Key pointers before you start business

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Key pointers before you start business

Tuesday, 24 November 2020 | Laksh Bucha

Successful entrepreneurs across the globe learn from their apprenticeship or executive days as the foundation to start their business, says Laksh Bucha

Entrepreneurship is the journey towards self-realisation. People tend to make mistakes in their first few attempts, and those with a firm resolve learn from them to triumph. There are some touchstones of success which must be complied if one wishes to succeed. It is pertinent to research about your prospective competitors; assess the legal aspects of the segment; gauge personal and business finance along with a realistic assessment of the risk involved. The mightiest of the swordsmen didn’t forge their swords, and hence, one must also be open to hiring help whenever required. Further, timing is another relevant factor.

Every founder must consider the below mentioned six steps to achieve ever-increasing growth acceleration:

Nature of business: We have all heard the famous proverb ‘Jack of all trades, master of none’. A businessman who tries to provide multiple services will fail as clients always repose trust with experts. Other than that the law of the land also requires one to state the nature of business.

Clarity in concept: The recipe of success is simplicity. One must not over-complicate the concept because it would become difficult to implement a complex idea. Finding investments for simple concepts is easy in comparison to complex concepts as their marketability is higher.

Focus on market: One may have a brilliant product idea, but it is pertinent to focus on the market trend. Ignoring the demands of the market can lead to huge disappointments; the product must be tailor-made to suit the requirements of the buyers.

Experimentation and improvements: Product/service launch is of great significance, and one must not leave any stone unturned to ensure their success. It has been an industry practice to launch alpha and beta prototypes before the actual launch. Organisations do this to seek feedback and modify their offerings accordingly.

Government compliance: Many start-ups have been caught in the net of legal violations for their ignorance of government compliance. It is necessary to fulfil all the Government compliance requirements to march on the road to success. Many a time, the compliance requirements help the start-ups in fine-tuning their services and products.

Don’t hire friends: One should always avoid hiring friends and relatives due to the various complexities that may occur with the intertwining of relations. The friend may take undue advantage. In any such case, it is the business that suffers. Hiring professionals is the key to success! productivity would increase if the employer-employee relationship is intact.    

The term business is often read as busy-ness. Everyone who wishes to become an entrepreneur must be willing to step out of comfort zone. Those attracted towards entrepreneurship due to the perks attached must remember that there are no free lunches. An entrepreneur has to work with caution to become successful.

Entrepreneurship is a rewarding process. It creates employment and strengthens the economy through revenue generation. One must strive to traverse the entrepreneurial path for nothing is more satisfying than working on what you call your own.

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