There is no fixed requisite qualification to become a successful entrepreneur or to launching a start-up. However, effective planning is very essential. Odds and uncertainty are part and parcel of entrepreneurship but entrepreneurship seldom knows how to begin the process of building a business empire. Below we shall try to understand how to morph a business idea into a successful business in a step by step guide.
Evaluation: First the entrepreneur has to have clarity on the purpose behind starting a business. The purpose might be to earn money or get rid of a 9 to 5 job. However, the entrepreneur has to assess their skills, passion, expertise, affordability, risk factor, lifestyle, and readiness to start a business.
Business Idea: The next step is to have a business idea. The entrepreneur should have a fair understanding of technological advancement. The idea should also be problem-solving in nature, innovative and cost-effective. However public response and counselling by other entrepreneurs could be pertinent.
Market research: Preliminary research is equally essential to gauge the mood of a customer on their rival producers’ products. For that cause, the entrepreneur can use research techniques like surveys and interviews. However, it is to be noted that the entrepreneur should rely more on ground data rather than secondary sources and online available resources.
Public feedback: The entrepreneur should seek public feedback on their product. The public response taken can improve the quality of the product and keep the service relevant. The feedback even if critical should be taken with due caution and care.
Making it official: In order to make a business official, the entrepreneur has to get all legal clearances. The entrepreneur should make sure that components like brand name, registration, tax, license, bank account, trademarks are as per the prescribed law.
Business plan: A business plan is a detailed description of business activity from beginning to end. The plan should address all questions arising in the business
Finance: Angel investment could be a great source of finance for business units. However self-finance, finance from near and dear, grants, crowd-funding, finance by clients and banking institutions can be very effective.
Developing product or service: Now it is the time to actualize your idea into a product or service. For this purpose, the entrepreneur may need skilful personnel. Simplicity and quality should be taken care of while crafting a product. However, production processes need to be cost-effective and time-saving.
Building a team: Working in a team is crucial to scale up any business. The entrepreneur may need a partner, employee or freelancer to build a team. After building a team a team spirit is also crucial to meet the set entrepreneurial goals. It can also bea big challenge for the entrepreneurs to develop cordial work culture.
Location: While setting upon office or a store, the entrepreneur should consider various factors like the style of Operation, Demographics, Accessibility, Competition, Building’s Infrastructure, and other costs, etc.
Sales and Revenue: Businesses depend on sales and revenue. In order to maximize sales entrepreneurs should give topmost emphasis on clients’ needs and requirements.
Growing business: Any entrepreneur needs to have two key attributes helpful for business’ growth. First preparing a good marketing strategy backed by an effective campaign that could accumulate huge customers. Secondly, creating a sound relationship with customers.