Are You Ready to Start Your Business? How can an Entrepreneurs decipher that they have resources and will for their own Startup
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Being an entrepreneur is challenging, but it's no rocket science. Entrepreneurs are just people who really believe in an idea, test out the market and then make sure their product or service reach their target market. No matter the age or experience, we all learn while at work, as long as you keep working in the right direction.
Firstly, you don't need an extraordinarily complex idea for a startup, more often than not, the simplest ideas are the ones that work wonders. So as long as your idea is a solution to a problem, has a target market and is financially viable - you're good to go!
Secondly, the right time is when you get this idea. You could be 19 or 59, age is no bar. And if you can execute the idea, there's no reason to delay.
The right time & first steps
You need to be able to multitask in numerous different aspects of a business as an entrepreneur. So in order to get started, you will need to have the following -
1.Team - Being able to delegate tasks, and not spending your energy on doing less important tasks is important for entrepreneurs to keep in mind.
2. Passion to Learn - If you're starting early, there's a high chance you don't have experience in all the important aspects of running a business, so you have to constantly be learning. Yes, as an entrepreneur you're in charge, but it's important to not be afraid of not knowing everything.
3. Know your competition - It's absolutely important to know who could you be your direct or indirect competition. Many a time entrepreneurs believe that their idea is so unique nothing can compete with it. However, it's important to see how customers are currently solving this problem and why they would switch to your brand from the beginning.
4. Revenue Model - Ensure that you know your source of income, maybe you won't be profitable immediately, but you should know what direction you need to take to be profitable.
5. Funding - You will need to know how your start-up will be funded at least in the initial stages. A lot of start-ups fail due to lack of funding, so having a source of these funds and also planning exactly where these funds will be spent is important. Even if it's bootstrapped, you will have to plan the timeline as when you can use these funds.
6. Market: Before introducing your product or service, you need to make sure that there is a proper market and audience for it. A complete study of the market will also help you in making a proper blueprint for your marketing strategies.
7. Ready to network: One of the most crucial things for a start-up is creating a good network. Good networking helps a start-up in the long run. From basic funding to ideation, networking goes hand in hand with a successful start-up. Everyone can help you in some way but you will need to collaborate to grow.
8. Don't give up: Before and after doing all the things required for starting a start-up, this is one of the most important things to remember – the spirit of never giving up. Persistence is the most important factor so keep going and push yourself beyond your extremes.
Keep a dynamic business model, and don't be restricted to one idea. In this world of constant change, you have to keep changing and moving with your surroundings. Keep your basic purpose the same, but when it comes to changing processes, adding features etc., you should be proactive about it.