A smart way for a start-up

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A smart way for a start-up

Wednesday, 10 October 2018 | PRADEEP SHUKLA

A smart way for a start-up

In order to become a successful entrepreneur, there is need to execute a great start-up strategy to excel, says PRADEEP SHUKLA

Starting a new business is not a piece of cake. Apart from a great idea and business plan, it requires many other things in order to make it successful. For instance, you need to raise the required capital for your new business, which can either be from your personal savings or from investors. With these things, every entrepreneur starts their new business in the market and hopes to be successful in what they do.

Let us look at the five ways through which you can ensure that your startup is a big success.

Begin with a plan: Before you put out your shingle, sit down and determine how much money you need to invest (and in what), your goals (short- and long-term), your marketing plan and all those pesky details. When starting a new venture in an emerging market or with an untested model, it’s important to keep costs as close to zero as possible. Those who’ve bootstrapped their company know this better than anyone.

When you do bootstrapped business, you tend to work from your own house initially for few months. You play smartly with finance, and it should be very, very carefully spent. Instead of hiring developers or bringing on a technical co-founder, the system and workflow should be built in Google Docs  — the personal version.

Use smart and cost-effective business tools: There are a number of tools available which assist you in achieving the best possible results with minimum expenditure. These tools also assist you in defining your business and your vision. The use of these tools means that you do not have to use your scarce money and resources in employing experts who may be useful.

Improving business model over time: Financial services is a competitive market that could be saturated by financial institutions in a few years. The important thing is that how one can articulate a clear, logical view on how CommonBond will achieve market share in the short term as well as many ideas on how it will invest in sales and marketing efforts to enhance its competitive advantage over time.

Identify the needs of your customers: For any business customers service is the most essential part. Most of the companies just guess about the type of products or services their customers wish for. This is why many startups fail, as they do not understand their customers’ needs and guess it wrong.

Speak to your clients: In order to have an edge over other businesses and be successful in your business, you must talk to your clients. Ask them questions so that you can know the problem they are facing. Then, you can work on this problem, which is shared by many people, and then you can take the leap.

Keep track on everything: Make sure that you manage your business through numbers and keep track of everything. You must do it in writing and produce written documents for everything, since you will get advantages from these in the future. Identify the numbers and verify them regularly. Plus, you must make all your decisions depending on these numbers. One of the most significant estimates is the cash flow document.

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