Thank you for reading my blog. I am overwhelmed by the reach of my first post. A bustling word in the entrepreneurial realm is ‘start-up’. Successful Start-ups are innovative, challenging and niche.
There are many ways to start a venture. Below are the five steps to get you started effectively.
STEP: 1 SWOT ANALYSIS
• SWOT analysis is a good starting point for your venture.
• First of all, do a thorough SWOT analysis of yourself.
• Start from your strength.
• Categorize your key areas of interest/expertise.
• Draw a mind map connecting your key interests/expertise.
• Develop a niche identifying the gap or problem in the existing market.
STEP: 2 RECORD KEEPING
• Record keeping is a good habit of any business.
• Therefore, write down your every single thought/intuition.
• Nothing is puerile when it comes to your own business.
• Segment it into different topics.
• It will be easier when you wanted to refer at a later stage.
• Have different modes of record keeping such as conventional, electronic as well as in cloud platform.
STEP: 3 MAKE A STRATEGY
• Most crucial for start-ups are time management.
• Attitude is equally important as time management.
• Do a flow chart for various activities.
• Have backup plans for your activities.
• Complete an activity within allocated + buffer timeline.
• Periodically check your work with a mentor.
• The mentor should be able to scrutinize, criticize and refine your work.
• Procrastination is the enemy of progression.
STEP:4 USE THE AVAILABLE RESOURCES WISELY
• Most start-ups will have the only meager budget.
• Prey on information effectively through Google spider.
• Do thorough market research.
• Realize the potential of your target market in terms of money value.
• Do the financial projections and planning as appropriate as you could.
• Many online courses available for free to hone your skills.
STEP:5 PUT YOUR LEARNING INTO PRACTICE
• This is the most important step.
• Your idea can be evaluated and validated once the learnings are put into practice.
• Start as small trials.
• Work consistently to rectify the pitfalls.
• Do a detail documentation at every stage.
• Regularly review your work.
• Instill corrective measure and progress.
The above steps are for those who are keen on starting their own venture but don’t know where to start. There is no short-cut for achieving success. Everything starts from one’s within. Believe in your idea even if nobody understands enough to support. Excuses and blaming others will affect your work negatively. Understand your limitations and strengths. Have a right attitude to listen to criticisms. It helps more than encouragements. Be ready to accept if you don’t know something and get help from the right talents. Justify the progress of your work with appropriate articles, data, and market realities. All the best.