This is for Startup & Business Aspirants & the First Time Founders:
B => A approach
If you think you need at least $100,000 or $1 million to execute your idea into a business, then you are 100% WRONG. This thinking clearly indicates that you are going from B -> A means from TOP to BOTTOM which is never recommended. The outcome of this strategy is either you will FAIL or you will end up burning a LOT of Money $$ with minimal output that will result in Dissatisfaction.
Example: If you are thinking of executing an idea for IT Consultancy Business then with B -> A approach you would think of renting out a fully furnished office, a good one, many employees even when some are not required at the beginning, buying computers & all other accessories as new. This apprach will eat up a lot of money even before you have started the business and you don't have even a single customer.
A => B approach
When you execute your idea, follow the strategy from A -> B means from BOTTOM to TOP. The outcome of this strategy is that even if you fail, you will fail-safe however chances are that you will taste success, even small doesnt matter but it will be there. Secondly you will wisely put the money into your business that will give you a sense on doing business efffectively.
Example : With the A -> B approach in business in this example of founding an IT Consultacy Business; you will get a retented place with bare minimum facilities, you will hire one employee in place of two who can deliver the work of two people, you will NOT buy any computer or accessories rather you will get these on rent to reduce the liabilities. This way your investment will be very little and even if you fail you won't be having much liabilities, however in A -> B approach chances are failures are reduced as the concentration is more on acquiring the customer for business growth.
The conclusion is, business is a risky thing and its better to reduce your liabilities when you are executing your idea by investing as little as possible and concentrating on what is required rather than sitting in a fancy office with a lot of employees when business outcome is ZERO.
Should you need any advice/consultation for your business; You can attend the following consultation programs:
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4. Customer Acquistion & Retention Strategies
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