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You have identified a business opportunity that you are sure will rock the market. Are you stuck on how to move things forward? Are you worried if you have covered all bases and if your idea will ever take off? If so, read on for a quick tour of things you need to have in place to launch a start-up.
1. Your Attitude: Before you even start writing a business plan, it’s imperative that you believe in your idea. Negative thoughts, fear, or doubts will sabotage your chances of success. Start off by tuning into yourself. One by one, strike out or deal with all the reasons that make you say, “It can’t be done!” Once you are mentally in shape, the rest becomes easier to tackle.
Remember, entrepreneurship is not for the fainthearted. You should be prepared to make intelligent enemies, change your strategies quickly, sometimes pull
2. Planning: Once you have a clear mental picture of what you want to do and how you want to do it, start writing your business plan. When you write it, you will find yourself unraveling situations that you hadn’t thought about before. This will give you and future investors an idea of what to expect. By not writing your business plan, you are using a short cut, which almost never pays off.
Tackle questions about uniqueness of the plan, short term and long term goals, customer base, competition, and finances. Do not reinvent the wheel and keep learning from the follies other have committed in similar scenarios. Your business plan should be equivalent to a blue print of a building; giving you a clear picture of what exactly you will be building.
3. One Worry: As an entrepreneur, many people think that they are responsible for all areas of the business. Because the idea was theirs, they feel obliged to micromanage, sometimes even execute, every aspect of the plan be it product related or marketing related. Of course, as the brain behind the idea, you must provide the direction and vision for the company, but lead only one area of your expertise. Hire skilled and reliable employees for various other departments. People will make or break your company and hence must be hired with utmost care. When you delegate, never forget to check up on the progress, but treat that as a side dish and not the main course. Allow yourself to work at an optimum by focusing on just one worry.
4. Unity in Diversity: As an entrepreneur, one of your biggest challenges will be motivation - yours and that of your employees. To keep tackling with obstacles on the way to your success, you must keep pushing yourself hard and have your employees do the same.
Never categorize all employees in one mould. Each one is diverse in their thoughts and implementation, and you have to use their positive energy fruitfully. Be open to questions and ideas. Help unifying various talents in your company in one common direction - your vision. The more focused you and your team stays on the common goal, the fewer the chances of failure.
5. Funds: The most crucial thing to take care of for a star-up is the funding. While engaging with a venture capitalist, be absolutely clear about what their interests are. As an entrepreneur, never allow your sponsor to dictate terms on how the game should be played. Only indulge with people you see eye to eye with.
Most investors will want more for less. Before setting up meetings for money, be absolutely clear on which parts of the business, they will have no say in.
Chillibreeze's disclaimer: This is a contributed article and was published on Chillibreeze in March, 2010. The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article. The relevance of the facts and figures cited (if any) could change after a period of time.
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—About our writer:
Gurpreet is a masters in mass communication and works as a freelance communication consultant. She has worked with brands like Buffalo- David Bitton (US and Canada) and Bennett and Coleman (Radio Mirchi). She has experience in media interaction, corporate strategies, web content writing and educational material creation. She is a complete foodie and claims to cobble a meal meant for four whenever possible. When she isn't eating, consulting or writing, she is traveling !!
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