Before you start your own business, here are seven things you should know
According to the Economic Survey 2019-20, the Indian entrepreneurial market grew 80% from 70,000 new enterprises in 2014 to 1,24,000 new firms in 2018.
Even though these stunning figures show the birth of a new era, it is also true that entrepreneurship is a challenging game to play – a high-risk, high-reward route for which no amount of schooling or college experience can prepare you.
A company owner often juggles a billion things simultaneously and nagging, anxious, and overwhelming feelings.
This fact cannot be avoided for new business founders. Still, it is feasible to manage expectations and conduct activities with a sense of purpose toward building your startup with a bit of planning.
In light of this, we’ve compiled a list of seven crucial points that everyone should be aware of before diving into the enormous world of innovation and entrepreneurship:
- Do you think you’re cut out for entrepreneurship?
It is critical to determine whether or not entrepreneurship is your cup of tea. If you’re getting into something because it’s the latest craze, your company idea may fail before you even get started. Entrepreneurship will take up a large part of your life.
If you aren’t willing to take on this duty in the long run, you will bring irritation, discontent, and a great deal of stress into your life. Starting a business is comparable to having a newborn child.
You must look after it at all hours of the day and night, nurturing it with love and sleepless nights. And, much like a child, you’ll never know how it’ll turn out in the end, despite all of your good parenting and hard work, but you’ll still support it.
1. Consider the benefits and drawbacks of your business venture.
Optimism is a beautiful thing, and it helps you stay happy, confident, and cheery as you establish and run your business. However, when it comes to appraising the risks and rewards of a business initiative, being positively realistic is preferable.
Check to see if your startup concept is scalable. Is it capable of addressing current issues? Is it a one-of-a-kind solution, or do you have any rivals? Before turning your vision into a full-fledged reality, you’ll have to consider all of the tough questions as a business owner.
Above all, be sincere with yourself. Don’t get caught up in wishful thinking. Instead, concentrate on the target market’s existing facts and data.
Check whether your business idea fits your intended market base by carefully navigating through all pain points, including financial criteria, prospects, and worst-case situations.
2. Get to know your customer
Customers are the key that can make or break your business in the business sector. Conduct rigorous market and consumer research before jumping into the massive world of new businesses.
Understand your potential customers’ core demographics and figure out what the most appealing element of your business is— something buyers are looking forward to.
This stage will assist you in identifying your venture’s core USPs and gaining maximum traction. It will also significantly raise your business’s success rate because you’ve already won half the battle once you get to know the customer.
3.Take calculated risks.
Not everything that glitters is gold. Similarly, every risky move does not always imply a sizeable potential profit. ‘Take risks,’ for example, is a common theme in motivational speeches, but is taking risks without adequately weighing the benefits and drawbacks a wise idea? Certainly not.
It is critical to take measured chances while beginning a business, but it is even more important to know when not to take risks.
If you’re going to take a risky step, make sure you’re prepared to handle the consequences if things go wrong. Taking a chance and making a mistake might not put an end to your business quest, but making an uneducated one will.
4. A person’s passion might open a lot of doors.
Few people can reach the summit, and even fewer can stay there. Similarly, not everyone can be a successful business founder because it is a lonely road.
Unforeseen problems, setbacks, and a lack of positive light are nearly always present at the outset of a firm. Finally, your inner enthusiasm will drive you to keep going forward.
It’s the only thing that can give you the strength to tackle any challenge and develop creative solutions to even the most challenging black holes. An entrepreneur is a passionate and driven person by definition since, without it, they are just another mediocre human being chasing the rat race.
5. Net-worth is the same as the network.
The business community is a tight-knit group of people. You’ll need people who can comprehend your point of view, your ambition, and your passion, as well as assist you in pushing the boundaries.
When you first enter the business sector, make sure you surround yourself with more competent, professional, intelligent, and experienced people since the only way to stay in business is to keep evolving.
So keep studying, receiving advice, talking about prospects, and laying a solid basis for your future success.
6. Excessive entitlement is a surefire way to fail.
You may find yourself undertaking even the most basic tasks as a startup founder. For example, Jeff Bezos, one of the world’s wealthiest men and co-founder of Amazon, used to deliver orders himself in the early days of his company.
Amazon is currently valued at $1.7 trillion as of October 2021. This demonstrates that if you are confident in your startup idea, you will complete all duties and complete the project. You’ll have to make sacrifices at first, putting your sweat and blood (literally) on the line, but eventually, you’ll reap the benefits.
As a result, remain modest through difficult times and avoid feeling entitled or as if a work is too small or irrelevant for a business founder.
Take small yet calculated steps.
Starting a business and funding your startup is an exciting concept, but only a few people have the heart, mind, and perseverance to see it through.
If you do your homework, research the market, take calculated and well-considered risks, tap into your network’s vast expertise and in-depth knowledge, establish a solid team, believe in yourself and your product, and take one step at a time, success will surely come knocking.