THE HIDDEN MINES OF START-UP INITIATIVES – WHY DO MANY FIRST TIME ENTREPRENEURS F AIL?
A great concept, a brilliant service, a disruptive product, or an amazing business model has all the potential of catapulting you to the peak of success. But shockingly, many exciting startup initiatives fail miserably. Why is that?
The real-life challenges of the business landscape go well beyond your brainchild product or service and can complicate your entrepreneurial adventure beyond imagination. With the practical hurdles of running your day-to-day business rattling your focus, you will in all likelihood be staring at failure by the time you realize that you’ve not accounted for all the details.
Important questions a first-time entrepreneur should ask A million influencers contribute to your success in the business world, but there are equally extensive pitfalls that could destroy all your entrepreneurial dreams. So what are the questions you should ask when you venture on your first entrepreneurial journey?
IS YOUR BRAINCHILD A PERFECT FIT FOR THE MARKET? Your innovative service or product might deliver a unique solution, but it might not be what your audience is looking for. Hence proceeding without assessing the market need will lead to failure right at the initial stage. Assess every aspect of product or service objectively from your user’s point of view – from how strong your competitors are to the pricing strategy.
WHO IS MY TARGET AUDIENCE?
Understand your target audience well – their likes and dislikes, their problem areas that your product/service will solve, and means of measuring their response to your efforts in connecting with them.
HOW WELL DO I KNOW THE LOCAL CULTURE OF THE PLACE I OPERATE IN? Understand the customs and practices of the place you operate in – is the area prone to power cuts, are there any extra regulatory requirements to set up your operations, is the location prone to be affected by frequent labor strikes, and so on. Else you will face immediate resistance and complications the moment you start functioning.
HAVE WE ACCOUNTED FOR ALL THE LEGAL AND REGULATORY COMPLIANCES THAT MY BUSINESS REQUIRES? We often ignore the legal and regulatory details of setting up our enterprise. Have you taken the help of a robust legal expert to be sure that you have read between the lines – right from registering your organization and protecting your intellectual property to Contract laws.
HAVE WE PLANNED OUR EXPENSES EFFICIENTLY? Most startups are on bootstrap mode – but even with a healthy investment please watch what and where you spend on. Blind and extravagant expenditure, especially at the initial stages, can lead to empty wallets when you are faced with an essential expense for your organization, product development, and marketing.
HAVE WE CHOSEN THE RIGHT TEAM? The right team creates magic, while a disjointed entrepreneurial journey spells disaster. Make sure that you have a healthy team of partners and recruited employees. Are your agreements clear and are all the stakeholders aware of their role in the organization? This element is critical since people are definitely the anchor of any entrepreneurial venture.
Entrepreneurial initiatives: Thinking beyond your product or service The questions you should ask before embarking on your first entrepreneurial adventure are extensive. Right from people to process, approach and measures, you need to make a 360-degree, objective, and clear assessment of what’s needed and where you are in terms of overall readiness. Despite all the readiness, you also need to be fortified well enough to face the sudden change in weather, especially during the initial stages of your journey.
So, take out your checklist and find out how market-ready your entrepreneurial plan or initiative is.
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