FICS is a competition of ideas; well and good, but it is also so much more. The main purpose of FICS is to help you to start your entrepreneurial journey. It is to motivate you with your own startups. The success of a startup depends heavily on a few key elements. Although, FICS provides you with all the basic components you need, there are still a pool of skill sets that you need to acquire in order to have a thriving business. In the end, the success of an idea is evaluated upon the revenue it generates. But how will you generate your targeted revenue? How do you make sure that you’re in fact the owner of a thriving yet sustainable business?
Management skills are a world you have to step into in order to achieve your goal. Here are some of the reasons management can be a make or break for your startup:
1. Overcoming flaws through record keeping
I know this might not seem like a big deal to most of you but it is in fact pivotal. When it comes to improving your startup and knowing what goes on in the overall market, this is important. Record keeping is almost an art. Over the years, the means have changed on the technological front but the foundation still stands. Having a properly maintained record can help you understand and overcome the flaws which otherwise might have become the reason for the failure of your startup. Moreover, keeping a record also helps with planning ahead as it paves way for an effective utilization of resources.
2. Financial management
The number 1 reason any startup “fails” is because they either couldn’t sell their product or because they didn’t end up earning enough profit to sustain them. There are probably a lot of reasons as to why your product isn’t bringing home the profit you thought it would. Financial management seems to be the sedimentary rock layer underneath the building that is your startup. It is what creates the basis for the revenue that you’ll be making. It now only seems fair that older people are obsessed with “hisaab kitaab”. After all, you can make a business selling oranges as long as it earns you revenue.
3. Channel productivity through a friendly work environment
Company culture and work environment have a major role when it comes to productivity and the smooth running of things. A friendly, more caring work environment is scientifically proven to help with productivity. But this can also have a negative impact when everyone’s interfering with everything. Here is where the good management skills come to play. Since we are talking about startups, it is probable that you’ll be a one-man army. In this case, you’ll need to manage being friendly and having optimal productivity levels. The few people who are involved in the startup need to feel at ease but also have to be motivated enough to work hard.
4. Smooth Running
Imagine that your startup is a machine and management is the oil that goes in it. A well-oiled machine will run smoothly and function effectively.If you don’t oil the machine, chances are that the metal components will rub against each other causing wear. This will eventually lead to a seize of function. In other words, your startup will fail destitute of management.
5. Structuring the workflow
So let’s assume your startup was successful but how do you keep being successful? How do you maintain the same level that you had initially and be consistent? A structured workflow will help you do that and more. Good management calls for planning which then makes way for a smooth execution. Planning and structuring how you’re going to go about things or obstacles will help you work as a team. This, in turn, will make your road to success less bumpy. And believe me, no one likes a bumpy ride.
by Yumna Fatima
FICS’19 Team Publications