Journey of Entrepreneur
Most people have great business ideas related to business and we dream of starting our own business but most people are never able to give shape to their ideas due to the fear of failure. Many people want to leave their job and start their own business, but due to family, social and financial pressure, they get scared at the thought of leaving their established job and starting a risky business.
The journey from starting any business to making a company worth a crore is a very difficult but amazing journey. In this journey, you have to plan, work hard, face troubles, solve problems, accept failure and learn from it. In the beginning, thousands of troubles come in front of you, people do not believe in your idea, you fail many times, and sometimes your confidence is shaken. But in this journey, you have to rise again every time you fall, and then suddenly one day the doors of success open for you and your luck changes, you climb the stairs of success so fast in your business that you have to believe in yourself would not have.
How to Start a Business
Business Vision: First of all, decide why do you want to do business? What is your ultimate vision for doing business? What and Why do you want to get through the business and in how much time do you want to get it. Do you want to become a millionaire? Is the ultimate purpose of your business to help people through your business? Read Inspiring Post that will help you build new thoughts and keep you motivated.
Business Type: Now decide which business you want to do? What product will you make or what services will you provide? Do you want to turn your hobby into a business or do you want to do something in which you have a good experience? What is your Business Idea? What will be your product? Who will be your customers?
Business Strategy: Now decide what is your Business Strategy? How will you create the best products or services for your business? How is your business idea unique from others and what is so special about your business idea that your business can change the entire market? How will you grow your business? In what ways will you be able to earn money from your business (Business Models)? Build a network and Inform close friends and family about starting your own business. They will help you put your ideas and insights to fruition and their advice will guide and support you. They will motivate you and you will move forward to be successful. However, you should remember not to offer constructive criticism.
Business Location: Where will you do business from? Will you start from your home or set up a separate space for your business? Which would be the best place for your business?
Finance: How much money will you need to start your business at the beginning and how much money will be needed to run the business continuously? When will your business start making profits? Your money needs can be divided as follows: – Assets – What are the assets you will need for your business-like building, land, machinery, furniture, vehicles, etc. and how do you arrange these assets? Will (buy or rent)? How much money will be needed for these assets? Expenditure – What will be the expenses for running your business continuously such as the salary of employees, maintenance expenses, rent, fees of different types of consultants, etc.
Market Research: Research the market and industry of your business. You can do research in different ways – by gathering information from the internet, contacting big businessmen, meeting market experts or by e-mail, reading the reports of big companies in the market, etc. Do market research and find out what is demand and supply? Which product is selling the most and why? What are the shortcomings in the product that can be overcome in your product to become a market leader?
Business Structure: How will your business structure be? How do you want to start a business – want to start with a company or a partnership firm or as a sole business? The structure of the business is chosen to keep in mind the financial sources.
Business Plan: Now make your written business plan and include all the things related to your business in it. You can take the help of a professional consultant for a business plan. See this post for business – How to make a business plan
Funding Options: Analyze the sources to meet the financial needs of your business. You can take a Business Loan form Bank, take a loan from relatives and friends, or will you start a business with your own money. Nowadays there are many new sources of startup funding available like angel investors, venture capital funds, crowd-funding, etc. Apply for funding or loan after selecting the financial sources and understanding the process of funding. Arrange all funding-related documents and business plans.
Start Your Business: After arranging the financial requirements, take more steps to start your business. Gradually arrange all the resources for your business – appointment of employees, purchase of assets, arranging all the resources related to production, etc. When all the planning for the business is done and you have the capital too, then the important step is to put the business plan into practice. During this, selling and customer service, etc. is like an acid test for a new entrepreneur. During this, you will have to show your 100% skills, so that you can build trust in people towards your service. Only then can you start your success story.
Brand and Marketing: Now decide when you are starting your business and how will you market your brand for that? Will you be marketing your business through advertising or using the Internet?
Technology: Use technology and do your online marketing. Tell people about your business on social media (Facebook, Twitter, etc.) and analyze how with the help of the internet and technology, the business will move towards success faster.
Leadership: Continue to grow your business and lead your team like a leader. Consider your employees as your partners instead of considering them as employees.
Conclusion: Successful and expert people fix their mistakes while keeping every mistake they and others have done in the same field. Most of the businessmen had faced failure while trying to make their business successful but they did not give up. Like them, you should learn from your mistakes and failures. Now you have started your business in a way. Now you have to work hard continuously and find new ways to make your business successful. Starting your own business is not easy but it is easy with the right support and plan. As a business owner, you can protect yourself financially while helping others and you can make your business a success one day with time, hard work, and dedication. By keeping these businesses starting tips in mind, you can start your own business and get success in your business very soon. Apart from these, you can take good business starting ideas start your business from the internet, and start a successful business. Take everything into consideration and build your USP (unique value proposition) on the basis of experience. That makes you different and ahead of others.
Refrences: Joshua.Stowers,B.News,Daily.staff.14,April.2022 https://www.businessnewsdaily.com/4686-how-to-start-a-business.html
Desirae.Odjick, Shopify blog. https://www.shopify.com/blog/how-to-start-a-business