Everybody has their own business ideas today but becoming an entrepreneur means going beyond an idea. India has seen a great rise in the number unicorn companies and the startup culture here is booming. It isn’t surprising to see the younger generation give up 9-to-5 jobs to pursue their dream of running a business. Giving the entrepreneur ecosystem a boost, the government has brought in several regulations to help budding businessmen. And yet, most business people are still grappling with the basics of their business.
For the old and the new, we have compiled a checklist of sorts, various factors to keep in mind on the way to becoming an entrepreneur.
Ideate
The best ideas are ones that solve a problem. An individual can come up with many different ideas but the winner should always be the one that solves a consumer problem. Because solutions sell. Very rarely, entrepreneurs are able to create a market for their product rather than selling a product to an existing market.
Market Analysis
Every product or service has a specific target audience. Research this audience, conduct market surveys to understand the response and get a better idea of the impact your product may have. This can also help you get early feedback to make improvements in your product before you launch. Take this time to do some research on your competitors as well.
Build a Business Plan
A smart businessman is a successful businessman. To be smart means to have planned ahead. You should have your business planned out with both short- and long-term goals, your plan of action for risk management is things go south as well as projections of different business scenarios and how to get to where you want to be.
Arrange Capital
This part is perhaps the most difficult one. Entrepreneurs have many options when it comes to arranging capital. You can approach a bank or financial institution, pitch in your money or you can approach investors. Angel investment is the most common method used these days and is the reason behind the entrepreneurship ecosystem that India is seeing right now.
Network
Networking is how you meet other people that have mutual interests in your business or possess skills that you can utilize in your business. You may also find potential investors through networking to help your business model off the ground. Your network can also support your business once you are launched, helping send new customers your way or with business acumen.
Marketing
Marketing should be a focus before, during and after your business is launched. You may have the best restaurant in the city, but nobody will visit if they don’t know it exists. Find the right media option for your target audience. For example, millennial’s are more likely to see an ad on social media than on a billboard on the highway. Consumers want products and services, but they aren’t always sure about what to pick. As an entrepreneur, you need to convince people that whatever you’re selling is the best option available. Sell your product on what makes it unique and the value it adds.
Feedback
Hold trials with a test group to assess market reaction to your product or service. Use different control groups across demographics, gender, and age. Compile this feedback and understand what is the best way to solve the problems that your test group is facing. Compare the required changes with your current product and decide the feasibility of the enhancements to the product.
If you want to look at some success stories or research on other startups, you can take a look through our database of Indian companies and directors.
