A business idea: Journey from being an amateur to an entrepreneur
An Entrepreneur begins his journey with the genesis of an idea (anyone remembers the Jennifer Lawrence starrer "Joy") . An idea is the first step which transforms itself into a steadfast business with time. An idea is something which just happens to you while sipping a cuppa in Starbucks, hits you when you are goofing around with your friends or comes to you as an inspiration while watching your favourite movie. The very same idea is capable of being transformed into a Business!!
The new generation vehemently believes in taking a big leap and hopping into the vast pool of startups. All one needs to have is faith & all an entrepreneur is required to do is to take risks. In fact, one term which is often used to describe the first generation entrepreneurs is risk takers. And that they are.
Although people who are delving into the deep sea of startups are well aware of the risks which come along with launching a business from scratch, but they are also smart enough not to put all their eggs in one basket.
Business Ideas need to be implemented with great precision & caution
Now, an idea may occur to any individual. It’s the execution of it that requires grit. A business idea is an extension between a thought and a marketable strategy. It centers one's reasoning with the goal that the business person can distinguish the specifics of his/her proposed wander. The progression of a random thought which just happened to you, into a business idea requires lot of pondering over. The next step is considered a Herculean task by many.
The ones who have the nerves to traverse though this process find themselves searching for investment for their business plan. Whilst it’s challenging to find the people who are prepared to invest in your business, currently there are various platforms where budding entrepreneurs can meet with investors for their business idea.
There are many start–up launch platforms where one will find all the assistance required to launch a new business. Here, entrepreneurs also get the opportunities to connect with numerous investors. These platforms will build custom fitted plans for your business & will provide evaluation. Such platforms also arrange administrations to enable customers to enhance their proficiency and organization for development and change. This brings down the overall cost to set up the complete business.
Another option is the Angel Investors. There are many angel investors who are equipped and geared up to provide the required capital for a viable business idea to help out the entrepreneurs. In such scenarios the investors have the agreed upon equity ownership in the business. In many occasions, these investors become mentors to the new businessmen & guide them to maneuver the complete business. There are also many crowdfunding sites which incentivize investors & help align the strategic goals of both the investors & entrepreneurs.
Once the organization is setup, staff has been recruited for various roles & positions, then the aim is to keep the business going & to grow it with time. In this phase too one can anticipate many other challenges. A business is expected to sustain all the hardships. Facing a cash crunch, competing with established competitors to land good clients and maintaining the timely delivery & quality of services are to name a few. A business is expected to brush off after every pitfall & stand tall against every obstruction.
Thus come into being the realizations of the entrepreneurs' dream into reality, this is how a random idea journeys to become a business, an amateur becomes an entrepreneur. And this is how the next generation of Facebooks & Apples is in the process of making.