An entrepreneur should build a strong case first by getting to know someone from the company and then approaching the VC in their area of interest.
Each day venture capitalists and investors receive over hundreds of cold emails and meeting requests from start-up founders and small time entrepreneurs. It is difficult for VCs to process and select the start-up they want to fund that way. Instead, an entrepreneur should build a strong case first by getting to know someone from the company and then approaching the VC in their area of interest.
In the following ways, you can look out to attract more VCs for funding:
1. Innovative solution to a problem
Focusing on the problem and devising a solution is the key to getting more investors for your venture. In this era of cut-throat competition, simply coming up with a new idea isn’t sufficient. The idea needs to be worked on and presented in a complete manner with business suggestions, marketing tactics and target group mentioned in a well-compiled presentation. VCs will choose the most differentiated and rounded appeal which they find will enhance their chances of making profits as well. A revamped version of a done and dusted idea will instantly be rejected by the VC.
For instance, OYO rooms was a completely different and innovative idea which is why they have huge investors like GreenOaks, Sequoia Capital etc.
2. Assumptions must be challenged on a continuous basis
Start-ups often stick to the original plan they have devised which is why they don’t grow with time. However, the basic thesis must be challenged from time to time as the markets are dynamic and constantly evolving. Assumptions must be proven or eliminated through basic research methods for a more rounded understanding of the business.
Once you are clear with all the factors related to your business, pitching to a VC becomes easier for you and the VC is also clear about what he investing in.
3. Think beyond the horizon and act
If you have a unique insight and are able to present it well in front of the VC, chances are that he will invest in your business. VCs don’t want to invest in an area beyond their zone or one that they think is not feasible. A VC doesn’t want to invest in an idea which is not innovative either. Hence, one needs to have a clear vision and come up with unconventional methods of making it work in the future. Strategic investors are more likely to invest in ventures that have an articulated vision of what they want to become in the future.
Founders need to encourage significant contributions to the start-up from people from different backgrounds. You must have a mission that is big enough to source human resource for different fields. Finding an entrepreneurial crew that wishes to guide their wider team as well as customers, markets and investors to a better future with conviction and humility is a time-taking but rewarding process.
A VC’s research will tell him about your dedicated team and your strong leadership which will definitely be a huge contributory factor for him to invest because strong leadership skills and a set vision are the keys to a success.
If you follow these rules, you will definitely find a great VC to invest in your company. We wish you all the best on finding a VC and on your start-up.
There are many factors you will need to carefully consider when choosing your ideal business location. For example, you should look into foot traffic in the area, crime rates, and the local demographic. You will also need to consider your budget. If you have enough capital up front, you might want to consider purchasing your own location. However, for many starting businesses, it is better to lease a location.
Office Supplies and Equipment
The type of business you are opening will dictate which supplies and equipment you will need. However, there are many common purchases that will be helpful for most businesses. For example, you might want to look into buying customer relationship management software, which can make it easier for you to keep track of customer data and interactions. This can help you to boost customer retention and acquisition rates in the long run. Additionally, you might want to purchase a wireless office headset, which will make it more convenient for you to take business and customer calls.
Promotional Materials
Promotional materials are another purchase you will likely need to budget for. For example, you may want to purchase signage for your workplace, flyers, and business cards. Each of these items will help you to get the word out about your business and can help you to attract new consumers.
Digital Marketing and Advertising
You may also want to invest some of your capital into digital marketing and advertising by setting up a website, social media profiles, and online ads. Often, using digital marketing to your advantage can help you to save a lot of money in the long run because traditional advertising platforms, such as television and print, are typically far more expensive.
Overall, while starting a business and budgeting for all of the supplies you will need to purchase may seem overwhelming, becoming an entrepreneur will be worth it in the end because you will have a level of autonomy and will be able to make decisions that will lead your company to success. The aforementioned tips make an excellent starting point.
However, depending on what type of business you are starting, you will likely need to make a vast array of purchases. It can be helpful to make a detailed budget beforehand. This will help you to stay on track and will give you a better idea of what type of capital you will need to save and whether or not you will need investors or a loan.
If you are going to start a new business, then there are lots of things that you should always keep in mind.
If you are going to start a new business, then there are lots of things that you should always keep in mind. Starting a new business is not a piece of cake, so it is important to pay equal attention to several factors. You should decide your business goals, and then you can achieve them with the help of making a good plan. You should take every step very carefully before going to establish a new business. It is really important to manage finance and many other aspects related to business.
With the help of paying proper attention to your plans, you can get success in establishing a business. Starting a new business is all about the right planning because many uneducated people are also running their businesses smoothly. First of all, you should decide whether you want to establish a small or large scale business. After this, you can take your next steps accordingly and get the desired success. Many people are still confused about how to start a new business. If you are also one of them, then you should follow some important tips that have been shared by experts.
To start a new business, you need to manage a lot of tasks at the same time. You need to make a good plan, and it is also important to follow it properly. There are many other things that you should do like evaluating the business idea, choosing the name of the company, etc. most of the people want to build an online presence of their brands and businesses. In this situation, it is also essential to design a quality website that will guide the customers for 24×7 and help them to know more about your business.
Prepare yourself
To make your business dreams a reality, you should make a lot of efforts. Well, it is not as simple as you think so you should pay proper attention to it. First of all, all you need to do is to complete the basic work and try to prepare yourself to move forward. While preparing yourself to start a business, you should analyze your business idea, and you can also consider the business idea of your competitors to get an idea. You should also check the type of products and services that are more in demand these days. After doing this, you can take your next steps with ease for your startup.
Try to understand your customers
Before going to start a new business, you should know about your customers. With the help of considering the needs and requirements of your customers, you can provide them better services. It will also make a good impact on sales as well as the profitability of your business. All you need to do is to build stronger relationships with your customers. By doing this, you can attract them to come back. When it comes to an understanding of your customers, you should analyze their needs and do the market research properly.
Make a business plan
With the help of knowing the needs of customers and getting some more information, the next thing you should do is to create a business plan. Many people are taking it lightly, which is not good. Everyone should pay proper attention while building a business plan. They should make the right use of time and other resources to create the best business plan. With the help of an effective plan, you can make complete the other steps with ease. With the help of a good plan, you can easily get success in achieving your objectives.
Business structure
After making a business plan, you should follow it and take the other steps very carefully. Before starting a business, it is essential to choose the right business structure. Well, there are mainly four business structures present to choose from, such as sole trader, partnership, trust, and a company. You should understand the various types of business structures, and then you can choose the right one for your business; you should make your choices wisely after doing the proper research about these various options.
Register the business name
The name of the business always plays an important role, so you should always choose it wisely to run your business smoothly. With the help of choosing the best name for your business, you can easily introduce it in front of your customers and the people from all around the world. After the selection of the right business name, the next step you should take it is to register it. If you are a sole trader or have a partnership firm, then it is up to you that you want to register your company name or not.
Registration and license
With the help of getting certificates and license regarding your business, you can achieve your goals much faster. Most of the people prefer to hire licensed and registered companies to avail quality services. There are various types of permits as well as certificates that you should get according to the type of business that you want to operate. With the help of getting registered or licensed, you can improve your chances of getting success in the future.
Business finance
After completing all the steps before starting your new business, one more thing you should do is to manage the finance. You should check out the various finance options available for you, and then you can pick the best one to get started. Most of the people always face various finance issues while starting a new business. To get rid of all these finance issues, you should visit libertylending.com or other similar websites. With the help of managing your business finance, you can operate your business smoothly.
Wrap it up
It is not easy to run a business in the competitive market, but you can make it possible with the help of right planning and other efforts. You should always follow the important tips carefully to achieve your business goals.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
It seems that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. Think of Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress) and Pete Cashmore (Mashable) — all in their early 20s, and high up on the list of successful entrepreneurs. But the age of the founder is not the primary factor that determines whether a business will be successful or not.
There are many successful entrepreneurs, with ages ranging from 30s to 60s, shows that the success of a business is not directly related to the age of its founder.
In fact, there is an argument that those who start businesses later in life have a better chance of reaching success. Studies have shown that if you’re over 55 years old, you are twice as likely as your counterparts who are under 30 to launch a high-growth start-up. Not convinced? Here are 10 reasons you would make a better entrepreneur now than you would have when you were younger.
