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Strategies
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Devashish Shrivastava Top Contributor
Undergraduate student | Content Writer

Stress. We're all prone to it. But especially time-strapped, overworked entrepreneurs. Whether it’s making changes to the product, finding new customers or having to let an employee go, the experience can become overwhelming. It's practically impossible to finish every task you've laid out for yourself on any given day. I've found it to be helpful to adopt a more relaxed attitude, accepting that only so much can be completed.

Because we live in such an information-saturated society, it can be easy to tune out the endless parade of statistics about how stress leads to health-related problems. However, some stats are just so eye-popping that you can't help but take notice. Here are some. According to The American Institute of Stress, not only does stress increase the risk of heart disease by 40 percent, it boosts the risk of heart attack by 25 percent and stroke by 50 percent. To escape these unpleasant consequences, try some of these relaxing ideas, in no particular order:

1. Get professional help

Sometimes you can't do it all on your own. With increasing demands at work making you stressed out, you may feel as though you just can't stop feeling anxious and on edge. Reducing the tension (even severe stress) through professional help from a qualified psychologist can be a wise idea, according to PsychCentral. There should be no stigma attached to seeking professional help if anxiety is getting the better of you -- consider it a wise investment in time and money.

2. Try... (More)

We know “With great power comes great responsibility”. Thus, an entrepreneur is on work mentally for 24 hours as he has many responsibilities that can put great stress on entrepreneur. If one is unable to cope with this stress, this affects not only working efficiency but personal health. Below are few ways to relieve stress -

Take intermittent breaks -

This is one of the best ways to relieve stress. Taking breaks helps your body relax. It also increases the working efficiency and creativity. When you feel stress coming on, get up and do something else such as taking a brief walk or going outside.

Exercise regularly -

Research has found that exercise is an excellent outlet for negative emotions such as anger, frustration and anxiety. Doing exercise on daily basis not only keeps you healthy but helps you live stress-free life and have clear visions of goals.

Find a hobby -

An engaging hobby is a wonderful way to give your mind a break. Almost every successful person has a hobby no matter which field they are working. Doing something you love is a great stress buster. The hobby can be anything depending upon one’s liking & interests like painting, playing games or sports, poetry & so on.

Spend time with loved ones –

Seeing friends & family can help in diverting the mind from work pressure and stress. By taking some time out, one should also go for vacation with friends or family as it refreshes our mind... (More)

Keeping your clients/customers happy is essential for keeping business alive. Customers are very important for the growth of business. There are many ways to make them happy and some of the are - 

Offer discounts to loyal customers –

The customers buying your services or products can be offered discounts for their loyalty. By doing so, one can increase the customer base as there is very slim chance that such customers would go away. A special privilege or offers can be availed to customers who order in bulk.

Meet Expectations -

When you promise customers a good service/product, it’s your responsibility to provide the best possible service/product to meet their expectations. The quality of the service & products must be maintained not only in initial days but forever to ensure happy & satisfied customers. For this, feedback from them can also be helpful in determining where you lack.

Know the personally - 

Knowing your customers at personal level is a great way is a crucial for the business. Becoming friends with my clients can help you know their plans and projects they are going to work on. They can also give information about market trends and other rivals & competitors in the business. 

Keep in touch with them –

Regular communication is important for good relationships. One must call their customers regularly to know feedback, their views on the service or products. For this, e-mails can also be useful to know how they feel about your services.

Once an entrepreneur establish his startup the next major problem that must solve is what price he should charge for his  goods or services. As an entrepreneur with no prior experience while starting his own business, adopting a suitable pricing strategies is a difficult task. Pricing problems is very major and common problem that all startup faces. Learning how to price their offering is a on going learning experience. As there is no perfect pricing strategy so entrepreneur must try different ways to charge which suits best with its type of business and customers. Following are some strategies for startups :

  1. Cost led pricing - this method includes adding all manufacturing, distributing, selling and other expenses with certain profit margin of at least (5-10%) to set the price. 
  2. Customer led price - the price is set according to how much a customer is willing to pay for the offering. 
  3. Skimming - start with setting high prices and then gradually decreasing it. So that all cost can be recovered quickly. 
  4. Odd number pricing - offering product at odd pricing like ₹599 instead of ₹500 will have psychological affect on customers and induce them to buy it.