‘Use various formats to make business successful’

NAGPUR: A business model is one in which a company generates revenue and makes profit from its operations for which a variety of formats can be used, said Ajay Hiraskar, CEO and Chief Alchemist-Success Alchemist, on Saturday.

Discussing the options while describing business plans at a workshop on start-ups, organized by TiE, Nagpur, at Chitnavis Centre, Civil Lines, Hiraskar said a variety of formats can be used to document the plan like swot analysis. It is imperative that the budding entrepreneurs should first understand the strengths, weaknesses, opportunities and potential threats from rival companies, he said.

A successful venture will depend on proper understanding of what the rival companies are offering to customers and in what way it could be countered by the prospective entrepreneurs, he said.

Hiraskar dwelt at length on how to test viability of a business idea in lean canvas and study in depth whether the start-up could attract investors. For this, an overview of business should be given to potential investors to be successful in an entrepreneurial initiative, he added.

An emerging business that the start-up is, the aspiring entrepreneurs should always keep in mind that a healthy relationship with customers, cost structure and revenue streams hold the key to success, he said.

He also listed some guidelines like value proposition, channels of reaching out to customers that a business model should include to make rapid progress in the chosen field.

Milind Chittalwar, president of TiE, told the founders and aspiring entrepreneurs attending the workshop to ideate such a model that could give them the returns they think of. It is necessary that a start-up is developed in such a way that it is a scalable business model.