1. You have life experience
The most obvious and undeniable benefit of starting a business later in life is the fact that you now have years of life experience to pull from in your new venture. You are seasoned in the ways of the world, and you have a level of business acumen that you didn’t have in your 20s. You are more patient and willing to take each step in the business start-up process one-by-one in order to give your business the best chance it has at success.
While you may not have hands-on experience in every segment of the start-up process, it is very likely that you understand the importance of things like having a business plan, creating a solid financial plan and conducting thorough market research. And you know who you need to help you with the pieces you can’t do yourself.
2. You know more people (and they know people who know people)
At this stage of your life, you have likely built a large and diverse network of peers and colleagues. And because a new business often requires a village to thrive, your connections will be invaluable as you get started. Think about all the experts you have met in your life that could share their advice or provide services to help you in your new venture — attorneys, accountants, marketers, venture capitalists, financial planners, real estate agents, contractors, designers, and writers. This depth of a thriving network often takes years to build, so age is certainly an asset in this situation.
Having experience in the business world, you also understand the importance of networking and can ask for introductions when needed to move projects forward. This can often expand your network by double or even triple, giving you all the resources you need to get started.
3. You know how to set and achieve goals
Goal setting is an integral part of starting and running a business, and is necessary on a consistent basis during the life of the business. In our younger years, we don’t always understand the power of smart goal-setting for getting from one place in life to another.
As a seasoned goal-setter, the process of outlining a desired outcome, as well as the actions you will take to make that outcome a reality, will come as second nature. Your life experience will also help you remain objective as you consider different paths you can take to reach your goals so you can move forward in a more efficient, cost-effective and productive way.
4. You may have an advantage with investors
While young entrepreneurs are often favoured by investors because it can be easier for them to get a bigger ownership stake and have more control in the business, it can be argued that older entrepreneurs offer better chances of success because of what they bring to the table.
Many venture capitalists are looking for older, seasoned and experienced entrepreneurs who have “been there, done that.” The best investors are opportunistic, and by backing older and wiser entrepreneurs who have already made mistakes, they are able to make smarter investments.
5. You know what you’re passionate about
Many young entrepreneurs know they want to start a business of some kind, but they may not know exactly how they want to do it. This is because they haven’t had enough time to develop an idea of what they are truly passionate about. Richard Branson says that “Passion is one of the most effective motivators when it comes to launching a business — and often one of the strongest predictors of whether an idea will lead to success.” Without passion for your work, it’s very likely your business idea will fizzle out at some point. Older entrepreneurs know what they enjoy doing — and what they don’t — and can tailor a new business to fit that.
6. You have knowledge that is valued in today’s economy
7. You are financially secure
Starting a business when you’re young means you will probably be juggling the cost of business ownership along with the rest of life’s major investments many of us face: mortgage payments, children’s expenses (childcare, education, sports, vacations), healthcare, insurance, automobile payments, student loan repayment and retirement savings. While the expenses never really go away, the older you get, the more likely you are to have paid off a significant percentage of the big stuff. This frees up cash to invest in your business. Plus, having less financial responsibilities makes the idea of starting a business less risky since theoretically you will have a lot less to lose if things don’t work out.
8. You have a lot of start-up options
When you’re young, you have limited experience, a limited network and limited capital, so your start-up options are often limited as well — usually a bootstrapped start-up is the only way to go unless you can secure the ever-elusive financial backer. As a financially secure, seasoned professional, you have more options when it comes to your path to entrepreneurship. Sure, you can start a new business from the ground, but that is not the only option on the table. You can buy into a franchise, leveraging the power of an already successful brand and making it your own legacy. You can also form a partnership with a fellow entrepreneur and split the costs, workload and profits. Or, you can become an investor yourself, moving to the other side of the table by providing capital for someone else’s business idea. In return you get a percentage of the business, leaving the “in the trenches” work for them to handle.
9. You’ve failed before
Failure is a part of life, and the older we get the more failures we have on our tally. Whether you have two big failures on your list or 22, they are a huge benefit for two main reasons. First, the most valuable part of each failure is the lessons you learned in the process. Each failure taught you the importance of being prepared, hard work and why you need a contingency plan. Second, your fear of failure is probably a lot less significant now than it was in your youth. Since being afraid to fail can result in an inability to make a decision, lack of confidence and inaction, having less to fear can be a powerful reason why older entrepreneurs have an easier start.
10. You are self-confident
You know all of these failures we just talked about? In addition to valuable lessons learned, these failures also create one more big benefit as soon as you are able to rebound — they boost your self-confidence and motivate you to do better. Many young entrepreneurs have high self-esteem and a certain level of confidence naturally, but much of that comes from pure optimism that their business idea will turn into a hit. Optimism is definitely needed when starting a business, but when you take that optimism and add in confidence that comes with a track record of proven success, it’s unbeatable. As a seasoned professional, you have already experienced both wins and defeats, and have emerged with a powerful confidence that will allow you to take the challenges of business ownership in stride and come out ahead.
So if you are getting older and feel like your chance at entrepreneurship is fading away a little bit every year, think again. Now just may be the perfect time to take the plunge and start a small business.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions.
Starting a business can be a stressful experience. You don’t know if people will like your product or service. Is it something people really need? What about the competition? How do I hire the best talent? There is so much to do with so little resources that all these concerns can weigh you down, distract your focus and even cloud your judgment.
On the other hand, top executives in big companies, from Google to Goldman Sachs, are beginning to realize the importance of mindfulness to achieve their full potential. Worrying less about today’s problems and losing sleep over future obstacles can pave the way for mental as well as physical well-being, leading to better performance.
Mindfulness provides the clarity of thought, creative ideas and higher awareness required to make better decisions. It also alleviates the physical stress that stops you from giving your best. So how can it help entrepreneurs: the startups, small businesses and solopreneurs striking out on their own trying to change the world?
Here are 7 ways entrepreneurs can apply mindfulness to bring order to their chaotic lives and realize their dreams:
1. Don’t be a sleep hero
Running a business is like running a marathon. You need to be able to put in your best effort for weeks, if not months, together. If you don’t get adequate sleep, you’ll feel tired quickly and your startup will suffer.
Sure, you may pull the occasional all-nighter but ensure that you get a good 6-8 hours of sleep every night. You may have read mythical stories of successful entrepreneurs who sleep for just 4 hours a day. But understand that it’s only one side of the story. Such people often make this up later by sleeping for a long time.
Lack of sleep will affect your cognitive abilities – you won’t be able to think clearly and make important decisions. Go to bed early. Wake up early. If you feel tired or sleepy, take a quick nap.
Email is a great tool to communicate with people and grow your business, but it can hurt your productivity if you spend too much time on it.
Set aside a specific time (before you start your work, after lunch, or before you leave for the day) when you check your inbox every day. Filter your emails into folders, prioritizing those that need to be answered the same day.
Also, avoid replying to all your emails. It’s wonderful to help others but not at the cost of your own focus and productivity.
“Concentrate all your thoughts upon the work at hand. The sun’s rays do not burn until brought to a focus.” -Alexander Graham Bell
3. Keep aside “thinking time”
It’s easy to fall into a routine carrying out the day-to-day tasks required to run your business. Although it’s a good habit that helps you stay focused, you might miss the big picture if you don’t look at your business from a different perspective.
Devote at least an hour a week to thinking about the next steps, analyzing if you’re headed the right way and what can be done better. It’s essential to give your brain some space and time to explore creative ideas and discover the ‘Eureka’ moments.
4. Spend some time developing your beliefs
To drive your startup to greater heights, you need to truly believe in what you’re doing and know why you’re doing it. If not, you’ll get demotivated whenever you face an obstacle. In your life’s most challenging moments, it is only your belief that will pull you through.
As Steve Jobs said in his Stanford commencement speech, “I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
Spend 15-30 minutes every week reminding yourself why you’re doing what you do. Write down a mission statement and keep it in your wallet. Read it whenever the going gets tough. It will help you calm down, and recharge yourself.
