A New Shoot, A New Hope!

An Avocado, rich in nutrition, grows from a tiny seed into a big tree.  The process is very interesting right from imbibition to patiently waiting for 5 to 13 years for the fruit, if you are growing it from a pit. In our current situation, do we have that kind of time and patience?

The present situation of upheaval due to the pandemic is testing our patience.  Many businesses have vanished and are crumpled with cash flow. If the current business has collapsed, it is time to change the business model, pivot or explore new opportunities of business; it is without a doubt a tough task. 

So where do we get our source of strength and encouragement? 

Networking with right minded people, research on new business opportunities, collaboration, thinking out of the box and being innovative.

Answering 5 WHYs of a business plan might help in this process.  Who? What? When? Why?Where?

Who are the major players? Who are the owners, personnel, advisors, customers, competition, even the target audience for the plan itself?

What do you want to achieve? What is your sustainable advantage? What can you offer? What do you produce?

When do you want to meet particular goals? When did (will) the business start?

Why would customers want your product or service? Why are you in business?

Where is the business located? Where is the target audience? Where are the new opportunities located? And finally, how do you get from where you are now to where you want to be?

We might need to know a little bit about Pivoting and the Business model canvas components to explore the new possibilities.

Pivoting is changing your customer segment, your channel, revenue model / pricing, resources, activities, costs, partners, customer acquisition – lots of other things than just the product. A pivot is a substantive change to one or more of the 9 business model components. 

A Business model describes how an organization creates, delivers and captures value.  This was originally developed by Alexander Osterwalder and his colleagues.  According to them, a business model canvas covers the four main areas of any venture i.e. Customers, Offering, Infrastructure and Financial Viability. The Nine building blocks that describe and assess a business model are - Customer Segments, Value Propositions, Channels, Customer Relationships, Revenue Streams, Key Resources, Key Activities, Key Partnerships and Cost structure.

Growth of a tree from a seed takes the same effort as a business does. Like ideating a business, putting it on a business plan, bringing that business plan into a reality with the right funding and marketing strategies, keeping in mind the competition and changing business scenarios. A tree may yield bountiful fruits with nutrition and taste, just like a business with the right guidance and a good plan of action.

Entrepreneurship is a tough journey, and a pandemic like this can topple any boat however strong it is. It is a challenge but one must never give up.  Let us rise and create a new world with renewed vigor.  A new hope, a new shoot, a new venture and a new mindset.

Leena Lobo | B.com; LLB; MHRM; ARMFA

Founder & CEO, Angelina Consultancy Services

🌐  www.angelinawealth.com
✉️ leena@angelinawealth.com

📱  +91 9449811547