The Keys for Successful Enterprise

Prepared by: Shashank Shekhar SinghPM/2014/412

DEPARTMENT OF PHARMACEUTICAL MANAGEMENTNIPER-HYD

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What is ENTERPRISE?The term “enterprise” is simply another name for a business.The word enterprise describes the actions of someone who shows some initiative by taking a risk by setting up, investing in and running a business.

Look again at two key words above – initiative and risk.

A person who takes the initiative is someone who “makes things happen”.

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Why it’s IMPORTANT?It offers sites for development, provides advice to bring development proposals to completion, and maximises economic development through a coordinated approach with other agencies as well as design direction and future of the city. It is important to continue to encourage new enterprise in the city. Entrepreneurship is a major driver of innovation,competitiveness and growth.

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Keys for Successful Enterprise1. Plan thoroughly2. Get organized3. Find the right people4. Delegate wisely5. Inspect what you expect6. Measure what gets done7. Selling

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Plan thoroughlyThere is a "Six P" acronym that says, "Proper Prior Planning Prevents Poor Performance.“For better plan, ask and answer:• What exactly is my product or service?• Who exactly is my customer?• Why does my customer buy?• What is it that makes my product or service superior to that of

my competitors?• Why does my prospective customer buy from my competitor?

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Get organized

• It will help to complete tasks and stay on top of things to be done.

• A good way to do this is to create a to-do list each day for each item.

• This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.

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Find the right people

• Fully 95 percent of your success as an entrepreneur or executive will be determined by the quality of the people you recruit to work with you or to work on your team.

• The fact is, the best companies have the best people.

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Delegate wisely

• You must develop the ability to delegate the right task to the right person in the right way.

• Otherwise it could be the cause of failure or underperformance of the individual and can even bring about failure of the business.

• You must learn to think in terms of "getting things done through others" rather than trying to do them yourself.

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Inspect What You Expect• Develop the habit of proper supervision.• The rule is, "inspect what you expect.“• Once you've delegated a task to the right person in the right

way, it's essential that you monitor the performance of the task and make sure it's done on schedule and to the required level of quality.

• Be sure the other person knows what is to be done, and when, and to what standard.

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Measure what gets done

• The habit of measuring performance.• The importance of selecting and defining specific goals,

measures and activities that are used as benchmarks for performance.

• You must set specific, measurable standards and score cards for the results you require "make your numbers" on schedule.

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Selling

• The ability to sell yourself and your product to your customers.

• All successful businesses begin with a single person who's excited about the product and who's very good at selling it to others.

• But where there's no sales expertise, the finest product or service will fail.

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10 Critical Factors for Business Success• To get where you’re going,

you’ve got to have a map• Management: nothing ever

happens without great people• It’s okay to be a watchdog, but

boards must create value• Cash flow: show me the money• You can only grow as big as your

market

• Maintaining your competitive position against the fray

• Business models: it’s not just what you do, it’s how you do it

• Product development: you’ve got to have something “cool” to sell

• Customers: you’ve got to have someone to sell your product to

• Never walk alone: channels and alliances

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Did You Know?• Only 22% of business are happy with their conversion

rates• 57% of marketers don’t bother to improve their (landing

pages) is a single web page that appears in response to clicking on a search engine optimized search result or an online advertisement.

• Landing pages can generate 12x more success

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