5. Regain your focus every morning
The focus isn’t about typing away on your laptop for hours, or spending all day in meetings. It’s a bigger commitment to yourself to see through a task and do everything it takes to make it happen.
Such focus is present with you at all times, even when you’re not working. It moulds your attitude, your way of thinking and even your approach to life. It guides you in the right direction and enables you to quickly spot and avoid distractions.
Spend some time every morning before work developing your focus through meditation or similar activities.
Don’t make decisions when you’re feeling super-high or low with anger, sadness, or anxious. Make these key decisions when you’re treading the middle path. Every business decision costs a lot of man-hours and money, so never hesitate to put off a decision until the next day unless you’re not feeling emotionally balanced about it.
7. Organize your office (and your mind)
Whether you have a proper office or just work from a laptop at cafes and parks, it’s essential to keep it tidy in order to be more productive. A well-organized and tidy office will not only help you get things done faster but also develop a space conducive for strategic, logical and creative thinking.
Start by decluttering your office space. Only keep things there related to your work such as books, files, office stationery, and laptops. Remove unnecessary items such as last week’s plates and relics that should probably be at your home.
Also, clear out extra stuff from your laptop and phone. Delete unused files and icons from your desktop, and remove unwanted apps from your smartphone.
“Eliminate physical clutter. More importantly, eliminate spiritual clutter.” -D.H. Mondfleur
These tips will enable you to channel your efforts in the right direction and avoid getting overwhelmed with the tasks at hand. Put aside some time every day to clear your mind and practice the above habits. Within 2-3 weeks, you’ll begin seeing results – an organized mind with a focused mindset to achieve its dreams. How do I know this? It has worked for me.
Which one of these tips did you find most helpful for developing your career? Let us know in the comments below!
We asked 14 young entrepreneurs what the one thing no one told them.
We all have ideas about how starting a company will be. You’ve heard about the hardships, are aware of the perks, and are ready to tackle the challenges.
Like anything, though, there’s always going to be things you won’t know until you get your feet wet.
But what if we could get an inside glimpse? To learn the less-common things to be prepared for, we asked 14 young entrepreneurs what the one thing no one told them – the thing they wished they’d known – was when they started. Here’s what they had to say.]
1. There Are Incredible Highs And Lows
Running a startup is truly like riding a roller coaster that doesn’t stop. I’ve had some of the highest highs and the happiest moments I could remember while running my business. But it also comes with some of the lowest lows, and I’ve endured many sleepless nights. Rarely are there any feelings in between, but I think it’s important to celebrate even the smallest of victories.-Ross Cohen, BeenVerified
2. Networks Are Critical
I started off as a solopreneur with a small freelancing gig. For the first six months, things were very slow. However, when I joined my first official mastermind networking group, the business took off immediately. Surrounding yourself with the right people from the start (ideal clients, business mentors) will help you tremendously both when you’re starting up and down the road. -Patrick Conley, Automation Heroes
I wish someone had told me to be prepared for the feeling of isolation at times as an entrepreneur. On a daily basis as an entrepreneur I am faced with new challenges, many of which I must tackle alone. I have since brought in others to assist in building the business. Knowing that you are going down the path together definitely brings a feeling of camaraderie to the company. -David Schwartz, EMMDeavor (DBA Qruber) and Wireless Watchdogs
4. Mentors Are Necessary
Having someone who has walked the path as an entrepreneur is vital. You can gain wisdom from your mentor’s experience and discover insights that you would never have had before. I’ve missed out on so many opportunities to build my ideas because I didn’t have someone to shine a light in the right direction. Having a mentor is imperative. -Rob Fulton, Matikis
You have a big dream and you know exactly how you are going to get there—until it all changes. It’s great to have a business plan and a strategy, but I wish I had known that it is totally OK if you have to change directions. In fact, that’s good business!-Vanessa Van Edwards, Science of People
6. There’s No 4-Hour Work Week
Don’t get me wrong – I love that book. But no one ever told me that I would be trading my 50-hour work week for a 100+ hour work week when I first started my company. The one piece of advice I would give new entrepreneurs is to plan on investing all of your time and then some if you plan on being successful. It’s worth it in the long run! —Roger Bryan, Enfusen Digital Marketing
No one told me just how opinionated others would be about my business. People will come out of the woodwork with what they believe to be sage advice, when they’ve never even been in my shoes. People who have had corporate jobs all their lives will tell you exactly what you should be doing to run your business. Just nod and smile. -Maren Hogan, Red Branch Media
8. Early Success Is Temporary Luck
When you start a new business and achieve some early success, you need to be disciplined to always keep your ego in check and keep your starting vision in mind. I learned this lesson the hard way when I divided my team’s focus early on in favour of building an unproven product. Avoid the same mistake by staying focused. The best entrepreneurs are paranoid and never believe their own press.-Matthew Ackerson, Petovera
When starting up, I bootstrapped in every sense of the word. While this enabled me to propel my company forward, it was the hours of consulting and advising from industry experts that truly helped me make positive, long-lasting business decisions that continue to have a strong impact on my company and its success today. -Zach Cutler, Cutler Group
10. Starting Up Is Unpredictable
Oftentimes people compare their expected entrepreneurial journey to what they hear or read about from others who’ve succeeded, and assume their experience will be similar. Or, they write a business plan and anticipate it will go according to that plan. Rarely do people let you in on the secret that your plan will not be the way it looks—it will be a meandering path, not a straight one.-Darrah Brustein, Network Under 40 / Finance Whiz Kids
Partnerships can be challenging, but they can also be rewarding. If you are really going after a game-changing concept or something big, odds are a partner is a good thing. They can help carry the workload and keep the vision or dream going when things get tough.-Matt Ames, MN Pro Paintball
12. Learning From Other Entrepreneurs Is Invaluable
One of the most impactful ways that I was able to grow and succeed as an entrepreneur was by connecting to and learning from other entrepreneurs. Nobody ever told me this or mentioned this to me. Immediately connecting to other people who have been there is crucial for your success. Learning from others’ successes and failures will accelerate your growth process.-Matt Shoup, MattShoup.com
I have seen many early entrepreneurs get excited when they think they have a billion-dollar idea. We feel that just because we thought of it, we own it. Here is the bad news: Chances are that multiple people have tried most of these ideas in some shape or form. In most cases, it’s your team and your execution that will differentiate you rather than the idea itself.-Karan Chaudhry, DropThought
14. Family Comes First
Family should always come first. You’re going to take big risks and risk almost everything, but I recommend that you never risk losing your family for your entrepreneurial adventure. It’s really not worth losing what’s most important in your life.-John Rampton, Adogy
Keep these five factors in mind when determining the right business startup for you.
Do you want to be an entrepreneur and work for yourself? You’re not alone. Finding the right startup business is one of the most popular small business subjects today. Everyone wants in on what’s hot. Riding the wave of a hot market is much easier than spending all your time and resources educating a market without a real need. So finding a hot business opportunity is the first step. But once you find that hot idea, you will need to evaluate whether the business makes sense not only in the market but also for you.
Keep these five factors in mind when determining the right business startup for you.
Know Your Strengths
Using your strengths can help you excel in any business, but the reverse is also true. While your business will most certainly push you to grow, if the business requires you to go way outside of your comfort zone, you might be fighting an uphill battle. Consider your greatest strengths and find something that more closely mirrors your skills.
There is a common saying “do what you love and the money will follow.” However, passion is only part of the equation. In reality, do what you love and the money may or may not follow. If your passion is refrigerators and the world is in an ice age, your market has no need. It’s vital to put your passions and motivations aside and look at the hard realities of the market, what people want, and what they are buying now.
Choose The Right Market
Many entrepreneurs and small-business owners spend too much time focused on their product or service and not enough time on finding the right market opportunity. Without the right customers, you won’t have revenues, profits or much chance of success. It’s important to determine if you are going after the right market.
No matter how hot a business opportunity may be, if it exceeds your startup and seed money, it’s not a great business for you. Carefully determine the complete cost of starting your business and how long it may be before you start turning a profit. You can try to raise money but the odds of getting venture capital are very low. Start a business within the reach your financial abilities.
