In our previous talk, we had out listed some of the reasons why one should never opt for a Startup. Enduring from our preceding report, we append hereby the situations & parameters under which scenario it would be appropriate to have your Dream startup a reality. It may be an opportunity which you may want to en-cash or your Skill set which needs to be brought to light in this globalized economy. Anytime is a good time for a startup, provided it is backed by an idea & proper planning along with its execution.
We have tried to cover few of the factors which may be suitable for a Startup to blossom & flourish its existence.
Untapped & Unlocked opportunities which you may find may induce you with vigor to a Startup. Opportunities are to be hunted, for they are always behind a veil. It’s you who have to strike the opportunity and grab it when you find one. Unveiling is your job, once unveiled, you shall find a path which may have stumbling blocks and nevertheless you may enjoy the voyage to your dream Startup along that path.
Your Startup is not just a trance but it is an idea backed by a practical viability and a pertinent Business plan. It’s a ready to eat Menu for the customers & the society as a whole. You have an idea, which is not a rocket science and has been a proved and tested technique by other entrepreneurs in the market. However, you do not have to just copy-paste their ideas, as no startup can imitate other models. This is because the people behind that model may have a totally different skill set and execution models than that of yours.
If you have a previous experience at the Management level of a Business or a corporate of how things go about in the real world, maybe after a long journey, you may believe to get the DIN on your own name in your own company. But again it collectively depends on other factors discussed here too. The experience may or may not be allied to the industry in which you wanna plunge into as a Startup.
Even if you do not have a previous Management level experience, you do not need to shy away from your Startup project. This is because your Technical & Financial working knowledge may also be enough to click your Startup into a success. Getting into Entrepreneurship is not an option. It’s a process, a Learning curve. Hence whatever you skill set you put on at your job as an employee can be deposited into your Startup with a huge yielding return.
The Startup also needs to have timing with regards to the current Market scenario. The Market players, the product acceptability & the consumer’s frame of mind. Pricing strategies, competitive edge, inflation, calculated break evens for your product or service and other such factors make a huge impact on the Startup you introduce to the market.
On the other hand, the existing Government policies & regulations do mould your Startup to a great extent. Policies regarding Import and Exports, Regulations on Minimum Prices, availability of Grants & Licenses, Stamp duty & registration laws, Banned & Prohibited Items, Regulatory authorities, Excise & Custom duty , VAT & Income Tax & other laws compliances would play a major role to back your Startup acquiring a legal & professional outlook.
Your Personal Financial Standing also does help a lot to make your Startup funding more comfortable and less risky. You not need to run helter-skelter to search investors or beg borrow steal from your relatives or friends. If you have earned enough to withstand your lifestyle in future either through your own efforts or by inheritance or you may be born with a silver spoon, whatever may be the source, your idea can be funded in-house by your equity. Borrowing is although good for any business, but initial borrowing may land you up into paying interest costs along with diluting your equity in most cases.
Your Skill set and intellectual may be a valuable Add-on to your startup. You may be good at the technical and operational stand, you may be great in handing people & team, you may possess excellent marketing and PR skills, you may do wonders in project management, whatever may be your weapons, it shall all be of use to your Startup.
An entrepreneur needs to have Leadership skills and if you are well-off to identify talents near you and attract those talents converting them into your Startup team, your Startup can do marvels for you & your team.
“Try Try, Never Surrender” may be a Mantra for your way of life and you may always wanna give a second chance to your efforts. That’s when you learn from your Past mistakes and failures, you decide to startup afresh. Now at least you are aware of “How not to do Business”.
The ability to develop social networks, either actual or virtual may help your startup to build a strong base for a long term survival. You can convert some of those networks into your clients or maybe even your team members, suppliers or even as liaison agents to get your work done.
Having a presence of your Startup in Smaller cities and Towns can help you to obtain an advantage on the platforms of cost structure and attract talents at the low cost. Your office setup costs may also be low as compared to the metro cities, in whatever part of the world you are.
If you agree that your Startup shall contribute to the economy & the society as a whole, there is no looking back to make your Startup a true success. As an Entrepreneur you can approach new horizons by contributing to the economy by providing better services & products at a reasonable cost. Your Startup can be a classic example to a B-school graduate enabling them to develop and cultivate their own novel startup, thereby promoting and nurturing Greenfield projects in future. Also, investors, Financial Institutions and Investment bankers can plough in their funds to your Startup which promotes their businesses too.