Starting a Business Can Be Overwhelming–Here’s How You Can Get Over Your Fears & Start Building Your Company
Successfully building a business from the ground up, is not an achievement that all people can claim to have done. It comes with a lot of challenges, thus, deterring a lot of dreamers from even taking the first step towards starting their own company. But GMM Nonstick Coatings CEO Ravin Gandhi has some useful advice for those people.
Studying the Competition
Gandhi shares his own personal struggles when he founded his business back in 2007. In the beginning, he admits being terrified about taking on his company’s competition. After all, they were already entrenched in that business sector while he was just beginning to take his first steps.
However, he soon found a way to keep up and run the pack with the other wolves. He also advises aspiring entrepreneurs to carefully study their competition to find their Achilles’ heel and devise a way to have an edge over them.
Looking Past Low Margins
The CEO also tells the story of the time they were about to close one of the largest clients in the market. He shares how demoralized he was when he was told about where his pricing needed to be to close the deal as his company would actually lose money to meet the client’s demands.
Still, Gandhi accepted the deal being confident that he could find an innovative way to push down his production costs. And in the end, his risks were rewarded. The deal with the client eventually became very profitable for GMM Nonstick Coatings.
Pay For The Best Team
A businessman needs to work with an excellent team in order to scale up his business as time passes. However, hiring the right kind of employees can get quite expensive leading some entrepreneurs to be frightened of making the investment.
Gandhi admits that he was worried about the same thing when he hired skilled personnel for his company. They proved to be proactive investments though, as they actually brought in opportunities that led to profitable growth for the business.
Living with Uncertainty
Uncertainty is part of running a business and one must learn how to live with it to succeed. As Gandhi shares, he still finds himself waking up in the middle of the night when he’s facing extreme stress about his company. Through the years, he’s learned that nobody really has all the answers and that it’s one’s ability to decide amidst high risks and uncertainty that matters.
Springing For Good Lawyers
Entering into one bad contract or agreement can lead to the demise of a business. That’s why Gandhi is adamant in his advice for entrepreneurs to hire good lawyers when drafting an agreement with a client or even an employment contract.
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