Beginner’s Guide to the First Time Entrepreneur

By Vipin Singh
Founder and Cheif Consultant.

It’s been 6 years of Bridgegap Consultants since I started this invigorating journey of being an Entrepreneur. Being a first-generation Entrepreneur, my father an Entomologist would have never fathomed the thought of the same. I have put together my bytes of learnings which I have garnered over the years and encapsulated them.

 

1-Get the business model right
I had a clear focus on targeting SME/MSME to drive their revenue growth by placing a dedicated team driving ideation to operational efficiency. SME/MSME are generally driven by a single person or a couple of people and hence for them to drive operational efficiency on daily basis is next to impossible and that’s where we plug in to not only drive strategy, ideation, innovation but also the execution for them which ensures that they focus on other priorities while we take over their marketing and sales operations. This ensures that we drive the complete process from ideation to execution with complete ownership.

2-Stay Flexible
Business/Revenue model may evolve for a couple of months maybe in some case years as you move forward so be ready for these changes. We use to take only retainer-based business with a minimum commitment of 12 months for us to show results but over the years, we have been able to develop some products for specific short/long term requirement e.g. Brand positioning workshop, Go to market strategy, Virtual CMO, Brand Audit, etc.

3-Never promise what you cannot deliver
In the Brand/Management Consulting, the clients should not mistake that we are magicians and would be able to produce results in 2 to 3 months itself. Stay realistic while promising results.

4-Stay Ethical
In the Strategy Consulting Business lot of work gets done through other partner agencies who are billed directly to the client. The point is not to leverage on these collaborations by cutting deals. This has ensured that we play our role of being the unbiased partner for our client leading to brand growth. Clients end up in a long-term relationship with the Consulting firm as they see a value proposition.

5-Think big spend small
I have always wanted to be in a space competing with the likes of giants like McKinsey and BCG someday. Optimizing my costs real to the current realities and ensuring that the Balance sheet remains healthy to have been my key priorities. Building an intelligent and accountable team is extremely important. Setting key deliverables to your team translates to focused results.

6-Financial discipline
Ensure that all financial commitments are met on time. All the expenses are tracked and audited to evaluate the ROI of each penny spent and the difference. This is one of the most important aspects of running your own business which is often avoided. This gives you respect in the market.

7-Get Mentored
It’s important to have a guide or someone with whom you can bounce off your ideas or can discuss your challenges. A new perspective can give a new sense of direction and vision to the business.

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