Entrepreneurship is all the rage these days. This rise in startups can be attributed to the loosening of barriers to doing so. This can also be attributed to the apparent success that startups like Paytm and Swiggy have achieved. So, various budding entrepreneurs, look to ‘make it big’ by emulating the success that these startups have achieved. So, if you’ve got a great idea, the first thing you need to do is; figure out how you could apply it in the real world. I mean there are a plethora of things that you need to consider before undertaking a startup. So without much ado, here is a list of 5 things that every budding entrepreneur must consider before starting up:
Focus On Implementation
Everybody has a great idea at least once in their lifetime. But, success beckons to those who are able to implement this idea in an effective manner. Before you initiate a project, keep this phrase in mind- ‘Failure is inevitable’. So, all your efforts must be directed towards mitigating failure. In other words, either you’re successful or you’re not. There are various factors to consider like having the right product fit, having good user reception, traction, investor interest, market maturity, current market size, future market growth projection, it all counts when you want to implement that ‘idea’ and shape it into a successful product
There are a set of 6 questions that you must ask yourself before diving into the market:
- What problem are you trying to solve?
- Is your product going to disrupt any industry? If not, what is your unique selling proposition (USP)? Although, it is not necessary that you ought to have an innovative idea. You can build from an existing idea and then be better at implementing it.
- What is the current market size?
- What is the projected market growth a couple of years down the line?
- Have you run any tests for product-market fit analysis?
- Do you have the resources and capacity to solve the problem? If not, what is missing?
So, budding entrepreneurs must go through all these questions before venturing into the market. It is important that you formulate at least a rough business plan before you start-up.
Solve A Problem That You’re Passionate About
The reasons for the success of a product can be narrowed down to the processes of demand and supply. In other words, entrepreneurs have identified an actual gap in the market and have sought to fulfil the gap. One needs to look no further than internet giants like Facebook, Twitter and Google. The founders of these businesses identified a problem that was close to them and found a way to solve it. Hence, there is a sort of free-flowing nature to entrepreneurship. In other words, ideas just come to you. So, don’t just be an entrepreneur who is looking to startup. Be passionate!
Just Take The First Step
Elon Musk started from his dorm room. You are no different. I mean we all have to start somewhere. It is absurd to not walk just because you’re too afraid to fall. Nobody gets it right the first time. Your product may not be perfect, to begin with. It can improve over time provided that you adopt the right strategy and learn from your mistakes. So to borrow from good old Nike, Just Do It!
Be Open To Feedback
At the end of the day, you ought to understand that you are selling to an audience. So, it is important that you understand their pulse. As an entrepreneur, you must adapt to changing tastes and attitudes of the market to stay ahead of the curve. The biggest indication of whether your startup is doing well or not is the number of people who are buying it. Don’t be afraid to ask consumers for feedback about how and where the product is lacking. Don’t forget – growth is constant.
You’re A Consumer Too!
Last but not the least, be aware of the fact you’re a consumer too. Put yourself in the shoes of a consumer and ask whether you’d love a product or not. What may have been a good idea may not necessarily be useful to the target audience. It is imperative that you be honest with yourself in this regard and ‘kill your darlings’ if you have to.
So, a startup may not be the easiest thing in the world and the roadblocks are inevitable. However, it is important that you keep these five guidelines in mind to ensure that even if you do fall, you don’t fall hard.
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