The boss is so disgusting, he doesn’t understand my point!! If I would have worked this much for my own business, I would have made millions!! I can’t take a single decision on my own!! I have thousands of ideas but can’t implement in office!!
These are some of the thoughts which must have struck you at one point or the other. Most of us at some point do think of starting our own venture, where we can implement our own ideas, create innovative products & services and, most importantly work on our own terms. The difference in old generation and today’s entrepreneur lies in the fact that today we have information all around us which makes decision-making much simpler in comparison to the times of our dad and grand-dad.
First of all let’s understand why we tend to look for starting up our new venture. The major drivers which ignite us to start our own enterprise:
· Being Own Boss
o Self-management is the motivation that drives many entrepreneurs.
· Financial Success
o Entrepreneurs are wealth creators.
· Job Security
o Over the past ten years, large companies have eliminated more jobs than they have created.
· Quality of Life
o Starting a business gives the founder some choice over when, where, and how to work.
Questions that need a thought
Before starting your own enterprise, you must think over about few elementary questions which include:
· Are you a self-starter?
· How well do you plan and organize?
· Can you work long hours?
· How will the business affect your family?
· Does the idea suit your personality and interests?
· Will you use your own name to brand the business?
· Will it be financially viable?
o Do you have startup money to invest?
o What will your monthly expenses be?
o Is there a current need in the marketplace?
o Who are you competing with?
Roadmap to New Venture:
Below is the step-by-step approach for starting a venture:
· Craft a Business Idea
o This is the first step towards starting an enterprise. Most of us have a gut feeling of starting a specific business, which is not wrong. In fact, this works as a major motivational and success driver.
o These days when information is available on a click, it’s advisable to do a basic level of Market Research and environment scanning. The entrepreneur should be aware of some basic stuff like; what is the demand, supply, market-potential and key dynamics of his specific industry.
· Create a business plan
o A “business plan” is a roadmap that describes where you’re going and how you’re going to get there
o Business plan works as
§ A guide to achieving your goals
§ A tool to spark investor interest
§ A document that helps employees understand the company mission
o It should provide
§ Description of products and services,
§ Market and industry analysis that demonstrates the need of business
§ List of competitors, including their strengths and weaknesses
§ Marketing strategy (sales approach)
§ Management team and operations plan
§ Financial analysis: the investment needed
· Financing:
o The next step is to strategize the financing of the business. There are two kinds of financing available viz; Debt and Equity financing. You can opt for either of both or a mix of both as well. The details of financing are:
§ Debt Financing
· Credit Cards
· Family and Friends
· Bank Loans
§ Equity Financing
· Venture Capitalists
· Angel Investors
· Government support for new ventures
o Before starting of venture you must examine the government’s support which can be provided to you as a new venture. Government supports new ventures in multiple ways, mentioned hereunder:
§ Business Incubators is a key way government supports new ventures
· Clean Energy Incubator (CEI)
§ Enterprise Zones
· Encourage entrepreneurship in specific geographic areas
§ Government Legislation
· The Immigration Act of 1990
· Marketing
o A “marketing plan” serves as a blueprint for you to follow to get your products and services known and recognized. It has:
§ Competitor and issue analysis: challenges and opportunities facing the business
§ Objectives: What do you want to achieve?
§ Action program: A “to-do” list
§ Budget: Detail expenses
§ Strategy: The Four “P’s”
· Product: Describes features and benefits
· Price: Lists prices and pricing strategy
· Promotion: Tools or tactics to achieve marketing objectives
· Placement: Sales philosophies and methods
· Administrative Works
o Licensing
§ Licenses or permits are required to operate certain types of businesses
§ One or more licenses may be required from the city, State, county, and/or Federal Government
§ You may need multiple licenses if you work in more than one jurisdiction
o Copyrights, Trademarks and Patents
§ Copyrights, trademarks, and patents all deal with intellectual property and how to protect it
§ “Intellectual property” is a product based on an idea and it has some type of commercial value
§ Intellectual property includes a wide range of products, such as books, musical compositions, and works of art.
o Accounting
§ Sound accounting and bookkeeping practices are essential to any business
§ Many businesses rely on an accountant to handle financial recordkeeping
o HR
§ The Human Resources function deals with hiring and managing employees
§ Be specific when interviewing candidates
§ Avoid inappropriate and illegal questions during the interview
§ Provide competitive compensation and benefits
§ Maintain detailed employee records
· Web Presence
o A Website can attract customers and boost earnings
o Sales through the Internet can take place internationally, 24 hours a day
o A professional Website designer can develop your site at a relatively low cost
o Promote your site through major search engines or a link exchange program
This is a broad level approach which can help you in working out the basic level planning and make you decide the success of your business.
Hope this must be of help!!!
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