Tips for probable entrepreneurs
Small enterprises (SMEs) are a key driver of the economy. An enterprise takes birth when an entrepreneur decides to go ahead with his plan to commercialize an innovative concept/idea-either a product or a service. For any entrepreneur, starting a venture and seeing its sustenance and growth can be really challenging.
However, if they take all the right steps and start their ventures after thorough research, networking, market analysis and consultations with experts there are higher chances of that enterprise being successful. In the journey of a business there are many phases and milestones. Finding a couple of supporters, mentors, advisors and well-wishers of a startup business would be an important achievement. Here comes the role that supporting institutions can play in nurturing and promoting the cause of start-up enterprises. An enterprise friendly eco-system is the point in focus.
An institution with a team of technically proficient individuals, financial & marketing experts, digital marketing experts, brand building and IPR professionals is crucial in today’s times. The particular role that social media influencers, bloggers and digital content marketers can play in ensuring a start-up firm’s survival cannot be underestimated. They help communicate the message and focus to the target audience. Often it would be difficult to find relevant experts. Enterprises starting up in incubators might sometime get limited support and mentoring. However many of the enterprises that take birth out of institutional protection may have to find them through business development services. The good news is that in the digital driven global knowledge economy, there are plethora of options from business support and services that target startup enterprises. Services that they offer includes web designing, digital marketing, apps development, brand building and promotion and content writing just to mention a few.
Meanwhile, startups and entrepreneurs must be watchful of protecting their brand and other IPR assets that they create, by registering with an appropriate agency.
It would be easy for anyone to preach about starting a business, innovating new products and services as well as expanding into new markets and regions. They may make you believe that starting an enterprise is easy. Go to a bank, apply for a loan and start the business. 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 learns 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 or your spouse can work while you are focusing 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 thoroughly.
He can read more it, talk to people from the sector, 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: It’s critical for an entrepreneur to be well versed with businessess and regulatory environments. 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.
Create a digital strategy that works: Unlike in the past, today’s businesses need to begin with a digital identity. Branding goes hand in hand in with digital marketing and promotion strategies. It calls for taking the help of designers, digital marketing agencies, web development agencies and above content marketers and social media professionals. You might find this relevant.
Author Profile
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Dr. Perumal Koshy is associated with the Enterprise Futures Lab and is a columnist focused on institutional governance and economic systems. He writes on MSMEs, enterprise development, and policy issues affecting small business ecosystems.
Linkedin: https://www.linkedin.com/in/caushie/
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