Part-1: Getting Started!
What matters the most in such situations when you decide to follow your passion of getting #started:) and at the same time you don’t want to invent the wheel again?Simple..You start by asking the right questions before it is too late!
Got something unique/meaningful to offer? :
Innovate and include some specific advantages before getting started.Research well to come out with something more meaningful so that you don’t have to struggle to sell your products/services though you still need to market it wisely.
Is your working capital in place? :
Take a look at your financial position: While someone at one arm of the organization is fighting for the receivables you still need to service the existing demands.Otherwise as a business entity you will cut a sorry figure and it is very difficult to remove such “wrong” impressions especially when you are small business setup.
Really ready to launch? :
Before you start you need to make sure that you are ready to launch it from all possible angles.A wrong move or a wrong timing would result in disaster and recovering from such a wrong move might need a herculean effort to make it alright later.Launching should be ideally in tune with the changing external environment so that it is done in the most favorable condition possible.
Should you go very very aggressively or move with caution? :
Allow yourself to settle and adjust before branching out and endeavoring to enhance the current level.Observe and take decision.A quick jump in enhancing operations would act as a counter productive measure unless you are well prepared for that.What is important is establishing successfully by starting with what you can manage well.Agree being aggressive is good but generally speaking a bit of moderation probably might be more useful at this stage for a long journey.
Is this “game” going to be the same forever? :
Everything has life cycle and time period of acceptability.The questions is how we are going to adopt the new technologies and developments happening all around us in the best possible manner so that we are not left out.Whatever would have been the USP’s for you wouldn’t last very long.Over a period of time the nature and type of the market would have changed, the requirement would have undergone some changes and even several other external forces would have changed forcing you to update and upgrade.
Is it important to care for what others got to say?:
Yes, a quick feedback from reliable and dependable sources. Those honest opinions matters a lot for to fine tune just in time before the damage if any spreads out!We might have the best of the services and quality control in place but we still may not know what are the missing elements! and often it has to come back as a feedback.Start by doing what’s necessary, then what’s possible; and suddenly you are doing the impossible.
What would be “The” #bestadvice for #startups ?:
The bigger players would have sufficient funds and other such resources to spread out in the manner they visualize(exceptions included!) and they might even have experts on the board also to guide them through, but that seldom is the case with small entrepreneurs and such other entities mentioned above.By the time the smaller entities are up and ready for capitalizing on the market demands they realize that they are also fighting for a slice of the cake in a fiercely competitive market probably dominated by bigger players having sufficient resources (both in terms of manpower as well as financial power to make it worse!).Try to take control of favorable elements while planning to defeat the uncertainties in the best possible manner.
Part-2 : Funding and Taking Forward!
What if you are not able to get the funding to take your #startup forward?
All business entities goes through a period of cash-burning while struggling to establish.
It could even take several months(or longer) to achieve break-even for many such startups.
While keeping in mind these unpredictable factors, optimistic thinking for a good startup idea also require proper planning for the next level of investment ,right from the beginning.
Because there shouldn’t be a gap period waiting for funding to take place and proper progress should ideally happen seamlessly.
Once when awareness is created for a particular product or service through test marketing after the initial incubation of the idea , the customers won’t like to wait for too long for the product to be delivered/service to be provided.
So we need to plan in advance through a long term planning mechanism right from the beginning on how this particular systematic investments in proportion to a planned growth are to be made and the sources of likely funding partners also need to be identified and kept ready.
#Step by step: To start with any idea initially we need to put own fund at first(ideally, need not be necessarily though..) so that we could generate more confidence while we look for the next level of funding from other sources.This bootstrapping is a way of getting started with probably less risk if you are really convinced about your idea and extremely passionate about it .The four relevant phases of bootstrapping being starting positively, scaling it up appropriately, optimizing as needed and validating.
Next option..Crowd funding for taking it forward..Asking friends, family members and others who believe in the idea to pitch in with money.If the bootstrapping stage has crossed successfully with measurable results and achievable future plan for growth then all that is required is honestly convincing them to be with you with their (hard earned) money.
Instead of crowd funding ,Once we know that this idea is taking up well then we could go in for loans from government or even approach the angel investors with proper long term business plan.We could, if things are working out well also plan for VC funds in advance and opt for startup acceleration methods to cater for a bigger market.
What if you are not able to get the funding to take it forward?
#Other way?
If the existing customers are happy and willing to give advances or even ready to partner with us then that would be the best method to gather more funds for enhancing the operation.
You may like to read more about this unique method by clicking on the link of the article given at the end(“Turn Your Customers Into Investors”).
“Regardless of the financing approach, now is the time to focus on building a community of users, fans, customers and vendors who are excited about your company”
Thanks for reading.#About us: We are committed to support organizations manufacturing engineering products & providing services useful for the engineering(such as construction) industry to grow ethically by providing unique management solutions #Wehelpu2grow. For getting connected please use info@bvprgj.com. # You may also like to read this ..#1.Link
: “Turn Your Customers Into Investors”.#Text Copyright © 2017 by Prakashan B.V www.bvprgjconsultants.com .All Rights Reserved #Disclaimer: Any issue with any or all contents used in this post, should be directed to the author. Write to us..managementconsultants@bvprgj.com or startupsupportingconsultants@bvprgj.com
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