comes with working in a start-up.

Hire Fast, Fire Fast
It is very difficult to truly know what type of person you are hiring based off of a couple one-hour interviews. The best way of being certain if that new hire is a good fit is by keeping a close eye out within the first month or two. If you have a hunch that it won't work, follow your intuition. Someone that is not right for your company can cause more hurt than good as time goes by, not to mention it is an expense that is not justified.

The 3Ps: "Passion, Patience and Persistence"
"There is no such thing as an overnight success story. We spent almost 13 months to get the website launched, yet we still have much work ahead of us," says Prive.

Without a doubt, you need to be passionate, patient and persistent. It takes time to transform a brilliant idea into a brilliant business. With all negative feedback or opinions you receive, figure out why they are saying that, and if justified, find a way to address that problem. When you start a business, it is so easy to get distracted by the day-to-day rollercoaster, which can bring you further away from your original reason why you started the business in the first place. Write down your vision, mission and value statement, even better if done with your entire team, and make a huge print out so it serves as a daily reminder.

The Bottom Line
The most important thing is to educate yourself. Rome wasn't built in a day. It takes time to build your empire. For beginners, there is a steep learning curve that you need to embrace and climb fast. Get your hands on every relevant book you can find and indulge yourself in the subject matter. Be the student and teacher at the same time. ( newschannel5.com )


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