If you are planning to start a start-up, first of all, you need to know what are the fundamental things you need to check before you proceed. The following are the legitimate ways you can do it.
There is a certain list of things you need to do, to execute your plan and take your start-up to the place where you always wanted it to be. They are Ideas, business model, team, timing, funding, mental strength, and motivating peers. We will discuss each of them in brief below.
The very first thing you need to have whenever you are committed to start a venture. And if you are reading this then it’s obvious that you have an idea with you.
But, do you have a good idea? You need to have an idea which can bring a significant change in how people live lives or how people work. It should be optimistic. Moreover, you need to be more optimistic than your idea so that you have a grip over your venture whenever it tries to slip over the market.
Think of executing your idea over a small group of people, think of every little problem you shall face. If you see any problem with your idea, don’t give, try modifying it.
“If your idea is the best, execution is the rest.”
Many people confuse ideas with business models. That’s the problem. Let’s clear the confusion.
What is a business model?
A business model is a way or a plan in which an entrepreneur executes the idea having done with the market research. It includes,
- How he/she publicizes the idea. Simply, it’s how one tries to reach more people, how he/she gets more customer acquisition. It all depends on how one does the marketing part.
- How he/she solves any problem faced by its customers. You have to have a separate support base to solve customer issues.
- How year on year you try to increase your company’s profitability.
- How you manage your employees.
You need to have an answer to every point mentioned above. If not, you need to work on your business model first. Do include market research.
“Talent wins games, but teamwork and intelligence wins championships”Michael Jordan
Yes! That’s true. You think you can do all the work by yourself? No. I should tell you that you are going wrong there.
You will need a strong team. A team that includes people from different backgrounds. To grow your start-up, you need to take care of every aspect that you think you can alone lack in and have a person in your team to fix it or either take a way out. Most of all you need to trust your team. Trust is the only thing that will keep you and your team bonded.
This is the most important aspect of all the other aspects which are listed. You might have an idea, you might have a business model, you might have a team but, is the timing correct? By timing, I mean, can people understand your idea? Your idea can be revolutionary, futuristic and it can bring a lot of change in living lives. But you need to have a good vision of how it will work in the current world.
For example, if you are planning for a business which provides sanitation facilities amidst coronavirus, that would be the perfect time to launch your business. People are seeking for hygiene, cleanliness so you will be in great demand for a longer time. But if you planning for a business, like a hotel renting company or any other business which includes transportation and tourism. You will have to face a lot of problems amidst coronavirus pandemic.
So, keep in mind that the idea you are having can it be adopted by the people.
Checkout how coronavirus pandemic is affecting the world economy and tourism industry here: Coronavirus On World Economy
If you are up with all the aspects of starting a business mentioned above. Now all you need is money to build it. If you have enough money to start your start-up you are good to go. But if you have empty pockets, you need to raise a big amount of money. There are many ways you can do that, and these are as follows.
- Try borrowing from your parents.
- Try getting a loan from banks.
- But if you don’t fit it above listed borrowings, here’s the best way to raise funds. Pitch your start-up idea to an investor. Trust me on this, an investor knows all the things going around the world he/she can instantly tell you that your idea is going to work or not.
You will need this all the time. You will face many difficulties. But starting up a start-up is all about overcoming them. There will be times when you have no one around you, no one to share what you are going through.
That’s when you need a strong mental strength.
“If you can start it, you can handle it”
You need to trust yourself. You can do it and you will do it. No matter what, you are strong enough to face any kind of adversity. You are the king of your realm
Doing all this, you will be one step closer form becoming an entrepreneur and entrepreneurs have immense power in changing the world see how: Entrepreneurs are the future