A hot business opportunity should be based on a long-term trend, not a short-lived fad. Look at the business overall. Is the industry growing consistently year after year? Can you get in at an early stage or is the market already saturated with competitors? The challenge is to look beyond the hype of companies and media and see the trends from the fads.
Starting a business is no easy endeavor, but the time, effort, and challenges can be worth it if you succeed. To give yourself the best chance to be successful, take your time to carefully find the right business for you.
The world is full of two types of people; doers and talkers. Doers do. Talkers make excuses. If you have thought seriously about starting your own business but keep putting it off, this article will help you stop “talking” and get “doing”.
Below are five common reasons why people put off starting a business — and the information you need so you can move past these excuses and get on with achieving your dream and starting your own business.
Excuse 1: I’m Stumped For An Idea
I used to find this excuse for not starting your own business jaw-dropping when I heard it because business ideas are all around you and it’s not that hard to recognize business opportunities with a little practice.
And there are now reams of business idea lists available. Browse through the possibilities and you’re sure to find ideas that interest you.
But I’ve discovered that when people say this, what they actually mean is that they don’t know how to pick out a good business idea and they’re worried about pouring their time and money into a bad one. If this is your true excuse for not starting your own business, I have two words for you: business plan.
Many people assume that the main reason for writing a business plan is to try to get funding, whether applying for a small business loan or trying to persuade investors to invest.
But it’s not. The main reason for writing a business plan is to test the feasibility of your business idea.
“the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.”
So stop fretting about whether or not a business idea is a good one. Pick one that appeals to you and use the business plan to find out whether or not it’s a good business idea.
Excuse 2: I Can’t Decide Whether To Buy An Existing Business Or Starting My Own Business
Cut the Gordian knot of this dilemma by doing a little self-examination — and examining the competition.
First, about you. Running a small business is a lifestyle as well as a way of making money. So you have to spend some time thinking about what kind of person you are and what you’re prepared to do and won’t do.
For instance, think you’d like to start a bakery? Are you willing to get up every morning at 3 a.m. and get baking? Because if you’re not, this is not the small business for you.
Think you’d like to start your own business by buying a franchise? Franchises can be lucrative but franchisees typically get to make almost no decisions about the operation of the business and have to follow a lot of rules — which might defeat the whole purpose of starting your own business.
Second, about the competition. One of the biggest mistakes people who start businesses make is just doing what they want to do. In other words, just starting a business of some kind “because they’ve always wanted to do it” without bothering to do even the most basic market research.
Starting a doughnut shop next to a Tim Horton’s, for instance. Or opening a computer sales and services store when there’s already four of them in an area with 50,000 people.
Unfortunately, I could go on and on. But those small businesses don’t. So whatever your idea for starting your own business, start with a competitive analysis to find out what your real choices are. Then, if you really really want to start a computer business or a doughnut shop and you don’t want to move and the market is saturated, your only reasonable choice is to buy an existing business or not do it.
Excuse 3: I Need To Do Some (More) Research
Research is good. In fact, a large part of writing a business plan is doing research.
And doing market research and keeping up with what the competition is doing are activities you’ll keep doing throughout the life of your business.
But when it comes to starting your own business, there comes a point when the research you’re doing isn’t advancing your knowledge; it’s just comforting you, providing you with the illusion that you’re working towards the goal of starting your own business when really all you’re doing is putting it off.
Repeat after me; “I can’t know everything.” No matter how much research you do, you will never be able to examine every variable and eliminate all the risk of starting your own business. At some point, having done your due diligence, you will have to step off the edge in the dark and discover for yourself whether it’s a cliff or just a little curb.
Excuse 4: I Don’t Have the Money
Okay. But that doesn’t mean you can’t get the money to start a business from someone else. While it’s true that the main source of money for starting a business is owners’ own money, there are a great many sources of fundraising and Small Business Loans available in this country.
Excuse 5: I Just Keep Putting It Off
The thing about procrastination is that it’s often a symptom of some underlying problem.
One of the main reasons people procrastinate is feeling overwhelmed, a perfectly logical feeling when it comes to starting your own business. Starting a business is a big thing and no matter what kind of business you start, there are all kinds of details that need to be thought about and attended to.
The trick to stopping feeling overwhelmed by a big task is to make it manageable by breaking it into smaller tasks. So think of starting your own business as a series of steps, not as one huge thing that you have to do.
Another common reason that people procrastinate is fear. I think this paralyzing, I-just-can’t-force-myself-to-do-it fear is especially common with life-changing events such as starting a business. And unfortunately, it doesn’t matter that you really, really want to do it; you’re still fearful.
Browse, read, and then, as the Nike slogan has it, ‘Just Do It’. Starting your own business can be one of the most rewarding things you ever do, and if you want to do it, now’s the time.
Author: Susan Ward Susan Ward is a business writer and experienced business person; she and her partner run Cypress Technologies, an IT consulting business, providing services such as software and database development.
She has also run her own business as a computer/software instructor.
Susan has been in business and writing about business since the late 1990’s. Her work has been published on a variety of websites, in magazines, and used as teaching guides by various school districts. A trained workshop and course presenter, Susan has designed and presented courses ranging from software training through website promotion.
Susan has won a Small Business Influencer Award in 2011, 2012, 2013 and 2014.
Susan holds a B.Ed. (Secondary) and a M.Ed. from the University of British Columbia and taught Business Education and English for years. She is a member of various business-related organizations.
To give the best chance of surviving the incubation period we have compiled 10 things to research before you start your own startup.
The fact is that many startup die in the first three years and some of them die by the wayside in the first six months. It is not because their idea was not good enough but there were things that were not considered beforehand. To give the best chance of surviving the incubation period we have compiled 10 things to research before you start your own startup.
Registering your company
The way you register your startup is very important as it will define the legal and financial status of your startup. In India there are 5 types of company that could be registered.
Sole Partnership
Partnership Company
One Person Company
Limited liability Partnership
Private Limited Company
There are both pros and cons to in the registration of the company. Go what will suit your business in the long run.
Research the competition well in the market, study your competitors, how they are doing their business. The product you are planning to launch might already be in the market but you could always sell your product with a difference. Even a small change in the packaging could attract buyers. If your startup is service oriented then how your service is going to make a difference in the life of others. Entrepreneurship is not about winning but rather it’s about making a difference. Even though there will be big giants in your competition, however there will be people who are left out the service and that is your chance.
If you know your customers then you know what to do. Appealing to everyone appeals to no one. When you funnel your target audience then you can design and style everything around it, from the packaging of your product to marketing campaigns, it will be easy to design everything. Connect with your audience, involve them in the business, send questionnaires, and reach out through social media. Involving clients will breed loyalty. There words for you to others will bring in more clients.
How will you survive during the incubation of your startup? This question has to be answered. You might have best intentions of putting profits straight back into the business, but the fact is, you have to going to eat, drink and put a roof over your head. Plan ahead to how much you are going to pay yourself, cut back on luxuries till there the business rises to certain level.
Brainstorm on your business name, the brand identity that you are going to develop, should also have an available web domain name. It is the first thing that your customers will see will know you by the name. Consider things like what your name need to say about your business.
Every successful business is based upon marketing planning. You are just starting off so no need to plan a big marketing campaign. Start with increasing a small network with social media like Facebook and Twitter. Start a blog, host guest meetings, and reach out to suppliers, fellow retailers, and local business organizations. Be as creative as possible but don’t be a loud mouth. Sometimes exaggerating about product could hamper its image.
Look for funding
In an ideal situation you would have enough money to self fund your startup, but for the majority of us that would not an option. First try and ask from family and friends before applying for bank loans. Bank loans charge hefty interests, so keep it as your last option. Another way to is to start with a small amount, grow your business into something and get back to others, showing them that your business works.
Build upon the USP (Unique selling preposition) of your product and service. This could decide your fate as an entrepreneur. Without a USP you will not survive the market. Why people will come to you as they have other options available. Unless and until you are offering something others are not providing. Again remember how your service or product will make a difference in others life. The best USP takes a unique quality and explain how that quality will benefit your customer.
