How to start a business? What are the various aspects to take into consideration in setting up a business? Let us have a better understanding through a detailed graph. (Please click on the image for a bigger view)
The top 5 points that you should analyze before or after you finish reading the above diagram.
1) Know yourself
As an aspiring entrepreneur, before you think of setting up any business, it is essential that you know your vital strengths and weaknesses. Business is about give and take. You should know what best you can give in order to gain significant returns. i.e., knowing your expertise, and areas where you are confident you can excel in.
Also, know where you want to go. Have the larger picture in mind. A small business owner or first time entrepreneur may start small but don’t need to think small.
2) The big decision
When you know your pluses and minuses, you should zero on few business opportunities that are relevant to your professional, individual or team expertise. And, the trick lies in picking one business opportunity among those few relevant.
Most of the start-ups fail because they ignore one critical step – talking to prospective customers before kick starting their business activities. Know your ‘target consumers’ and their needs, wants and desires through market research. This will simplify your job of deciding on what your business will be about.
3) Be cautious
No doubt Business is about risks and more risks. But before you jump into the trade, make sure you have enough funds to survive till you can sell your products or services in the market. Be prepared to face initial setbacks. And, learn to sell. Use effective and low cost marketing platforms like Social Networking sites and Blogs.
4) Follow your instinct
Apart from all these, I encourage you to follow your instinct. Many great entrepreneurs did the same even though their approach was not traditional. They made decisions that seemed crazy to others. Believe in what you do, have confidence in yourself.
5) Don’t hurry for results
Don’t panic about sales, customers and revenue. If you happen to find slow progress or nil progress you should check yourself, your approach, your product quality, your service delivery and every aspect related to you. This self-reckoning will help you plug the loopholes if any or at least let you know that you are on the right track. If everything else is OK from your end, you should check the market conditions to know if there are any sudden developments in the market that had an impact on your business type.
Do share your views and ideas in the comments.