Posted 23 Sep 2019, Editor's Desk
In the World Leadership Federation that held in Dubai on 23rd Feb 2017, Dr. Vivek Bindra gave Business Skills Training. In this article, some of the important points from this business training are discussed.
1. There may be some first movers in your industry but you have to become the fast mover of your industry.
It is one of the points discussed in the business training given by Dr. Vivek Bindra.
Example: Nokia and Blackberry were the first movers but they were not the fast movers, i.e. they were not able to cope up with the changing market trends and customer needs. So, they have left the industry.
Similarly, Yahoo bought Hotmail from Sabeer Bhatia in the year 1997 while Google got Gmail in the year 2003. Google was not the first mover but it was the fast mover. As a result, Google replaced Yahoo from the market.
2. All the success stories in the world are stories of great failures. It is their ability to bounce back that has actually made them successful.
It is another point of business skills training given by Dr. Vivek Bindra.
Example: Facebook has not become Facebook in the first time. It was started as a website named, Hot or Not, which failed. The owners of this site bounced back and created Facebook.
Similarly, YouTube didn’t become YouTube in the first time. It was an online dating website, which failed and its owners bounced back with YouTube.
When entrepreneurs face failures they fall down. But, you should not fall down, you should bounce back.
It is one of the points discussed in the business skills training given by Dr. Vivek Bindra.
If you really want to develop a billion-dollar business, you need to remember four things, which are as follows:
Profitability: Maintain your gross margins. People have not become millionaires by giving discounts. People grow in their business through competitive advantage.
Scalability: Lots of organizations are able to manage profitability but they miss out scalability. You have to build scalable models through which you can train your employees and build high-performance teams. This team will help you to control your business and grow it.
Speed of transaction: A lot of people take loans to start a business but their speed of transaction is so slow that their cash-debtor turnover ratio goes out. It means that cash inflow is less and cash outflow is more. Such people are not able to manage their cash and go out of business.
Competitive advantage: It is one thing that can take your business to any height. Find out your unique signature strength and build a competitive advantage. Find out the Need, Interest, Concern, and Expectation (NICE) analysis of your client.
Do not try to do multiple things, focus on the main thing. Do not focus on the width, focus on the depth. There is a saying: A man running behind two rabbits catches neither. So, find out your competitive advantage.
People make their business bulky and not able to understand their competitive strength. They are not able to manage their gross margins. Such people kill their business. So, avoid this and identify your competitive advantage and work on it.
The above-mentioned points discussed in the business training given by Dr. Vivek Bindra will help you to take your business to new heights.