There are host of legal obligations you need to consider and its best to get at least one session of legal advice. Pre check with local authorities if there is a need to procure a special license before you head with your venture. If your service requires a legal agreement with you and your client then prepare a document that protects the rights for both parties. Dealing with it later may end your business in a graveyard.
Timing is everything, don’t rush into things and quit your day job. You could use that salary in the short term. Start piecing your business together after office hours and only make that leap when your business could sustain you and cooked enough that you could give it full-time attention.
In case of a failure, instead of being depressed, one should try and work harder to make things better again
An entrepreneur’s life isn’t a smooth sail. The path to achieving success is etched with difficulties and stress and might lead to failure in some occasions. An entrepreneur is bound to feel pessimism and annoyance when something doesn’t work out. An entrepreneur is always under a lot of stress due to professional and family life because he needs take risks and make sure the risks work. But what happens when the risks don’t work?
Every great entrepreneur has experienced hopelessness and helplessleness when an idea hasn’t worked out because one has put their time and efforts into making it work. However, the outcomes of a decision are not something an entrepreneur can control. A major part of success or failure is dependent on luck and how well the customers receive your product or service. Thus, in case of a failure, instead of being depressed, one should try and work harder to make things better again. Because failure is a part of life and more importantly a stepping stone to success, one must embrace it just like success.
Here are 6 ways in which an entrepreneur can bounce back after experiencing failure:
1. Don’t forget your ambition
There is a reason why you started a particular venture and one roadblock isn’t enough to deter you from achieving success in life. Hard work isn’t easy but you must be willing to put in your everything especially after the little hiccup. Once, you decide to learn from your mistakes and start putting in your best, no one can stop you from achieving what you want to.
All you need to do is be focused on your end goal and work hard towards it.
2. Approach work perseverance
Be ready to bounce back and not be thrown down by failures just like real fighters do. When a fighter falls, he gets back up again and fights like his life depends on it.
Similarly, an entrepreneur needs to adopt the attitude of a winner and consider these failures as the falls which one experiences before a greater victory. Be zealous and pumped with confidence while working towards your goal, and nothing can stop you.
To defeat failure for the second time, you need to accept it as a part of your journey because it is as important as success. If you are afraid of taking risks because it might lead to failure, you are jeopardizing a whole venture. Thus, embrace failure and extract the important lessons and then you can work a way to defeat it the next time.
4. Build on your long-term goal
If you were hoping to succeed immediately after starting a venture, you need to change your expectations immediately. An e-commerce company which does well needs 3 years to reach the break-even point.
However, while you’re working hard, it is necessary to never lose vision of the long term goal. Take the failure as an foundation and you can work up decisions from there on.
If the failure has affected you severely, making a list of previous success is something which might motivate you. In this way, you’ll be focusing on the positive aspects and not the negatives and this change of attitude will help your achieve your aim in life.
While evaluating the success list ask yourself some basic questions like- What lessons have I derived out of this gain? The small awards? Each client who has been affected positively because of you?
6. Don’t be too hard on yourself
Failures are difficult to deal with which is why you require enough time to grieve over them. Give yourself some mourning time as watching something you put your heart and soul into crumble isn’t easy. But the trick here is to set a limit.
After the time limit is over, do not think about the failure even once or let it affect your present work. This helps you accept failure as a mentor and move forward.
Failure is a part of one’s life and is as important as success. So, the sooner we accept it and commit to working harder, the better it is for us.
Expansion is definitely taxing but the fruits borne are definitely satisfying
A business is not a self-growing entity; to optimize it, a lot of revamping efforts are required to be put in by the entrepreneur. Expansion is definitely taxing but the fruits borne are definitely satisfying. The objective of an entrepreneur is to work smart and not clock in futile hours. Also, with minimal efforts and devotion to the business, one can easily chart out expansion plans and do away with inefficiencies and wastefulness.
Here are three simple ways to optimize and upgrade your business:
1. Extraordinary management
A lot of experts would beg to differ but by simply clocking in long hours, one cannot optimize his/her business. The time devoted to the cause should be utilised in an efficient and competent manner. An entrepreneur needs to be an able manager and be able to pin-point things that need to be worked upon. Also, a smart manager knows that it isn’t possible to do everything alone which is why he builds a team of dedicated individuals who are experts in their areas and work in accordance with the entrepreneur. The most important tasks should be undertaken by the entrepreneur first and the rest can be delegated.
It is also important for an entrepreneur to be able to manage finances because they’re necessary for growth. Even with solid investors, if the money isn’t pumped into the right places, the business can turn out to be a failure. Allocation of funds to the departments and causes which are immediate should be done first. Also, profits made by the company should be constantly pumped in for the sake of growth.
An entrepreneur should also be able to forecast trends and manage his business plan accordingly. To become a successful manager, research and awareness are crucial. Good management will allow your business to run smoothly and chart out better strategies for the future.
2. Improved communication
In the modern day, forms of communication are growing but still a lot of stuff remains miscommunicated. Circulation of important information is a great way to make the employees feel more empowered and to make sure that everyone is well informed. Communication is very necessary because without communication, delegation of work, charting out strategies and pitching to Venture Capitalists isn’t possible. Internal communication between the employees is cardinal because without it, there might be long lasting internal disputes which are bound to hamper the growth of the company.
Communicating with the customers is a fundamental aspect of setting up a business. Dissatisfied customers can teach you a lot about what needs to be improved where as good feedback serves as great morale boost. Almost all companies set up Facebook pages and complain forums for customers’ complaints to be addressed.
For instance, Amazon has a wonderful customer service forum and through prompt e-mails they communicate with their customers and solve issues, doubts or problems.
3. Take bigger risks
Like it has been said before, doing business isn’t possible without risks. If your venture is doing well, why not take a bigger risk? If it turns out to be a hit, it’ll generate more success where as if it doesn’t work put, you can learn from it and never repeat your mistakes.
As an entrepreneur, don’t be afraid to explore new opportunities; it will only prove to be a smart or a miscalculated one. If you think you have a great idea, go forth with it and it might just turn out to be the best thing for your business.
An entrepreneur needs to be a great leader to motivate his team and make them work as a single entity towards a common goal
In the past we’ve come across some great leader all budding entrepreneurs could learn valuable lessons from. Leaders like Mahatma Gandhi were able to mobilise the population of a whole country and made them unite against a common enemy, the British. The movement penetrated down to the peasants who revolted against the British malpractices and in the end, India gained independence.
In the entrepreneurial world, we’ve seen various great leaders such as Bill Gates, Mark Zuckerberg, Binny and Sachin Bansal etc. An entrepreneur needs to be a great leader to motivate his team and make them work as a single entity towards a common goal.
However, not all entrepreneurs are born leaders so here are lessons which will help them emerge as great leaders:
1. Almost all leaders are self taught
There is so course or college which teaches leadership skills. Management teaches the major aspects of leadership but cannot make a leader out of you. Moreover, everyone’s style of leadership is different which is why it’s best if you teach yourself and find your way.
Some leaders are empathetic, while most are a combination of sternness and empathy. You need to find how you want to be perceived and try and learn from leaders who inspire you.
2. Delegation is an art
It delegation might seem like the easiest thing to do but it actually is an art. Delegation doesn’t simply mean handing over tasks to people who are accomplished in their fields. You actually need to find people who you believe are appropriate for the company and hire them. It is a huge responsibility because you trust them with the company’s vision. For instance, if you want an advertiser to make an ad for a product, you are handing him the responsibility of how your product will be perceived by customers.
Thus, it is a huge task and needs to be done well.
As a leader, it is also essential to be able to accept criticism and learn constantly because it might be your first time as well. A leader needs to be a good listener because only then can he work out strategies and make his employees feel more empowered and involved in the whole process. An employee in your company might be more experienced and have a brilliant idea and if an entrepreneur lets ego come in his way, he will be losing out on an opportunity of making his company succeed. Hence, it is important to be open to suggestions and be objective about them.
You’re just starting out so you’re bound to make mistakes. Don’t be afraid to make them because mistakes are our best teachers. We learn valuable and important lessons from them. Also, don’t be afraid to let your team members take risks in terms of the venture because that will help them learn and excel in their respective fields as well.
