5 Business Skills To Launch a Million Dollar Company

tarting capital (2008) - INR. 64,000/-

Current Market Value - INR. 15 crores

Company - Foxymoron

Owners - Pratik Gupta, Paritosh Ajmera, Suveer Bajaj and Harshil Karia

Five years was all it took for Foxymoron to become one of India's leading independent digital agencies. However, what makes this case study unique is the fact that all four co-founders were just 19 in 2008. Today, at 24, the four co-founders sit on the brink of even more success. Irrespective of ill economics the world over and in India, this country's entrepreneurial landscape has never been this promising. There is an entrepreneur in just about everyone but there are a few key factors that separate successes from failures. MensXP takes you through a few essential business skills that will help you have your own million dollar company.

Get Innovative when Sourcing for Start-up Capital

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Today, you don't have to be cash-rich to start your own company. In fact, the New Companies act allows entrepreneurs-to-be more freedom and security and almost encourages people to start their own companies. Of course, you can take the normal route and have your company funded by banks and investors. However, in case you want to stay away from formal borrowing and don't have the money yourself, you can always borrow from family and friends. Alternatively, there are various websites that allow people to make contributions towards your venture.

Foxymoron was founded when the four founders sold their trip to Goa and put the capital into their company.

Identify Your Path to Starting-up

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Considering the amount of information overload these days, with 10 different experts giving you 10 different views, confusion is the name of the game. However, you've got to remember that there is no one way to starting-up. What works for one, needn't necessarily work for you. You have to identify what works for you. When you should start-up; how you should do it in terms of logistics and infrastructure; how many people you should hire initially; how much you want to invest in advertising and PR, etc. These are questions that are unique to your company depending on your area of service, financial capability, long-term business goals and of course, making your company a success. It's great to read and find out how everyone else aced their business, but don't blindly apply their ways. Take what works for you and chart out your own path.

You WILL Fail, You WILL Overcome

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There's not one successful entrepreneur, businessman or industrialist who has never failed at some point. Everyone does, and when they do, they deal with it. When you start-up, start with your goal and success in mind, but when you face a roadblock, deal with it in the best way you can. In fact, preparing for roadblocks has to be a part of your contingency plan in your initial business proposal. You can choose to put aside some money, choose to be reserve your right to employing a certain number of people, ensure that you're networked well so that you have contacts to count on in case you need tenders approved, ensure that you give your company a worthy social media presence especially since word-of-mouth is the best form of advertising, etc. Start up with just success and your goals in mind, but insure yourself with a contingency plan from the word go. And of course, bank on your self-belief and know that you will overcome.

Innovate

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You've got to be innovative at every step of the way. Gone are the days when businessmen sat in an office and expected business to come to them. Now, you've got to take your business to people and if it's worth its weight in gold, they'll bite. For all practical purposes, you've got to have an office space, however, how you choose to decorate it depends completely on the field of business you're in and the message you want to give out. Allow your office space a personality that's an extension of your business. Additionally, besides having a social media presence, think of unique ways to take your service to people.

A great example of entrepreneurship and innovation goes to the "Batman of Baking" in Mumbai. This girl was an investment banker who gave up the profession to bake. Simple, right? Wrong! The Batman of Baking delivered her cookies in a Nano and informed her customers via Facebook and Twitter. Her cookies were delicious; her idea was one-in-a-million and people lined up for hours to buy her cookies at pre-decided locations and times, all conveyed via Facebook and Twitter. The Batman of Baking has taken innovation to another level and considering how much Mumbai waits for her deliveries; her business is a raving success. Her tools: an innovative idea, social media, a Nano and of course, her oven!

This idea works for her, and another may work for you. The point is - innovate.

Get Noticed

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Nothing works better than getting noticed. You could choose the age-old PR route, the new-age social media way, spread the work through various professional networks and of course, depend on word-of-mouth to get your enterprise the exposure it needs. You could have a great company with the best expertise at your disposal; however, if your company is not in people's thoughts, no one will come to you. Use technology and networking to your advantage and put your company out there, get people talking about it, do something innovative at every step of the way because this will keep it in the news, and most importantly, have your contacts spread the word. Till you find your foothold, you will need to get noticed. Once you bag a massive project and deliver, people will talk about you even more. Till then, make then talk about your company and you.