Knowledge without its practical implications is as worthless as a body without a soul. If you have an idea to change the world around you and knowledge to create it and make money through it, you should go for a startup. Nowadays it has become necessary for an individual to earn a handsome amount of money to live an optimum lifestyle and for that, there should be a source of the money. Most of the people prefer business for the same reason.
“It doesn’t matter what you do. What matters is how differently you do it from others…”
A business needs an idea that may be new completely or a revised and evolved a version of currently existing one. Although it seems an easy task to start a business but there are few things one should keep in mind before any startup.
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PRODUCT KNOWLEDGE AND ITS GROWTH POTENTIAL
First of all, you should stick to the idea of what you really want to start your business with. Suppose you are about to start your business by setting up a factory which manufactures smart watches, then first you have to learn everything about what kind of smart watch the market really needs. You should also consider the new features that you are going to add to your smart watch that would leave every other smart watch behind yours, this would help you to judge the growth potential of your gadget i.e. how long it is going to survive in the market. The first step is all about setting up a goal. Everything you do should be according to principles. For best result, you should consider the SMART rule for business.
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RESOURCES
Once the goal is all set, next thing you need to do is to prepare a list of your resources. Before ruling the market you should review it very deeply, and this reviewing includes things such as WHICH IS the BEST MARKET TO LAUNCH MY PRODUCT? HOW MUCH SHOULD I INVEST IN MY PROJECT?
WHERE CAN I GET THE BEST QUALITY RAW MATERIAL FOR MY PROJECT THAT WOULD SUIT MY POCKET TOO?
You should find answers to these questions before investing or else a blind amount of money would be wasted for no good reason.
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TIMING
In every business, timing plays an important part in its survival in the market. You have to work hard and smart within deadlines. The people who are going to work with you should take responsibility to cover the task given to them in the given time or else every day the workload would increase and finally you have to stop your startup because of insufficient supply of your product to the market. It is important that you should not let your love for what you are doing, to die. You should work in a team and be optimistic all the time. It is also important to launch your product at right time. Suppose you want to launch your brand new umbrella then the best time would be before the monsoon. If your timing mismatches and you launch it in winters, then it is of no use. Clearly, you have to wait for a whole year and maybe till then you may become bank corrupt.
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RISK FACTORS
Before starting a business you should also consider the risks associated with it. You should have at least two backup plans in case something goes wrong with your business. You should take risks sometime and play a wild card in your business when you think there are possibilities of something good to happen. It is good to keep a mentor or different mentors that would help you and guide you to know your mistakes and let you know new strategies but first you should keep calm and try your own common sense to evolve a solution.
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KNOW YOUR COMPETITORS
Before the world’s renowned company “Apple” was setup, Microsoft was ruling the world of technology. Apple wanted to reach out to every individual around the globe and facilitate them with their product and its simplicity. Once they got ahead of Microsoft and were ruling in the market, they started increasing the cost of their product and people were comfortable with it. Things like this tell us that it doesn’t matter what product you are going to make, all it takes is just one simple idea that can take you ahead of your competitors. Before setting up the price tag for your product, you should observe the market. Sometimes it is necessary to lower the selling price and go for a little loss in order to create an image among the customers like Apple did.
To know about latest startup ideas go to the links below:
- https://www.entrepreneur.com/article/232649
- http://fundersandfounders.com/how-to-start-a-startup/
- http://paulgraham.com/start.html
Best books to read before starting a business
- Built to last by Jim Collins
- You can sell by Shiv Khera
- Blue ocean strategy by Chan Kim and Renee