What if one can travel in future and come back with all best ingredients of a successful entrepreneur to build a great company for tomorrow?
Since we have worked with many exceptional entrepreneurs in the past that has helped us to share the recipe for success amidst business challenges that every startup has to face as below:
1) #Business idea
Its not easy to be able to tell whether a business idea is good or not. It also takes some reasoning about what it means for a business idea to be good. For example, building a Google search engine was a good idea in the 1990s, but 99.99% of the population could not execute that idea to the level of quality that would have been required. Similarly, opening a restaurant may be a good business idea for some people, but not for most. So a business idea has to be highly personalized to the entrepreneur to take advantage of their abilities, interests, passions, education, access to capital, connections, and much more.
Quite often, first time entrepreneurs also make the mistake of trying to go too big with the idea right away. It is good to have ambition, but some small wins are needed in order to build on them and go bigger.
2) #Financial Prudence
Nearly every entrepreneur has faced this issue at some point. While some businesses can be bootstrapped (operated without a cash injection), most businesses will need a cash injection of some sort to help it get the resources it needs.
In the technology space, people often overfocus on investors. But investors are not the only option. In addition to possibly getting an investment, people can try to get donations via crowdfunding or various fundraisers, loans, or grants. You can also consider tweaking business models at times to increase your cash flow internally initially.
If cash flow is a critical concern, invoice factoring can help speed up the accounts receivable process for some business factors or NBFCs. Meticulously planned cash flow management is an essential aspect in contributing to any successful business idea.
3) #Market strategy
Another common difficulty people face is not having a great idea of how to market and promote their business. Too often people’s idea of a marketing strategy is to post about their business on Facebook, hand out flyers and business cards. While those things are ok to do, a marketing strategy must absolutely be much more refined, savvy, and cover many more options.
Each business needs to have a marketing strategy that suits the uniqueness of that business and speaks to the target customer for that business. Engaging in customer surveys, feedbacks and building right value propositions is very crucial to build a strong sustainable business.
4) #Business planning
Business planning has been getting negative attention in the technology space in recent years. The true value of business planning is to identify the challenges and pitfalls and plan around them before they happen, rather than getting blindsided by them when the business has already been set in motion.
In other words, business planning is a way to view the business in a holistic way to help you align the vision for the product that delights the identified target audience, having right execution team, goes after a big-enough market with an effective-enough strategy to earn revenue and turn a profit. Both business planning & control activities goes hand in hand for a balanced risk-return outcome.
5) #Legal hassles
Lastly, most entrepreneurs struggle with understanding below key legal themes:
How they should structure the business while incorporating.
The licences and permits required by their city, state and country.
The level of protection needed for the business in terms of patents, copyrights and trademarks.
Agreements with employees, vendors and clients have deep long term implications