With more than 500,000 new businesses being launched every month it’s clear that the competition is more than fierce. Starting your own business from scratch and staying afloat is challenging enough on its own, not to mention the obstacles an ambitious entrepreneur needs to overcome if they want to see their business scaling.
However, people like Pavel Melnikov are there to show us that success might be just around the corner for those who know where to look.
Who is Pavel Melnikov?
Pavel Melnikov is a successful Russian entrepreneur and founder of the company called Vesta Regions LLC, which is now considered to be the biggest supplier of sanitary products in Russia. Moreover, he runs and manages many companies that are engaged in trade and manufacture of plumbing and sanitary products.
Pavel Melnikov was born on the 7th of August, 1964 in Leningrad (today’s Saint Petersburg). When it comes to his education, Pavel Melnikov first attended Leningrad Electrotechnical College, where he studied Electric equipment for the production of plants and installations. After graduating, he then went on studying Radioelectric equipment at the Leningrad Mechanical Institute and received his diploma in 1991.
Starting his business career immediately after graduation, Pavel Melnikov was mainly focused on finding and developing innovative sanitary and plumbing solutions for the Russian market. A prominent businessman he is, Melnikov quickly becomes the sole owner of several successful companies, such as Energoresurs LLC, Luch LLC, Moscow Region, and BIS No. 1 LLC.
In addition, Pavel Melnikov has started granting non-exclusive rights to use some of the trademarks he is a holder of, including VALTEC, which is one of the biggest sanitary brands in Russia.
What does it take to become such a successful entrepreneur?
The road to becoming gainfully self-employed was never easy – being an entrepreneur requires wearing many hats, so if you want your business to become a profitable enterprise, consider the following:
Conduct thorough market research
Once you decide it’s time your business idea sees the light of the day, make sure to conduct extensive market research beforehand. Such research will help you evaluate current market conditions and trends, ensure the product or service you want to offer is in demand, learn about your customers’ purchasing behavior and preferences, etc. You don’t want to skip this step, as this information is of crucial importance when it comes to the success of your business.
What’s more, since the market trends tend to fluctuate with time, doing market research continually will enable you to keep up with the market changes and make up-to-date decisions, which is essential for every growing business.
Devise a business strategy
If you want to see your business grow, it’s important that you develop a sound business plan and an effective strategy, as well as establish clear goals you want to pursue. To ensure your business strategy is viable, analyze the market and your competitors, gather all the facts you can, identify your company’s vision, set the most important objectives, and monitor them over time.
When your business starts evolving, keep track of the new business opportunities and make sure to revisit and update your strategy accordingly.
Learn to delegate and build a reliable team
Don’t expect to be able to do it all by yourself and resist the urge to do so. Not only is that counterproductive, but it’s also impossible for one person to be master of all trades. Therefore, it’s best to focus on your strengths and delegate the rest of the responsibilities to those who can handle them better.
Scaling a business is mostly about people, so invest additional effort into choosing employees who share your vision and building a team you can rely on if you want to see your business grow.
Just like Pavel Melnikov didn’t become a successful businessman overnight, it will probably take some time for your business to transform into an enterprise you want it to become, but understanding the market trends and demands, devising an effective business strategy, and putting together the right team will surely lead you to success. Keep in mind – slow and steady wins the race.