Our mind is the home for numerous possibilities. Many believe that our thinking capacities and abilities deteriorate as we grow older, which is true up to some extent. However, we can optimize our brains and become a part of bigger possibilities.
To begin with, let us remember that anything that is made to limit us is to be broken. Today, we are living in an environment of innovation and entrepreneurship. Any creative idea holds the potential to change the world for you. Many would have smirked at the idea of messaging through the phone or connecting people on social media. But these are the technologies that have been rightfully discovered through innovation. Two decades ago people would not have imagined using the internet for sales, but today it is Amazon and Flipkart that delivers your product. The role of these companies has become more important in light of the pandemic.
We too have some ideas, don’t we? It could be that painting you made or any service you could provide. India has the market for so many entrepreneurs with numerous products and services. In fact, the Government of India has a Start-Up India Scheme that gives benefits to many startups and entrepreneurs.
Here are some valuable tips if you are beginning your journey as an entrepreneur
- Clarity of Purpose and Idea
Your idea or service should have a strong story or a motivation factor behind it. This is extremely essential because it will give you the clarity that is required to run the business. Further, you have to realize what purpose it serves and who is benefitted from your product or service. People are looking for entrepreneurs who are identifying problems and are coming with sound solutions. This is the change that the world wants to see through startups. The problem you can identify could be anything. The more people who benefit from your idea, the more successful your venture is.
So your purpose and idea need to be crystal clear before you begin this journey.
- Market Understanding
The next thing you must be thoroughly aware of is the understanding of your market. You have to know the number of competitors that already exist in the market. What is their market share and how would you project your market share to be. You have to identify their strengths and USP’s and identify how you would make your product/service stand out. Why should a customer walk into your store? You have to have the answer for this question. Walking into the market without this research is like walking into an unknown territory without a map. Even if you can’t do it, hire an agency to do the market research and a detailed competitor analysis so that your brand will always stand out.
- Planning Your Finances
Ah! This is exceptionally important. While we can and should be optimistic leader in starting our entrepreneurial journey, we should also be realistic when it comes to our finances. At the end of the day, you need to have cash in your bank account for your bread and butter. So, we all come from different financial backgrounds, each one of us will have our risks. So what is suggested is that you do a risk vs benefit analysis for your finances, everytime you make a financial decision. What risks you should take to what benefit. This approach can lead you safely through your journey.
Secondly, always have ample back up amount. God forbid, in case something unfortunate happens, you have to live a life again after that right? So keep this extra amount. If things work really well, you can use this to invest further.
- Growth and Expansion
Nobody will appreciate a business that has no plans of expansion. If you go to an investor, he/she is sure to ask you, your plans of expanding the business. Because, every business needs to have a vision of growth and a high aim. Your beginning could be small, but the vision for the future should be massive and big. You have to keep growing to sustain a business or else someone else will copy what you are doing and you will not be of any relevance anymore. Customer loyalties will change too. So, grow and explore more opportunities.
Every idea in your mind needs to materialize itself. We need such people in our nation to go towards prosperity. Your mind is the home for numerous possibilities and you can make your dreams, your reality.