Startup Guide for Entrepreneur
This is the era of entrepreneurship & this the era of yours.I am sure your are on the journey of being entrepreneur because you are reading this article.I am very happy that you are working on it.I am sure you will be successful entrepreneur if you will consider below explained factors along with continuous reading & learning of business aspects.
All the factors i am bringing to you are result of my continuous reading of various books, articles regarding entrepreneur & my observation of various startups.This will surely help you to make your dream a reality.
There are various aspects one needs to consider while thinking of startup.From conception to Finance every aspects needs to be analyzed thoroughly prior to launching your startup.I will explain step by step aspects needs to be consider & work on.
Your first step on the journey of starting your own business is finding business idea, Here you will find the sources for business idea.
Generating Business Idea
Great business ideas are all around the you.To start the search for the idea that going to put set the world on fire,start with following sources.
Family & Friends
You can discuss with your family & friends regarding potential business ideas for startups and you never know couples of them have that solid business idea. So, brainstorm with family & friends is the handy tool for business ideas.I have also received the some solid business ideas from my sister & friends.
Look at all those things that bug you
This is the fertile ground for business ideas & innovation.World has witnessed numbers of startup started out of it. Wall-mart,Gillette,Amazon, TATA & many more are the examples of it.
Keep your eyes open
World is full of business opportunities just keep your eyes open and when something attracts your interest, then narrow you focus & think over it.Just roaming into the city also leads to some great business idea. Travelling also explore the various potential areas for business. (All with open eyes & curious mind)
Keep you antenna up at all the time so you can retrieve good ideas when you stumble across them.
Look for Business Disaster & Mousetraps
Business disaster & mousetraps can be good source of business idea. You can analyze the business disaster & implement the business model after fixing the flaws in it.
Now you next step is feasibility check & research of business idea.
Feasibility Check & research
One of the major reason of business failure is bad market research & feasibility check of business idea prior to launch.People are generally jumping into the market with that promising business idea and it results into big disaster just because of lack of exhaustive research. Here is the list of the aspects for consideration while performing feasibility check & research.
- Have a clear concept of product or service.
- is there a market for your product?
- Who are the competitors?
- How is your product different from the others?
- How much funding do you require? How will you arrange it?
- What skills do you require? Do you have those skills?
After feasibility check & research of business idea, you next step is Team selection.
One of the most important task for your business. First of all list out the skills required based on your research.After that look for skills which you possess.
Now look around for required skill person, you will find them from your old company or friend circle.Your team should be blend of experience & enthusiasm.So, select who has experience & proven track record for required skills. Also go for some apprentice, as they are young,enthusiastic & keen to learn new things.Team selected on the basis of above is economical as well as efficient one.
After team selection main task is business plan.It is blue print of your business.It is mirror of your vision.
Business plan presents your business & long term objectives of business.It provide the blue print for running business & benchmark to check your progress.It contains followings.
- Executive summary
It consist brief about product,management team,financial projection and returns.
- Sales & Marketing
It consist marketing & sales plan,promotion strategy.
It consist role of management,management flow,Details of experience.
- Financial Forecast
It consist sales forecast,cash flow forecast,profit-loss forecast.
- Assessing the Risk
It consist various cases of "What-if". If there are serious risks.
Now, plan for launching your business. Dazzle the customers by your product & marketing.After launching business continuous assessment of your progress with your benchmark is vital for long term business.
Launching your business & marketing strategy is wide topic. It varies with nature of your business. I will explain in detail about launching strategies & post launching aspect of business in my next articles.
Best Luck for Big Move..!!
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