So you want to start a business? That’s awesome! Once you get over your initial fervour, it’s time to break down the tasks for launching your business into manageable chunks. As you know, starting your own business in this economy may be elusive, but it’s not so impossible. So here are some simplified pointers to take care once you are in a startup.
- Right time at Right place:
This quote is very well versed nowadays. An entrepreneur is supposed to be present in the demanding market to tap the potential customers. First, the place from where the business is operated should be viable and feasible for customers to pitch in. Secondly, the business operation should be more consumer friendly. If you are in a restaurant or café business in a city like Bangalore, it should be open on all weekend. Since the working population finds leisure time on weekends.
- Social skills
You and your team’s social skill will help you to build connections with key people in high places (Here, High is in terms of their position in your industry or the zero behind the amount to be invested in your venture). If you are not willing to take an extra few step to building new contacts and nurture the existing one, you can face a drastic failure. So, making new contacts are equally important as to maintain and enhance the prevailing contacts.
- Money always Matters
Yes, it is very basic and understood factor to be here, but it is definitely a thing to be taken care of, for a startup to succeed. The requirement of money can differ from the type of operation the business is undertaken. It can be as high as a Rs. 1 crore, but could be low as Rs 1 lakh, there are a lot of different ways to get these funds. Figure out which way to be followed, the weather is a seed capital (money invested from own capital), angel investment, loans for small-business and hence, pursue the option.
- Say No to partnership discussion
There will be times when more people connected to you directly or indirectly wants to get in your business. So the best advice for an entrepreneur will be, “Don’t indulge your valuable time in discussing the partnership.”
Believe that you don’t know it all in a startup
Yes, it’s humanly impossible to know each and everything. Being an entrepreneur, one should always be open to learning. It is one of the best methods to get exposure to the latest trends, new opportunities, and new ideas. A point is to be made here, that not every news is good and even a minute detail can bring a spark for the crisis. So it’s the entrepreneur who needs to refine the available information which can be exploited for the future needs.
- Choose your people
Being an entrepreneur, it is very important to maintain the business secrets. The main backbone of any organization is their people. Many of you must be thinking a startup should take the best of an industry with utmost experience but these days are gone. Now, the hungry ones are better than the experienced ones. You may get more experienced personnel readily, but an employee with the zeal of learning and working would be commendable.
- Get a Mentor for yourself
It’s very easy to work “in” your business, but very difficult to work “on” your business. You have to work on your business if you wish to see it grow and flourish. A mentor can be anyone who has gained success in the industry and can provide you with priceless experiences
- Keep a check on government policies
Nowadays developing nations ruling government has a lot to offer for new business houses. Let’s say ‘MAKEININDIA’ an initiative taken by the Indian government to promote and boost the industrial sector of the country. It is very crucial to keep a track of all new policies and offers related to the sector by an entrepreneur.
- Make a checklist
It is a very initial method to keep things organized, so it should be followed by every entrepreneur. Every day the checklist of the task should be made and cross checked at the end of the day, week or month. It will help you to track the difference between deliverables actual deliveries. Customers now don’t want to wait even for a second, faster you are loyal they will be.
- Follow it up
Most of the people don’t want to follow up because of the mentality. Some think that we are doing our best, procrastinators or they think where else the customer can go? Even a bit of overconfidence can kill the business majorly. So, it is always advised to Keep Calm and keep on analyzing what you actually do and what you are supposed to do.