9 Things to know before starting your own business
“Entrepreneurship” is very alluring to the youth now a days. Almost everyone out there, doing jobs or still studying, wants to stand out with their own ideas. It’s all right, being aspiring is not a fault, but if you are really one of them and always wanted to do something on your own then you must know some key points before opening a new venture. Otherwise, it would be something like jumping in a sea without even knowing how to swim properly!
Today, with this article, we are going to share some core points that everyone should know before venturing on a roller coaster rise of a startup! Yes, obviously, points described in this article can not provide 100% guarantee to become successful but will help you in upcoming future.
Think before you GO!
Just because of startups are proliferating everywhere now, doesn’t mean that you also have to follow this trend. Study on your ideas if you have some or any, share them with some of the successful entrepreneurs very close to you and try to find out if your idea is really capable to melt the heart of consumers or not! Analyzing the markets and targeted customers are also important you should be aware of.
Only generating ideas aren’t good enough for starting a venture, you have to find out if the idea is really viable or not. As a new startup can change your life either in bad or good ways, you should take time to think and do possible research on the idea before your final jump!
Three steps to follow!
Having so many ideas for a new startup will through you in a sea full of confusion, so you have to select only one idea by eliminating others. For this elimination process, simply follow three steps which will help you a lot.
The first step is to filter three ideas out of your initial ideas. This process is called Decision Matrix Analysis (DCA). After DCA, follow Paired Comparison Analysis (PCA) to short-listing of three ideas to two! Finally, follow 5Q framework to select a single idea out of those two!
Theses steps really works and these are systematic and scientific procedure to eliminate the ideas with lower possibilities to survive.
You may meet failure!
Startups are so risky! As we mentioned earlier, it can give you a very successful life ahead and also can ruin you current state! Whenever you think about any future business, we would like to suggest you to recall failure over success first, it will help you to focus on the weak areas.
On the other hand, failure is also an important part of our life, a part of success. So, keep this in mind before opening a venture, ‘Failure can meet you any day soon.’
Basically, it is normal that you will have to invest a hell lot in any new startup, but we would suggest you to spend wisely. This is the point where you should be focused on at least two times more than you do for the other parts. Try not to run out of capital, at least not in the early stages!
No matter what type of business you want to run, it will have a industry of its own category. So, we can assume that in that industry, your business is not the only one, right? So, you have to do something different to stand out from others. Other wise, your business will not see the light, not so soon at least.
‘Freedom’ is a myth
You may think that being the boss of yourself will make some freedom for you! Just not you, but lots of entrepreneurs out there thinks exactly the same. But, trust me, we think this is probably the biggest myth of all.
Doing job may have some fixed time frame per day but if it’s your business we are talking about, you will have no time frame at all! As you will be the boss or owner of it, you will have to spend most of the time behind it.
Another fun fact is, in your business you won’t have one boss, you will have many! Yes, customers will think them as your boss!
Stay out of Debt
So many young entrepreneurs started their own business by taking loan from banks or from somewhere else and ended up with mixed results. But this can be stressful over time.
Starting something new is so tough and comes with several obstacles and challenges to take care of. Getting loan from somewhere will help you first but it will be a reason of another stressful journey in the long run. We should keep the stress list minimized, right?
So, we would suggest you to raise some capital first. It may take some extra time, but you’ll be safe from extra mental stress.
Success doesn’t come overnight
It will take countless days, months or even years to gain the profit or success you always dreamed of from your business. Success doesn’t come overnight, you will have to work hard for that. So, get yourself prepare to earn this.
Deliver more than expected
Try to deliver more than consumers expects! Google’s Larry Page encourages entrepreneurs to do this. It is a really good way to get noticed in your industry and build a loyal reputation.
So, starting own business can be very very exciting, we know. But this is also important to do all the necessary homework before starting. Be sure about your steps and take measured and meticulous steps.