Business Tips - Before you Jump iN

A good business strategy is immperative for anyone who wants to start or is new in business. The fact that business will be successful or not is a big question mark, but the probability of sucess can be optamised by keeping some fundamentals in mind. Following are some of the key issues to consider:

1. Develop understanding about the scale of business i.e international or domestic.
2. Decision about the nature of business i.e goods, services or entertainment.
3. One must know about the level of the risk involved.
4. General formula of calculating success in business is : NONE
   But a business success can be atributed to the underlaying principles. This means that if a business is a triditional business it will strive to maxamise its revenue and minimize its costs. However in the case of online business ventures usually a best practice is to target capital apppriciation and not day to day earnings.
5. Identification of competition is a primary task which should not be neglected.If the market possesses a lot of competition then the idea should be dropped. There is nothing common then great ideas which fail to make it big.Market research is a must i.e one should have complete details about the number of the competitors working successfully in the market.
6. A good organization leads a successful business. It is said that an A+ team can make a B- idea work and a B- team can make an A+ idea fail. In many business plans and venture capital scrutinizing session often management team is a question which gets thoroughly grilled.
7. Pricing and placement is another issue young businesses overlook. Being the cheepest doesnt mean your going to become the consumer heartthrob. Often when the care makers come up with new models they hire market intelligence firms who conduct extenisve market surveys before coming up with pricing structures. Therefore know the market, know the competition and then carefully decide on pricing and product placement.
8. Choosing a good location is very important for business success. The places which record the most footsteps, e.g. malls, city centers etc, are the best options. But then again ofcourse the choice of location depends on the nature of business, i.e. if it requires direct customer interaction, or it is a behind the curtains operation and is of B2B nature. Therefore striking a balance between location and cost of setup is essential.
9. "You have to live, to fight another day" somebody once said and are the golden words entrepreneurs need to always remember. Usually young entrepreneurs have to go through a lot of hard and odd jobs. For example I (Sirwan) worked in hotels-restaurant etc but only to survive, and I did it as means of supporting my study and my Goal of becoming a 3D Animator. So always focus on your goal but do not hesitate to do whatever is required of you.

The article is authored by Sirwan 3D Animator from sydney and co-authored and edited by vOid. For more information on 3D animation business you can leave comments here or send us an email.