• Thursday, Jan 23, 2020
  • Last Update : 02:14 pm

A community for business

  • Published at 11:43 pm February 17th, 2019
web-business-model
Business improvement Bigstock

A guide for new entrepreneurs to set-up their business quickly and efficiently

By nature, we have to rely on each other for various purposes. Each and every human being depends on each other from birth to death. Same things happen to every business venture or initiative -- which cannot see success without the help of others.

Accordingly, it is also natural that entrepreneurs communicate with different classes of people for seed funding, production, marketing, sales promotion,and so forth. As of a simple example -- suppose you are an author who’s wishing to have their book published.

First of all, you have to contact a publisher. If you choose the self-publishing route, a computer designer is needed to design the layout and make a plot for printing your manuscript. Then, you need a printing press to print the compiled write-ups and others for binding. Finally, the books would have to be distributed to various book stalls and libraries for readers. Here, the labour and service of different people are what constitute“mutually inevitable cooperative labour or service.”

But if the author wishes to arrange a book-publishing ceremony or have a review published in various media outlets, it will be treated as “non-inevitable cooperative labour or service.” Hence, the conceptwill be used for entrepreneurship development in a community or platform. In relation to this, Icame up with the co-sharing business venture model (CBV Model), which I also callthe “Rocket Model” developed on the basis of non-inevitable cooperative labour or service -- which can be implemented to develop a community or platform for entrepreneurs in Bangladesh.

Entrepreneurial initiatives should be up-to-dateon the latest technological advancements in understanding the competitive market and making the right decisions. Following this process, they can improve broad knowledge about different types of strategies in sales and marketing. The key point is trying to understand the process for new and young entrepreneurs, as lack knowledge regarding entrepreneurship development process, even though there are a lot of opportunities out there for them to participate in seminars and workshops infurther developing their ventures or initiatives.

Through the Rocket Model,business owners in various sectors and industries can buy and sell their products or services with a short profit to increase their business portfolio. The model can play an effective role by indicating trusted partners. A counseling body would monitor all activities while preparing a member directory and working checklist. 

Benefits of Rocket Model

1.    Increasingintercommunication

2.    Exchange of technology, product, and service among trusted partners of a community

3.    Business launch with zero advertising costs

4.    Establishing a strong network in a particular community or platform

5.    Cooperation among members of a community or platform

In the currenthyper-competitive market,exchange of products or services are usually carried out through monetary transactions. The Rocket Model also allows for monetary transaction and sale of products or services among the concerned community or platform. I believe that it will prove beneficial to young entrepreneurs in promoting their products to others, and thus accelerate their business through the communityconcerned.

Syed Rabius Shams is CEO of Ra’dia Inc.