Must know: Five tips for starting a business
I have always wondered how entrepreneurship would be. Am amazed at the ability of founders to set up their firms and get going. It’s inspiring to see that even a global business stalwart like Ratan Tata is investing money into quite a few new upcoming ideas. Start-ups in India are here to stay for reasons more than one. So if the start-up bug has caught you, here are a few tips that the experienced wise ones would give you about making it worth the while.
- A Proper Business Plan– While having an innovative idea is one thing, getting people to agree to it is another. A person with a solid idea must have the ability to translate it efficiently on a piece of paper with clear focus on how s/he wants to go about it. A business plan brings in a kind of seriousness to actually start a company and hence becomes the first step.
- Getting Funds– Funds actually make up your business. It includes your own savings, investors and bank loans. It is advisable to start of your business with as little funds as possible so you are on a safer side. The person who is going to be an entrepreneur knows exactly how much s/he needs to spend to kick-start the start-up.
- Finding the right people– The most rigorous job after having your finances and the business plan in place is to find the right people to help you make a successful start-up. The founding team has to be the most efficient team ever for your business to flourish. The toughest part is finding the kind of people who wouldn’t leave you hanging. The only way to do is to get people on board who believe in your idea and hence your startup
- Be stingy– Someone said to me that if there was one job cofounders double up for, it’s that of an accountant. If you have to grow and scale up, you can only see it when you start from the ground level and reach the top without wasting your resources. So be as resourceful as possible when it comes to start-up. Marketing should start from an absolute zero budget.
- Always have a Plan B– While we all believe in our business plans the most and why not? Always having that one percent doubt will only help you be better at your job. Don’t trust your abilities and the business plan the fullest, and have the truest knowledge of your business numbers, keeping aside what people say about it.