Welcome Guest

Businessex.Com
Home Article Starting Up Idea  Do your homework well before taking the plunge

Do your homework well before taking the plunge

It is not only your product but also other aspects that matter in a business.

Tags: It is not just about having the best product, as a start up you need to do your homework on other fronts of business as well. After all you have to sell your product or service and generate income to sustain.

BY Entrepreneur  |  Apr 12, 2010 comments ( 4 ) |

It is not just about having the best product, as a start up you need to do your homework on other fronts of business as well. After all you have to sell your product or service and generate income to sustain.

 

Here are some of the fronts that need your attention:

 

Marketing – Even the best of products need to be made known before they are sold.

 

Cyrus Driver, Founder and CEO at Calorie Care, who started around five years ago

says, “Marketing was the biggest challenge for us.” As a startup, we have never had the funds to advertise. So the biggest challenge has been to create awareness about our service. Even today, we feel that we are barely known and that 99 per cent of the health conscious people, who would love to try our service don’t know that we exist.”

 

Relationship building – Business is done with people and for people, so relationship with people is very important. Ashish Sinha, Product Strategy Consultant at pluGGd.in, while giving advice to aspiring entrepreneurs in an interview to Franchise India Media said, “Do understand that one of the important factors in building a successful business is relationship building. Not too many entrepreneurs spend time in building relationship with potential customers, press/media or industry experts.”

 

Funds – There are two aspects when it comes to funds. First is, understanding how much do you really need. Sinha, who works with start-ups says, “Most of the times, startups overestimate their fund requirement (especially in the early days). They need to understand their business’ working capital/expansion ‘real’ needs.” Sometimes what seems to be an inevitable expenditure is not actually required. Pay heed to every penny you spend. Every time you open your wallet ask yourself ‘Can I do without this?’

 

The second problem with funds is raising funds. Startups need to understand that they need to approach angel investors in the early days. And so a business plan, proper documentation and maintaining the ledger is necessary.

 

Plan your pricing – The pocket of the target market should be studied well.

 

“To the young entrepreneurs I would say, India is a very price-conscious market. So plan your pricing very carefully and track your costs very carefully,” says Driver.

 

“Do not build product, unless you have figured out the market. Have a solid sales plan,” says Sinha.

Also, do not enter businesses that have lots of entrenched competition. You might not be able to match upto the prices of bigger companies.

 

Entrepreneurs should ensure that they have done their homework before they take the plunge. Entrepreneurship isn’t ‘romance’ – it’s a career as well as lifestyle. “Essentially, it’s a marriage,” says Sinha.

Please add your comment

anu

August 19, 2010 at 3:59 am

these tips are truely helpful for the beginners.

Reply |

Vivek Chakraborty

June 18, 2010 at 11:03 am

Yes correctly Quoted "Business is a Marriage Not Romance More over Its Passion Blended With desire"

Reply |

poorna

June 16, 2010 at 12:00 pm

it is good message for the beginners. please read and store this into ur mind if u want to start any fresh business.

Reply |

GAURAV SHARMA

April 17, 2010 at 2:44 am

yes it is realy help us in sales feild

Reply |

Rating
Not readable? Change text. Enter the characters as seen on the image (case insensitive)
  Notify me of follow up comments via e-mail   Subscribe for daily newsletter

Related Articles

Cashing in on the slowdown

BY Entrepreneur

A slowdown is actually a great time to nurture and incubate a small company. Limited resources lead to creative thinking, thoughtful expenditures a...

Making of a financial planner

BY Entrepreneur

Financial planning is one of the fastest growing professions in the world but as far as India is concerned there is a huge demand-supply gap. Wi...

Entrepreneurial Stamp

BY Entrepreneur

Quite a number of times in our career path we are tickled by a desire to start our own enterprise. But such instincts are suppressed again and again b...

Making of an entrepreneur

BY Entrepreneur

Entrepreneur: Sameer NigamProfile: MD & Principal ConsultantCompany: StratBeansAn Indian Institute of Management, Ahmedabad (IIM-A) and IIT Kanpur...

Incubators Nurture Your Startup

BY Entrepreneur

You may have a professional qualification from a top notch college, armed with the expertise that can land you in a cushy job. However when it come...

Choose your business partner well

BY Entrepreneur

The idea of sharing profit might not sound interesting but a good business partner is a boon for an entrepreneur. From sharing responsibilities to inc...

5 mistakes that most start-ups make

BY Entrepreneur

It is alright to make mistakes and learn from them. But it is always better to learn from other peoples’ mistakes. And when it comes to starting...

Business Entities for Startups

BY Entrepreneur

So finally you have mustered all the courage to start your own business. And now a hundred decisions await your approval stamp. One of the most import...

Get Into Business with Partners

BY Entrepreneur

Startups often shy away from starting their business with partners.  Each may have their own peculiar reasons, such as insecurity, the pain of pr...

What is a Winning Business Idea?

BY Entrepreneur

Are you going to start a business because someone else has been very successful in the same kind of business?  Or are you going to start a busine...

Bottlenecks to Success

BY Entrepreneur

Starting a business is a risky venture; this is a common notion regarding entrepreneurship. Everyone wants to be an entrepreneur but when it comes to ...

Are You Riding a Rudderless Boat?

BY Entrepreneur

Starting a business is like deciding to ride a rudderless boat in a stormy sea. Though you start with high determination but once you have started ...