Starting a venture is equivalent to starting a new life. You put all your efforts into something in hopes that you will get something fruitful in return. You put all your dedication, trust, hard work, and all the passion into one business model to turn the tables in your favor. You must have the right kind of motivation and passion in order to create fruitful results. It is true that 9 out of 10 start-ups in India fail, but the one which goes forward creates wonders. Be this 1 and create wonders for your own self. Before starting a venture, you must know why you are starting it and you must ask yourselves a few questions to assess yourself.
What is your reason of starting a venture: before starting a venture, you must be headstrong about why you are starting it. Is it because you need money, is it because you want to be your own boss, is it because you want to start a legacy or is it because you have pent-up anger in yourself and you want to showcase the world that you can be that one? Your ‘why’ might be attached to a very specific idea because you are fighting for it. The passion must burn in you to make a move. Be extremely honest with yourself because that will make it easier for you to decide what you want to start.
Define your success: various entrepreneurs are not happy with their companies. But when we look back on their journey, they have achieved a lot. It is human nature that we are never happy with what we get. You must define your first successful move and work towards it. Treat yourself after achieving that and let the world know that you have done it. Don’t be extremely hard on yourself. You must know that you are capable of achieving the best.
Do you need a partner: brainstorm about your skills and about your idea. Your business plan must align with your skillset so that you can give the best results for your venture. In case you do not have that skill set, do you need a co-founder? At times you will feel that you cannot work alone. This is also fine, one can start a business as the co-founder or as the founder. What drives the business forward is the people in it. Know whether you want a partner or not.
Stay connected with your partner and know whether they are the right fit for you or not: if you are starting a venture with your partner, you must share the same values, the same vision, and the same motivation. You alone cannot start something and that is why you have a partner. It needs to be a 50-50 relationship where both of you contribute equally.
What sort of funding do you need: for starting every venture, you need funds and you need the money to run the business. For the initial phases, you need a high amount of cash flow to set up everything. You can either go for a venture capitalist or use your own funds. In the long run, if the company needs to raise funds, it cannot sustain itself the way it can sustain itself with your own funds. The revenue model of your company will determine its profitability.
Do you know the industry you want to go in: Before entering the industry, you must know how to enter it and how to exit it. Sustaining in the industry is the biggest task that an entrepreneur needs to deal with. You must know how your product can be flourished in the market and how you can create a name for yourself. Read the statistics and talk to the people who have been in the industry for a long time.
Define your target market: ask yourself this question, who is your customer? Till the time you have not set up a target market, you won’t be able to achieve the required results. Find out your target market and align your strategies with them. This will lead to a higher return in the long run.
Ask yourself who is your biggest competitor: do a competitor analysis and know who is in the market and how they are doing. Find their weakness and inculcate that in your business model as your biggest strength. Irrespective of whether you are the first person in the industry or the second one, always focus on one part, provide value to the customers and the customers will come back to you.
Ask yourself whether your idea is feasible: you need to know whether you can afford this business idea or not. Will anyone else help you if this does not turn out to be feasible and it takes an ugly turn for you? Entrepreneurs usually do not think with regards to reality and stay in their dreams. In reality, they need to know in advance about the practical approach of their plan.
Is this is the life you want to live: building a business is not a small task. You need to put all your energy in it and smile even on your worst days. You must be ready to suffer the ups and downs and say no to certain times when your family and friends are enjoying. Are you willing to do all this for a fruitful business which will give you higher returns in the long run if carried out properly?
Can you convince a stranger to buy your product or service: do you think you have the power to mold people according to your product? Are you a good salesman who can drive the sales of the product to a level when even a person who does not need your product gets convinced that they have to buy it? Can you convince a stranger to buy your product or service? Try pitching your idea to complete strangers because that is the best way to hear the truth who is paying you their hard and money for your services.
Ask yourself one more question, are you motivated or are you just passionate?: It is essential to know whether it’s your motivation talking or your passion. Passion is fleeting and one should strive to find long-term motivators in one’s business. Motivation is what will take you forward to great heights. Passion will make you start your venture but not continue it.
Ask yourself about your USP: with the increased competition in the market, know what you are selling and what is your USP. Differentiate yourself from the competition and stand out from the rest. What is going to make someone purchase your product over your competitor’s product? The answer to this question is your USP and your long-term competition in the market, know what you are selling and what is the USP.
Ask yourself one final question, this needs to be about your plan, your cost, and about your own self: formulate a plan along with your cost and revenue model. A good business model is what will take you forward. Your own confidence and motivation will drive it further because the sky is the limit. Create a balance sheet, a statement of profit and loss, and also a cash flow statement. You should have a basic understanding of all these accounts so that you can do the math and ace it yourself!
All these pointers are subject to change depending upon every individual. First, assess yourself and then start a venture. Know what you are good at and try to mint money from that. That is your USP and that is what makes you, you.