Starting up on your own sounds wonderful to everyone. But ever thought what is the first challenge? It is the ability to take 100 decisions all at once. Not all decisions are equally significant, yet for laying the foundation for a startup few decisions are a must. So, let us now discuss quintessential elements of starting up.
1. A Brilliant idea
Wayne Chirisa rightly says, ‘Innovative ideas are the golden wealth of a growing business’. A great idea is the first seed in planting any business. In today’s cut-throat competition, a unique idea has become a necessity. Business can run without a great idea, but if you want to leave a legacy behind, you must have an impeccable idea. Not just in starting up, this idea will form a basis for all your decisions. The development and direction of growth depend heavily on the business idea. So, always choose it wisely.
2. Idea Validation
Ideas may come easily, but giving ideas the shape of a business is a deal. For this, validation of an idea is of utmost importance. With firms starting up in every nook and corner of the country, your idea really needs to stand out. Look for an idea that solves an existing problem. How relevant is your idea? How does it solve or makes something easier? Who is it meant for? Find convincing answers for all these by pitching your business idea to right mentors.
3. Market research
The idea or product you think of, invest a lot upon, what if it already exists in the market? What kind of customers will buy your product? Who are you offering to? What is the scope of your product? Is the marketplace for them saturated or booming?
These are few essential questions you need to find valid answers for. Before starting up, market research is a must, it will validate your investment well.
4. Funding and budgeting
After validating the idea, the next step is the capital arrangement. Businesses are founded on ideas but are built through the capital. Rather than being clueless later, it is better than before starting up you know your pockets. You should have a clear idea of sources of investment or funding for the business. This facilitates to run the business till it starts making profits. Also, the budget should be well defined and maintained in the initial phase.
In the first of this series, these are the quintessential elements for starting up. Other elements are coming up in the next blog. Stay tuned.