Working won’t make you rich but having your own business plan will. Starting own business has become a trend of late. Many people dream of having a billion-dollar company but a few succeed in it, for having even a successful company is an achievement in itself. Starting a company is fine but making it a profitable venture is what takes a hell lot of dedication. First of all, you have to be gutsy to startup. Startup requires flexibility and must be loosely structured, for the growth and communication transfer needs to be fast.
A startup may or may not be a company. It can be few guys sitting in a room and developing an application to provide services to people. It is also not about being young or old. There is no age for a startup. A boy as young as 15 can be a budding entrepreneur or a man of 40 can think of starting up. It’s not about cash either. A person with cash in thousands can start up. Also, there is no necessity of innovation. It can be an idea that can revolutionize how things work. Take Uber, the biggest cab service company, for an example. It does not have its own cars and it was just an idea.
If India needs to succeed, startups need to be the ones aiding. With no funding of their own, the startup guys, who aim to be big entrepreneurs can take steps that revolutionize the world. But after everything is done, the company is started, there is only one thing that is in the minds of the entrepreneurs: What next? What steps do I take to become one of the top notch businessman in the country? What makes best entrepreneurs is the thing that they reach quality and scale, all at once. The one who manages to reach both of the parameters along with new policies and plans is going to succeed in the long run.
One other thing is that all startups cannot be linked directly to technology. Not all startups are about technology. Startups may be a part of the digital economy and still not include technology. What makes a difference isn’t whether or not, the startups use technology but how they use it.
To make your startup a big company, you need to give your all. These are the 4 steps that need to be followed.
- Find the right team – Having the right people in your executive team takes off half of the workload off your shoulders. Having the right mix of people can lift your spirits up and take you in the direction of doing your job. All the people must have different thinking levels and should be able to adjudge the pros and cons of the decision taken. Loyal, trustworthy and intelligent people are crucial for the transformation of any business. Having a good team is a great investment which will be crucial in good returns. A perfect team can be the best way to ensure higher returns.
- Stick to what sells best in the market – Selling way too many things in the market at the initial stages can lead to doom and no entrepreneur would want to shut his business when it has just begun. Doing too many things altogether can spoil your curry. It can lead to problems one after other. Add to operations slowly. In the initial stages, stick to what sells best. Find the good or service that sells best and proceed with it. Focus on core operations and leave the rest of the work. This is a widely acclaimed formula and works for almost everyone.
- Strategise and formulate a business plan – During times of growth, the startup guys need to formulate a business plan. The strategy should be such that the company should slowly make plans and penetrate slowly and deeply in new market. The business plan should be made within the dimensions of the resources and if more of them are needed, it should think about ways to raise funds to accumulate those resources. The strategy should be that the products should take the center stage and rest of it is secondary. The entrepreneurs should make the most of the opportunities as and when they come their way.
- Review your business plan – Composing a business plan is not where it all ends. Next comes reviewing the business plans. It is important to review the business plan timely. The entrepreneurs should look at the future goals: Where they want to see their company in 3 years’ time. Your team should understand the plans you formulate and should give their review on what they think about the business plan. If you think that the plan needs to be altered or revamped, the planning team along with the entrepreneur should go ahead. They should not hesitate in doing that.
The startup entrepreneurs should not feel comfortable at any time in the starting of the business. They should devise plans and research about the industry they are in. An entrepreneur must not be free. He/she must keep researching and thinking about new things.
This article has been contributed by Simmi Setia, Content Writer, LegalRaasta – an online sole solution for legal queries of entrepreneurs and SMEs. We have been helping individuals with legal services such as Private Limited Company registration, LLP registration, Patent Registration, ISO registration, Income Tax return Filing, TDS return Filing etc.