Entrepreneurship: What you need to know when you start
The recent surge in the growth of entrepreneurship ventures in not only India but also the world makes us wonder if we can try our hand at it. Additionally, the success rate of these ventures makes them even more attractive. Inspirational stories of these entrepreneurs, generally young, make us want to quit our jobs and work around that idea, which we once had but did not work upon because it was not prudent to do so. If you think what you have in mind will change the world even in the slightest and will grant you the job satisfaction you are looking for, START TODAY.
That said and done, it isn’t very easy to start out but it isn’t impossible either. The following are some tips and tricks that might help you start.
Evaluate your Idea.
Your idea is the core of your business. Here it is very important to understand that your idea may not be completely new. It can also be a new twist on something that is already in existence. This new perspective could be the core of your business empire. Once you have decided upon this, you can proceed towards the next step.
Do Market Research.
It is true that an idea is the core of your business but an entrepreneurial venture does not completely revolve around an idea only. There are other areas that require attention once an idea has been fixated on. Now, it is very important to start your market research by asking one very important question. ‘Is anyone else doing what I am already doing? If not, why?’ Further, it is necessary to figure out who your target audience is going to be and evaluate the market further for the knowledge of potential risks.
Get Feedback from a Diverse Range of People.
After you are done evaluating the risks that the external environment can pose to your venture, create a list of questions pertinent to your existence in the marketplace. Then, select a diverse range of people who can be potential clients and request them to help out with the questionnaire. There will be a percentage of people giving you negative feedback, do not get disheartened by it. It is of utmost magnitude to remember that these people are helping you look at your venture from a few different perspectives.
Complete all your legal formalities.
The legal process behind this is often tardy and hence avoided till the absolute last minute. We seldom remember the risk this can pose. Anything ranging from someone stealing your idea to granting of government permissions might later turn things upside down. Consult a lawyer, especially someone who specializes in this kind of work to help you with the legal process.
Create an exhaustive Business Plan.
Planning is said to be one of the main components of business and rightly so. A business plan is like a map that helps and guides you through troughs and crests. Moreover, it can come in very handy when any kind of problem arises.
Finance your business.
This is the part that young entrepreneurs fear the most. The financing of a business makes or breaks a business. There are a million ways to finance your business. Anything ranging from own- finance to angel investors could be the right way to go. For realizing the right route to take, one needs to figure out the extent on one’s business.
Grow your Business.
After the financing, follow through your business plan to get it started. Slowly and steadily grow your areas. This can be done by further market analysis and study.
Writer at Digipundit
Mrunmayi Gaikwad, soon to be a wielder of the scales of justice, harbors a twin passion for law and for poetry. Writing is more than just a hobby for her – it is a release. Mrunmayi is an avid reader and hopes to have her own personal library someday. Her family and the city of Mumbai are two pillars of her life.