When we play video games, we do not start from level 17. We start from level one. We certainly wish to cross level 17 and beyond, however, in order to get there, we have to master the initial levels first. We practice a lot in levels 1, 2 and 3, we become perfect in the basics and then we become ready to move up to level 4. Then, we find that the approaches we have adopted in mastering the initial 3 levels are not sufficient to play level 4 and above. In this same way, we also need to change the approaches in our professional lives; in business, we call it implementing new strategies.

Starting entrepreneurship ventures or doing business is no different. When we analyse the history of all big multinational companies and high-value corporates, they all have started small. They all have mastered the basic levels and moved up the ladder with innovative strategies and investment in HR, technology and marketing.

Fourteen years ago, KFA started with a basic training center. Now, we have a robust training division, a full-fledged business school and a vibrant consulting division.

After many years of perfecting the basics, we can now move ahead with our goal of fostering entrepreneurship in Nepal and helping small entrepreneurs start from basic level and seeing them grow from strength to strength and making solid contributions to the country’s economy.

Understanding of business dynamics and numbers

In any business, there are front office and back office functions. Generating new business, meeting clients, talking about products and its values to the customer’s needs, making presentations, convincing the market and finding the best customer service practices are referred to as business or front office functions. Whereas, running efficient operations, transparent governance system, MIS and finance, legality and compliance comes under back office functions. Both areas are equally important and sensitive and entrepreneurs need to understand the strength or interest areas of the human resources in these respective areas. We have observed that these two areas require two different skill sets and therefore resource allocation according to interest/strength profile becomes very important.

When we start, we do not start from ‘What can we produce?’ we start from ‘What products does the market need?’ Existing and potential demand of the product must be the driving factor while brain-storming ideas. Therefore, a concrete ‘feasibility study’ based on assessing market demand of the product that you are thinking of launching is an absolute necessity.

Another important quality is the ability to understand and analyse the ‘numbers’ or ‘financials’. Even though you might not have accounting or finance background, you should be able to read and understand balance sheets, profit and loss accounts and cash flows. This will give substance to your efforts. Merely talking about the product and marketing them is not enough, you must be on top of the numbers.

Last, but not least by any means, corporate governance is another very important factor in business. By corporate governance, I mean, you must ensure the venture you are initiating must run on a system, which is broken down into relevant policies, procedures, rules and regulations. Sincerity, integrity, transparency and corporate ethics are very important pillars of corporate governance.

To sum things up, checking off the basic is the very foundation of any thriving successful business. It is not about overnight success, but rather about small victories every day, only then can you dream of empires. That being said, no business has been created on the couch, you have to take the plunge and be ready to get your hands dirty. Now, let’s go!

 Jha is the founder and executive chairman of KFA and a former representative of the Standard Chartered Bank