“If you are the one who is planning a startup business”…..
SMEs (Small businesses)are a key driver of the economy. For any entrepreneur starting a venture and seeing its sustenance and growth can be really challenging.
However, If you take all the right steps and start your business after thorough research, market analysis and consultations with experts and mentors there could be very little chance for your business venture to fail.
Finding a group of advisors and a mentor is also a key aspect of your business journey.
It would be interesting to note that it is not just one advisor, but a team consisting of technically proficient people, financial & marketing gurus and social media influencers who can guide you to take right steps at different stages of your business’s evolution is of critical importance.
An entrepreneur should not underestimate the role of advisors, mentors, and turning his/her business a success story.
One of the most significant contributions that an entrepreneur can make to society is employment generation.
While an entrepreneur can sustain, grow and expand his business and could really attract good money for him but also make opportunities for others who are associating with him on his business journey. Job creation is indeed a great contribution that he would be making. Many youth particularly unemployed people will be able to find a future.
It would be so easy for anyone to preach about starting a business, innovating into new products and services as well as expanding into new markets and regions. They may make you believe that starting an enterprise is quite easy. Go to a bank, apply for a loan and start the business. And follow the plan in letter and spirit.
However, a lot of effort, hard work and patience go into building a business and doing the business successfully.
An entrepreneur will have to be a learner always. He/she makes mistakes and learn constantly from success and failures.
Following are a few points that might help you in your business journey if you are the one that is planning or thinking about launching a business today.
Identifying a profitable niche: In order to be really successful one has to get to know one’s passion and strengths that are aligned with the market. It is important that niche should be an area where there is a need and there are people who would be able to spend money and purchase that product or service emerging from your new venture. It helps in identifying a unique selling point for one’s business.
Raising finance for your sustenance: The most important aspect in any business starting process is the money. If you don’t have that you need to find a legal and reliable source for you to garner it. If you want to be an entrepreneur and planning to start up, and you have no money for your daily bread, then first thing is to arrange some money that will sustain you for the initial days till your new venture start giving you returns. Your needs in the meantime are to be met, till your venture starts giving you returns has to be met.
- You may start your business while you are still working.
- Do a part-time job
- Your spouse can work while you are focussing on the business
- Put some Fixed Deposit that gives a monthly interest payout to meet the basic expenses in the meantime
Study the sector, conduct market research: Doing a study and research is the most important aspect. Every entrepreneur, before getting into a particular product or service, has to study it, research about.
He can read more it, talk to people from the sector and the probable consumers and also carry out appropriate market research as applicable.
Understanding the competitors: Knowledge about the competitor landscape is critical for any entrepreneur as he/she begins. One has to look into various aspects of competitor business, loopholes, successes, failures, strategies, etc. It could also help you learn more about the sector and design your product or service in a better manner.
Business and regulatory environment: Its critical for an entrepreneur to be well versed with business and regulatory environment. Dealing with the government, trade unions, civil society groups, interest groups are all important these days.
Networking with entrepreneurs, fellow businessmen: It’s crucial for an entrepreneur to be in touch with businesses. For that taking a membership in a local chamber of commerce can help. Being actively participating in social media is also an excellent tool to interact with other entrepreneurs.
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(c) GSME News 2019