Things you must consider before you begin your Entrepreneurship Journey
Starting a business doesn’t have to be complicated as it was before. Starting a business is very easy. Difficult is to run it successfully over a period of time and make a profit from business and simultaneously changing the life of thousands of people with your business idea. Many startups fail in a few months or years because of their inability to survive in adverse conditions. Therefore, before you start your own business, you must understand your strengths, your weaknesses, your finances, your skills, your goals etc. For example, how will you finance your business operations? Do you intend to use own savings or you will get a loan for financing your business operations? Will you be able to run at a loss in the initial months, if yes for how long you can run at a loss? What are the areas you are not familiar with e.g. Finance, Operations, Technology, Sales & Marketing, Administration etc.? No one other than you knows better answers to these questions; therefore you need to be brutally honest with yourself while answering these important questions. It will help you outline the areas where you would need help in successfully running your business. After properly evaluating yourself, if you realize that you are not having enough knowledge or expertise in any area, doesn’t mean that you can’t start or you should not start a business. You can still start and your realization simply means that you would need help with those aspects of business.every startup founder must understand that getting funding from a VC or Angel Investor for your business idea is not an endorsement for your business idea as well as for your capabilities. Time and talent is the most valuable thing in this world and therefore it is not sensible to invest the best time of your life into a business idea just because someone is willing to invest few lakhs rupees into it while playing golf. Before pursing any business idea you must ensure that you are doing this because you believe that this is going to work and you love your idea and business model. So, you should be extra careful and give careful consideration to everything. So before you begin with your business, you must answer following question(s):
1. What is your product or solution?
2. Who are going to be your customers and why your customers need your product or solution?
3. How will you make money?
4. Will you be able to run at a loss in the initial months and years and if yes for how long you can run at a loss?
5. What makes your product or solution unique; product, technology, etc.?
6. How will you market your product or solutions?
7. From where you will get money for financing your business operations?
8. Will you hire resources/employees to help you?
9. How will you make money?
10. Does your business model to provide an exit opportunity in case you fail or if things don’t go according to your plans?
11. Who are your competitors or who are you in future likely to complete?
12. In case your product or solution is a new concept and there is no market at present, how will you develop market?
13. Is your proposed business, the only thing you want to keep it doing, no matter you get funded or not?
Now, once you have sensible answers of above mentioned questions, you are prepared to start your business. Here TratoIndia.com can help you start your business by providing affordable and quality legal and professional services such as Company registration, Trademark registration etc.
TratoIndia.com; India’s leading online legal & professional service provider was founded in the year 2015 by CS Prashant Kumar. TratoIndia.com was created to empower first generation entrepreneurs and startups, with the best value Online Company & Trademark registrations and other legal & professional services with cutting edge technology and round the clock customer support.