Starting a Business Today Needs Instinct-Driven Structuring: Here's How to Do It
Entrepreneur's New Year’s Guide
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Modern-day entrepreneurship has witnessed the surge of sector-agnostic startups most of which are engaged in offering innovative solutions to societal issues. The whole idea around which the startup has been formulated also needs to be unconventional, to offer innovative solutions to societal issues. In this regard, the wannabe startup owners require more than just perseverance in their quest to start their own ventures in 2018.
With creatively floating a startup, right from conceptualization till execution, being the focal point, Entrepreneur India tracks the 5 key factors that potentially influence first-time entrepreneurs while they start their first business ventures. Check out these key factors below:
Don’t emulate others (entrepreneurs): Conceptualising a startup requires a creative idea and creative nourishment for this idea. Here, the key to make this idea flourish is to give it the right improvisations yourself in unique ways. Emulating entrepreneurial models of the successful will not take your idea anywhere. Rather, carry out multiple iterations and analyse what is working and what is not.
Do a detailed study during the pre-launch phase of your business venture. Analyse how your target market is and the customers you look at targeting your services. These are always the numero-uno aspects; remember do indulge in all these process in your own innovative ways.
Trust your instincts: This is important in entrepreneurship. Now, remember that Bill Gates and Steve Jobs were successful because they trusted their instincts; the most important factor here is to absorb criticism and not let these severely affect your entrepreneurial morale.
Tread the path less taken; this could lead you to developing unconventional solutions for societal problems. The best example here is that of Flipkart (now Walmart-acquired).
Discuss endlessly: Conceptualising a startup is not essentially a one-man show, discuss the idea with your family members, mentors, and even the general public. This would give you enough inputs on how your venture could be after you have a clear understanding of your target audience.
You could also attend entrepreneurial events, network with other entrepreneurs (startup owners) on guidance and all aspects related to your potential venture. You would get handy insights here on how to properly conceptualise and launch your first business. Here, remember to not to copy/emulate peers (fellow entrepreneurs).
Prepare startup drafts: Your idea for a startup should be put on paper, clearly draft the business model whilst making notes about your targeted segment. As and when inputs come in (both internally as well as from experts externally), incorporate these and iterate on your draft.
Once you have the final draft ready, improvise on this and turn it into a full-fledged startup blueprint. Always remember to not discard any of your earlier drafts after you have your startup blueprint ready to be auctioned.
Structure your venture: Even before you launch your startup, remember to keep all related aspects structured and in proper hierarchy; this holds good for finances as well. All steps, leading to the advent of your startup should be in complete sync with your visions and with what the audience consuming your services want.
Also, aspects such as number of employees (in case of a team) number of manufacturing units (if any), and even the location of your business venture needs proper analysis , evaluation, and planning before going live.