5. Try servant leadership
While servant leadership is a timeless concept, the phrase “servant leadership” was coined by Robert K. Greenleaf in The Servant as Leader, an essay that he first published in 1970. In that essay, Greenleaf said:
“The servant-leader is servant first… It begins with the natural feeling that one wants to serve, to serve first. Then conscious choice brings one to aspire to lead. That person is sharply different from one who is leader first, perhaps because of the need to assuage an unusual power drive or to acquire material possessions…The leader-first and the servant-first are two extreme types. Between them there are shadings and blends that are part of the infinite variety of human nature.
A servant leader focuses more on the growth aspect of the company and even though he’s more powerful than others, he puts his employees’ well-being above all else.
Here are few things entrepreneurs need to take care of before setting up their startup.
Start-ups can be tricky and caught in a haze of competition after the initiation if proper precautions aren’t taken. However, like other businesses, even a start-up requires different things at different points and it is the entrepreneur’s duty to make sure that all the requisites are met. However, it might be the first time for an entrepreneur as well and s/he might need guidance as well.
Never ignore things that you think can mess with the image of your company. If something is absolutely necessary, the entrepreneur should make sure that the start-up has it.
Here are 5 things entrepreneurs need to take care of:
1. Analyse the risks
It is crucial for an entrepreneur to analyse the risks before venturing into any market and actually setting up a start-up. The industry one is venturing in might be targeting only a niche audience which means lesser demand and this could lead to the company fizzling out due to less orders. One needs to take calculated risks and create back-up options for better functioning of a start-up.
2. Do your market research well
Always do your research extensively about the market you’re going to venture into, the competitors and customers’ responses through surveys. This will help in gaining better business insights and also come handy while expanding the business. Without proper research in place, you can end up making incorrect assumptions and hasty decisions which can be harmful for your venture.
A business plan is important for any business as it contains information about the company, the team, industry, risks, the marketing plan and the financial plan. Internally, it’ll help the start-up in being more organised and an entrepreneur can keep a track of goals that are accomplished. Externally, it’s easier to get loans from banks, show to VCs and build strategic alliances if you have a proper business plan.
You might think that a business plan is enough to establish a company but there are certain rules and regulations one needs to keep in mind and follow. There are many Government regulated bodies and statutory bodies looking after stuff like patents, copyrights, taxes etc. To be aware of the rules existing in your sector, it is important to hire a lawyer and have his expert advice before starting-up.
5. Set aside a budget for marketing
Marketing and advertising is very important in today’s day and time and the way you market your venture can make or break it. It is absolutely crucial to have a marketing plan which helps you reach out to your target audience better. And, for these plans to work, one needs to set aside a certain budget. An entrepreneur also needs to decide what tactics and channels of marketing he’ll be using- social media, websites, ads on Facebook/Google, billboard advertising etc.
What if Steve Jobs never created Apple? What if Bill Gates decided to keep his Microsoft idea to himself?
“Change is the only constant” is repeatedly taught to us as children and this stands true for one’s professional life as well. We are often caught in a world of possibilities where there are a million options to explore. So, while one is unsatisfied with the current positioning in life and wants to jump from one level to another, the most sensible thing to do is have an extended period of deep learning.
Earlier, even to switch from one thing to the other, people preferred learning the tricks and dos and don’ts while trying to master the craft. They underwent periods of intense study which was known as an “apprenticeship”. However, people now have realised the worth of practical application and hands-on which are the two times when a person can actually master the craft. Through trial and error methods, one can learn everything there is to.
For instance, a journalist learns about beats and stringers during his job. The practicalities and presence of mind cannot be taught in theory.
This system of trial and error consists of four major steps:
– learn
– try
– fail
– repeat
This method cannot be taught to an individual theoretically. One has to actually go out and do what s/he likes to. By no means, will it be easy in the beginning. Even after one tries really hard, one is likely to fail. This shouldn’t deter an individual from trying again and again. In fact, to achieve success, one has to encounter failure because of the invaluable results it holds. A true understanding of any task can come only from practical application. Thomas Alva Edison, the inventor of the light bulb failed over 1000 times before actually inventing the bulb. He claims that whilst most people would look at it as over 900 failures, he sees it as learning 900 ways a light bulb could never work. Two things everyone can learn from Edison are to keep trying and seek the positive points and to never give up.
We need to understand that successful people do not achieve everything overnight. There is a lot of hard work and determination that goes into such achievements. This mantra can be applied to entrepreneurs as well. If you think you have a brilliant and completely innovative idea, instead of closeting it, you should be embracing it and trying to make it work. The process of the idea materialising into a successful product or service will be challenging from looking for VCs to marketing but the end result will definitely be satisfying.
If one never tries, the regret will linger on forever as your idea could have been the one which changed the world. What if Ford never tried out his concept of assembly line? What if Steve Jobs never created Apple? What if Bill Gates decided to keep his Microsoft idea to himself?
The leaps that great entrepreneurs took are what led them to success. Similarly, you need to believe in your idea and yourself to make it work. Going out there and actually trying to change the world is what will count after you achieve success. If it doesn’t work, you can try again; if you don’t want to, you can always draw life lessons from it. You should always keep in mind “One who never tries has already failed”.
For aspiring entrepreneurs, it is essential to weigh certain pros and cons before venturing into a particular market.
A lot of entrepreneurs are trapped in 9-5 jobs and need a change of job for professional satisfaction. Some may have the required expertise but lack in experience. For such aspiring entrepreneurs, it is essential to weigh certain pros and cons before venturing into a particular market.
Here are four points to consider before you decide to start your own venture:
1. Learn to distinguish between what you can do and what you think you can
This is a very important consideration that entrepreneurs need to take into account before starting off. One shouldn’t be too optimistic about the different work domains an entrepreneur has to work upon.
For instance, an entrepreneur might be very good at marketing but social media might not be his forte. For stuff, one is not very proficient at; an entrepreneur should consider delegating for maximum results. When you have a fair idea of what your business should be like, you need to also make a list of the domains that you or your company needs to work upon- marketing, sales, social media, content etc. The tasks you know you’ll be good at should be done by you where as the others should be given out to people better in a particular domain.
2. Be confident about your idea and skills
An entrepreneur needs to be confident and have belief in his idea because he wouldn’t be able to convince customers or VCs regarding the venture otherwise. Also, if you as an entrepreneur believe that you’re good with marketing and pitching, you should be absolutely confident about the same.
Self-confidence is the key to succeeding in the business line. Without self-confidence, it is very easy to become a prey to criticisms and feel disheartened.
While you believe in yourself, you are able to inspire others around as well which leads to high levels of motivation within an organisation.
Researching about your own venture not only makes you aware but also gives you the power to take decisions more accurately. This step is crucial for any new venture because without required information, a business is doomed to failure. An entrepreneur needs to research about the market he wants to venture into and the target audience as well. This will help him reach out to his target better and maximise sales in the long run.
An entrepreneur also needs to be very sure about the start-up costs he is bound to incur from the venture he is willing to set up and have a fair idea of the capital he is going to require.
For instance, if a guy wants to open a shop, he should be aware of the rent of a shop in a particular locality and also the costs he would have to invest in the inventory. This will help him get a clear perspective and deal with stuff better.
Instead of worrying about the profits you’ll be making and the sales, you should enjoy what you’re doing because you chose to do it. All the time you decide to dedicate to your business, should be fruitful and worth it. Some days will definitely be more hectic than others, but on those days you should remember the sole reason why you started a venture. Also, be honest and dedicated because you as an individual are expected to spend a lot of time and effort on it.
If these considerations are met and you want to go ahead with your venture, we wish you all the best!
One shouldn’t give up their passion so easily and try and nurture it in spite of the hardships. Instead, one could follow these ways to encash on their passion.
Many a times we get caught in the dilemma of either following our passion or earning money. Mostly, people choose money because it is a basic requirement for sustenance. In the process, they let go of their passion and what they really want to do in life. One shouldn’t give up their passion so easily and try and nurture it in spite of the hardships. Instead, one could follow these ways to encash on their passion:
1. Embrace the inspiration
It is very important to embrace the pangs of inspiration brewing within you. For instance, if you’re interested in photography, a beautiful flower or an old-school bakery is enough to inspire your eye for detail. Instead of fighting your nudges, nourish them and let them grow. Once, you start listening to you inner voice, things become a lot clearer and you’re able to focus better and live in the present instead of brooding over the future.
