Chasing Your Dream-What's Stopping You?
PODCAST # 07
In the seventh episode of the podcast, Aamir Qutub talks about being passionate about something and chasing your dream despite meeting with failures.
Watch the video or keep reading below to find out how you can develop a plan to chase your dreams and achieve them.
Here's the video
Chasing Your Dream-What's Stopping You?
Strengthen your business in an economic downturn (29:13)
- The stronger your business is, the less likely it is to be affected by risks — if they occur — or unforeseen events;
- Strengthening your business is not just about financial management. It also includes strategies to retain and expand your customer base, markets your business affordably, maintains high morale among your staff, and improve business practices;
- You should also look for networking opportunities and build partnerships; this will help to reduce your market risk.
Helpful tips before venturing out (37:36)
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Before you move on, download your copy of the Career Booster Toolkit.
Use this Toolkit to assess yourself and open up new opportunities, which you may not have noticed.
- Attend Meetups;
- Keep networking to find opportunities and gather knowledge;
- After choosing an idea for your startup, try to look up for those people in the industry who have already worked on the same business.
Failing in something new can only be altered by trying again and again (36:43)
- Failure breaks only those who see it as an inviolable loss, an end in itself. Failure is a wild horse that you need to ride towards success and achievement;
- Successful entrepreneurs had failed several times before they achieved victory;
- The path to success is never emblazoned with beautiful flowers, soft carpets, or gorgeous sights! Skilled entrepreneurs are those who use thousands of failures as building blocks to advance;
- That’s why they’re never tired of trying, no matter how often they fail.
How can an hour of learning every day transform your life? (38:51)
- Most people spend endless hours doing mundane things in their lifetime, but when it comes to cultivating their hobby or passion. What do they do?
- They spend approximately one hour doing something that they can learn from or master their skills;
- For example, an hour spent learning about a new subject or a new book makes you so much closer to being respected by your boss and peers. Plus, the benefits of your general knowledge and vocabulary will be palpable.
Helpful tips for laundry business (46:28)
- Transform your business model
Make a unique, tailor-made business model for your laundry business differentiate your business from your competitors.
- Create an App
Create an app where your customers can schedule pickup timing as per their liking and choose a subscription.
Don't neglect your market research (48:44)
- Before you begin the venture, conducting market research can be an effective way to ensure there is a demand for a service in your area;
- Carrying out market research will help you determine how customers are likely to respond to your new venture;
- When you skip out on market research, you miss valuable opportunities that will help your business in the long run;
- Successful business owners know their markets, understand their competitors’ and customers’ wants and needs, and gather all the information necessary for their businesses to be competitive.
Stop building a low-priced business model (49:53)
- The financial estimates of low-cost players vary from those of traditional businesses;
- They gain lower gross margins than conventional players do, but their business models turn them into higher operating margins;
- These operating margins are magnified by the higher-than-average turnover rates of the firms’ assets, resulting in remarkable returns on investment;
- As a result of these returns and strong growth rates, the market capitalization of many startups is higher than that of industry leaders, considering the latter’s broader equity base;
- However, pricing is not a sustainable competitive advantage. Prices can change almost instantly. Your competitor can change prices just as quickly as you can.
Why do you need to make a unique business model? (50:50)
- Moving to a new business model – such as from a product-focused to a service/solution-focused one – will not provide a substantial, sustainable advantage if your competitors also move to that business model;
- The trick to a sustainable competitive advantage is to move to a comparatively unique business model in your industry;
- It could be an informative and creative activity to work with your team to imagine new business models.
Wrapping it up
Making the decision to chase your dreams can be a frightening one. Making large changes to your life and how you live it is never easy, but by breaking the path to your dreams down into manageable goals, you can make the transition a much easier one. Achieving your dreams is possible, you just need a good plan.
Success is not final; failure is not fatal: It is the courage to continue that counts.