A Before you start your start-up By Ben Pretorius
Know your AUDIENCE Before you start a business you need to understand the market and environment in which you are aiming to operate. Ask yourself, “What is the need that I am trying to solve? Who am I looking to sell to? Are they willing to spend money on the product or service?” It is wise to remember that not all ideas that are great are commercially viable and profitable. A product can be functionally necessary but if there is no demand for it, the business is bound to fail.
B
Try to view the business from the outside, and, in your business plan, give insights from all angles. You should show that you are realistic about your goals and consider the good and the bad in your projections and research. Be clear about your competitors and what makes you different from them.
Ben is the Executive Head : Education Sector at Standard Bank
The world of business is exciting and challenging, but very rewarding when you get it right. You may find yourself asking “How do I start? What documents do I need? How do I get funding?” The information in here is only the tip of the iceberg, but it is a great place to start.
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Look BEYOND your perspective
C
Be CLEAR In your business plan, make it obvious why your business is different from the rest, and be clear about it. Do not tell your life story or more information than absolutely necessary – you do not want to be wasting the time of the reader.