2. Discover your passion
Sometimes, you need to provoke the child inside you to coax the truth. You need to ask yourself questions like “what really makes you happy”? Once you know the answer to this question, it becomes a little easier to believe in your passion and extract the unfathomable joys from it. As a child, you might have wanted to become a dancer. To revive your passion, you could always start taking dance classes at the nearby gymnasium. This way you are connected with your desires and can fuel them better.
3. Love yourself and believe in your passion
Most of us are stuck in the rut where we believe making money is ultimate and often end up sad because we aren’t making enough money. This kind of thought process will spike your stress levels and hold you from discovering your passion. Instead, learn to love yourself and embrace your talent with its flaws.
If you are a musician working a 9-5 job and hate it, to make things better, you could always start playing an instrument or go back to vocal training. This will make your life more exciting while you do what you love.
4. Write
This might seem a little far-fetched. But, you can take out sometime and maintain a journal or simply write a letter to your future self. Writing is a great way of getting out hidden or repressed thoughts or feelings. Writing will help you to figure out your passion better.
These tasks will take your business from “good enough” to “ready to go” in no time at all.
You’ve most likely spent weeks, months, or perhaps years on planning the launch of your small business. Finally, your product or service is just about ready to enter the world, and you’re excited enough to think that maybe you should go ahead and push the big red “Launch” button on your startup. After all, the bulk of your business is good to go, so the rest of it must be too, right?
Wrong. What you’re selling may be the next big thing, but it won’t matter until you’ve solidified your brand’s values, rallied a culture around your company, educated people about your industry, and gained a decent amount of credibility. These seven to-do tasks will take your business from “good enough” to “ready to go” in no time at all.
1. Delegate the busywork.
The monotonous part of starting a business can be tiresome enough to deter any entrepreneur from getting the work done–especially when there are much more important and exciting startup tasks to focus on instead. Rather than concentrating your time and energy on the dull and dreary, free up some of your resources by letting someone take care of the busywork for you. Freelancer allows business owners to find administrative, customer service, IT, and artistic freelancers and assign them tasks on an as-needed basis, reducing the stress and responsibility that comes with finding an employee.
2. Solidify your brand’s values.
What does your business stand for? Simply put, what does it aim to do? Business owners should be capable of concisely conveying their companies’ spirit and responsibilities to the public; doing so strengthens their companies’ presence in the community. The startup story you share with others should not only provide solid takeaways but also inspire people to believe in your central mission. You should comprehensively brand your business online.
If you’re struggling to engage others when you talk about your business, you may want to sharpen your storytelling skills and grow familiar with your brand’s core values. According to Chris Smith of The Campfire Effect, it’s “crucial that you know your brand story, because it will definitely help you increase revenue and build credibility by helping you develop powerful storytelling skills.” Solidifying your brand’s core values helps you easily explain what your business stands for (or what your role is within it) to anyone, from the entrepreneurial expert to the average layman. This type of skilled storytelling plays an important role in leaving behind a good impression of your brand, which generates trust and word of mouth later on.
3. Rally an online following.
An entrepreneur simply can’t maximize his or her success without having a virtual landing spot and an online following. Maintaining a highly involved, almost tribe-like following online persuades people new to your business to hop on the hip new bandwagon–plus, it offers them a community in which to do so. Looking for content for your blog or landing page? Do you need to provide your following with irresistible e-books or comprehensive guides? Companies like Growth Geeks provide profiles for a number of content writers who can be hired at a simple flat rate. Though they offer diverse services, or “gigs,” they specialize in those that optimize effective digital marketing.
Implementing captivating content, whether in the form of a blog, webinar, e-book, or other medium, drastically improves your company’s ability to reach its target audience. Effective content marketing also helps drive traffic through your purchasing funnel. Generating powerful content on a regular basis, however, is next to impossible when a hundred other tasks are demanding your attention.
Even if your product or service hasn’t officially been released yet, it’s important to rally a considerable following to give your business clout and credibility once it’s up and running.
4. Boost the excitement around your upcoming launch.
Social media marketing is a great way to hype your business, but it isn’t the only way. Build up the buzz through captivating giveaways, competitions, coupons, and other campaigns that will give your company context in hundreds (or hopefully thousands) of potential patrons’ lives. You no longer have to be a design or coding genius to create high-quality campaigns–with a service like Gleam, you can create responsive, user-driven media galleries, colorful pop-ups, and eye-catching elective coupons for your company’s website.
Additions like these help give your product or service a sense of urgency and scarcity before it’s even released, which encourages more people to be on your email list, enter your sweepstakes, download your free virtual product, and participate in your contests. The more people you have to celebrate your business’s commencement, the higher your initial sales will spike upon opening.
5. Create a pre-launch page.
Pre-launch webpages play multiple roles: a point of reference before your website is ready; a place to explain your product or service without overwhelming depth; and a spot for people to get on your email list. If your startup’s website is already up and running, consider making the homepage a place where visitors can learn about your company (so they can share the information with their friends) and find you on social media and email (so they can stay up-to-date on your product or service).
Without a pre-launch or official landing page, web visitors will get the impression that your company is underdeveloped or not available to the general public. Remember: A convincing landing page not only informs, but also makes visitors feel personally involved in your company’s central purpose.
6. Run beta tests and quizzes.
Beta testing your product or service is a great way to gradually introduce it to the public while receiving helpful hints on how to improve it for official launch. Though this often occurs in the early stages of starting a business, it can be helpful to beta test closer to launch to make final touches on your product or service and learn how to most efficiently market it. If your product or service is physically tangible and mainly available in real space, you can benefit from taking samples of your target demographic and testing the product through focus groups (but make sure you offer a small incentive, like cash, a gift card, or a free product or service session).
If your product or service has already been released to the public, consider collecting honest feedback through consumer quizzes. Integrating quizzes into your company’s website (or even its social media pages) helps you get to know your visitors and situate your business in their personal and professional lives. With the right platform, your business can expand its email list, promote or receive feedback on products, and examine clients’ opinions on customer service in just a few clicks.
7. Build up credibility.
A great way to get your foot in the entrepreneurial door before your startup launches is by guest-writing for niche blogs, e-magazines, newsletters, and other publications. This is a free (and occasionally paid) route to publicly claiming your expertise while spotlighting your brand and explaining what you do differently from the rest in your industry. Not only will you appear to be more of an expert in your field, but your work will provide backlinks to your company’s website and generate awareness about what you do. Here are some good tips for becoming a writer for a major publication. This has helped me build credibility and get the word out about my business.
Try reaching out to popular niche blogs or e-mags you’ve shown a bit of love to in the past and offering to write a guest article on a relevant topic (offer a few choices).
Launching your startup will be exhilarating, but it’s a good idea to work on pre-launch buzz, testing, and excitement (you’ll be glad you did). What extra steps did you take before launching your startup? What do you wish you had done pre-launch?
Building a startup, you love and making it future-proof is an essential ingredient to your startup recipe. But wondering how would you ensure it?
Whether you want to start a shoe store business or want to step into the retail industry. Building a startup, you love and making it future-proof is an essential ingredient to your startup recipe. But wondering how would you ensure it? Here is what we mean for a strong start to your own startup:
1. Offer what people want and not what you want to sell. Consider this as a crash course but offer the product or service what the end user or customer is looking for. Become a solution provider.
2. Liquidity or regular cash flow is a lifeline of any startup. More so, if you want a kickass beginning to your business then it is absolutely essential to fuel the daily operation with immediate cash flows. Whether you decide to come up with private labels, loyalty programs for customers or insure same day delivery. Feeding constantly is the key to a head start of your startup.
3. Alternatives to keep the cost low – Too often, starting up is a journey that is done on a shoestring budget. In such cases, keeping the cost to bare minimum becomes imperative. So even if you are required to keep the cash flow intact, reducing the cost per item becomes equally important. Used items to furnish your office, freelancers to do you content and negotiating skills for better pricing are some of the ways you can achieve this target.
4. Sales before Branding – Several times entrepreneurs get into a branding exercise for their business without realizing the dire need to get leads and converting those leads into sales. Ideally, to run a business strongly, one must focus on marketing of one’s product/service and creating enough word-of-mouth that creates a buzz about the product in the market. Once consist sales are ensured, it will be easy for you to survive and sustain.
5. Regular monitoring – Abide by two principles. Experiment and Evaluate. It is utmost to keep a track about your tests and experiments. Throwing away money blindly over marketing campaigns or new product line will not ensure profits. While a clear vision helps you a long way, faithfully monitoring your investments is a scientific tool that helps many entrepreneurs.
6. Keep adding value to your business. Value addition to your product or service never ends. Whether you are starting up from scratch or taking over a multibillion dollar business. Rather than offering a discounted product to your customers, a product with some or greater value addition would be highly appreciated. It is also a way to build up loyalty amongst users.
7. Get a Mentor – The starting up avenue boasts the availability of multiple channels through which entrepreneurs can get help at every step of their entrepreneurial pursuit. Call them angel investors, venture capitalists or industry experts, all of these are disguise for an advisor. This outsider is the one who will help you with understanding the tricks of the trade besides being a guiding force.
Today’s courageous youngsters have ideas that waits to be launched in a business soon. However, success if not dependent on your idea but the ways you adopt to launch your business and run it successfully. Grow the business step by step and make a name by building a strong customer base.
If you’re in your 20s or 30s, and thought of entrepreneurship has entered your mind, don’t write it off as a pipe dream. Dig into some research, explore your ideas and make the most of your youth by pouring your energy into a business.
Almost all of us think about starting a business at some point. The thought enters our minds when we come up with an ingenious way to stop an ice cream cone from dripping. Or we get a job and realize we want more control over our work. Or we hear about the multi-billionaires of the world and start fantasizing about making our own riches.
Whatever your own motivation, if you’re going to start a business, there’s an ideal time to do it — while you’re still in your 20s and 30s. Why is that?
1. Long-term potential returns
Imagine for a moment that you’ve built a successful business. It’s profitable and stable and generates a nice six-figure salary for you. Assume that this setup can continue indefinitely and that you enjoy the work. Wouldn’t you want to reap the accompanying rewards for as long as possible?
If so, start your business as early as possible. Yes, it’s an optimistic scenario, but an achievable one, even if it takes you two or three tries to build a successful enterprise. The bottom line is, the more time you can spend as an entrepreneur, the better long-term returns you’re going to see.
2. Risk tolerance
Let’s face it: Not all startups are going to make it. You need to be realistic, regardless of your age. Starting a business demands a lot of up-front investment, in both time and money, and you’ll bear significant risk, in both your finances and your current or “backup” career.
Just as happens in the financial markets, the younger you are, the better you’re going to be able to tolerate that risk. You’ll have fewer responsibilities, fewer commitments and much more time to make up any losses you incur. Therefore, starting a business as early as possible mitigates your potential losses.
3. Energy and motivation
It takes a lot of work to run a startup, too. Don’t forget that. Though not written in stone, the general rule is that younger professionals have more energy, motivation and enthusiasm than their elders.
Maybe you’ll be a youthful spirit for the next several decades, but the thing is, you can’t know for sure. What seems like a solid “maybe” idea now may become a “no way” idea in 10 years; and the work you throw yourself into now may be work you’ll avoid at all costs next decade. Every year, your energy and motivation will decline. Take advantage of these personal assets while you have them.
4. Adaptability
Younger people tend to be more adaptable. Part of the reason is that they’ve had a shorter amount of time to be exposed to the norms and rules of the professional world, and are less committed to those entrenched ideals.
An even larger part of the reason is our unique technological age; we face major technological disruptions on a regular basis, and the only way for companies to survive is to adapt and integrate these new technologies.
In your 20s and 30s, you’ll stand a better chance of recognizing and incorporating these new technologies quickly; and as you get older, the rate of development for these technologies will grow even faster. So, start a business while you’re more nimble, and you’ll be able to brave ever-more volatile waters.
5. Serial entrepreneurship
Most entrepreneurs who truly love entrepreneurship end up starting multiple businesses, becoming serial entrepreneurs in their own right. It’s as if they were born to be entrepreneurs. And, for the most part, every new business these young people start is better than the last, thanks to their founders’ previous experience, growing list of contacts and broader perspective.
Starting your first business when you’re in your 20s or 30s sets you up for a longer period of time to start even more businesses; essentially, you’re maximizing the potential experience you can gain, and greatly increasing the number of businesses you can start. Don’t throw away that potential by waiting around. If you need help getting started, grab this eBook.
None of these reasons is meant to imply that you can start a business only when you’re in your 20s and 30s, or that if you’re in your 40s or over, you’ve missed the boat. On the contrary, older entrepreneurs often carry more experience and decision-making abilities and are extremely capable of building effective businesses.
However, the unique blend of advantages that younger adults have makes this phase of life a highly strategic time to start up a business.
If you’re in your 20s or 30s, and the thought of entrepreneurship has entered your mind more than once, don’t write it off as a pipe dream. Dig into some research, explore your ideas and make the most of your youth by pouring your energy into a business. No matter how things turn out, you’ll be glad you did.
Indians are known for their keen business sense, and for making money even out of small things. Mohneesh and his friend Ashish, both Computer Science students at DIT started a portal that helps people sell their scrap without waiting for the dealer
Indians are known for their keen business sense, and for making money even out of small things. When Mohneesh Bhardwaj was returning home for his summer vacation, he discovered that most people at his college hostel left behind a huge amount of trash (newspapers/old books/used registers and other scrap). This scrap was then being sold by the hostel authorities.
Mohneesh noticed anomalies in the system, such as the lack of distinction between normal and e-waste, and decided to do something about it. He had been wanting to start something for a long time; reading about entrepreneurs online just increased his drive. Around the same time, TVF Pitchers was launched and it further fueled their enthusiasm. Mohneesh and his friend Ashish Yadav, both 2nd year Computer Science students at Dehradun Institute of Technology University (DIT) started Kabaada.com – a portal that helps people sell their scrap without waiting for the dealer.
Users can either log on to the website, call, or use WhatsApp and have their scrap picked up. After a request is logged on Kabaada.com, a local vendor is notified to pick up the scrap. Unlike traditional vendors, Kabaada.com has standardised rates for the garbage. To streamline the whole process, they divided the entire city into smaller areas. Mohneesh says, “We divided the whole city into many territories, with vendors in each territory. When someone submits a request, we forward their request to the vendor in that territory. In this way, one is able to get service as fast as pizza delivery.”
Following the launch, the team left no stone unturned to market themselves to people, whether it was through distribution of pamphlets, or pasting posters in hotels and restaurants, or even targeting schools to spread awareness about their mission. One of the most important things the team took care of was making sure they did not replace the localkabaadiwaalas and take away their income. Instead, they hired them and worked with them on a commission basis.
Though the company provides free door-to-door pick up service to customers, they have been making profits since Day 1. Right now, their main revenue stream is through the commissions they earn on scrap from scrap dealers.
They have gained good traction since they started three months ago. At present, the company has around 8,000+users. They have also got requests from other cities. Talking about the market, Mohneesh says,
“Given India’s still-growing Internet penetration rates, our current target segment includes shopping malls, hotels , households, students, etc. Our in- depth market segmentation analysis revealed that about 42 million tons of scrap is recycled in India every year. The most exciting part is that our market is consistently expanding with the increasing numbers of Internet users, who can now sell all their scrap with just one click. In the future, we expect to become the market leader in recycling all scrap materials across India.”
Coming from a Tier -2 city, and started by 2nd year engineering students, this startup looks promising as it has all the right ingredients and has been making profits since inception. Increasing waste is a huge issue that is clogging landfills and endangering lives at a very rapid pace. Reducing, recycling, and reusing goes a long way. Kabaada.com is efficiently helping with recycling, using technology as a medium. However, there is a clear need for more players in this space given our huge population, and we hope to see more startups bridging this gap.
This story was originally published in yourstory.com
