We have all seen businesses rise and fall. A prime example is pets.com. When business ventures fail, many analysts and business professionals try to dissect every aspect of those failed attempts to determine what went wrong and ultimately why failure was the end result. However, one important factor that can impact a business’ failure or success is TIMING. If you launch your start-up too early or too late it may result in poor reception by potential consumers. In other words, proper timing is a delicate balancing act that can make or break your business.
It is not unrealistic to say that sales is like the air we breath, for an organization. The air (sales) that enters your startup’s system will keep it going in the face of all odds. The day the sales (air) stop you are dead.
Selling is always thought to be a process that starts after your product or service is all polished and packed for shipping. You can take that approach but it will not get you far. Your selling starts even before your product even gets a name. Much before it is even prototyped. Way before you start production and long before you figure out how to distribute it.
You cannot run a marathon with a bleeding leg. You cannot cross the English channel with a leaking boat. You cannot sustain for long enough, if you are to burn more cash than what you generate. Burn rate is a measure of how much money your startup is losing every month. Read on to know more about why you should make that number your best friend.
One of the biggest challenges start-ups face today is securing funding for their businesses. Although investors are constantly looking to finance promising start-ups, it is sometimes difficult to convince them to invest. However, entrepreneurs can take some proactive steps to increase the chance of securing funding for their business ventures. Some of the strategies are listed below.
Many entrepreneurs start businesses to fulfill particular needs or solve problems. However, somewhere along the way, they may realize that deviating from their original plan or making some changes to their original concept, which is known as pivoting, becomes necessary. Unfortunately, many are reluctant to make alterations because they often think they will abandon their initial vision or idea. Also, because of some entrepreneurs’ attachment to their businesses, they may be unsure when the time is right to pivot. However, business owners should be open to pivoting even if it requires using subtle or radically different approaches when their current strategy proves to be inefficient, unmanageable, or infeasible. Therefore, entrepreneurs should be open to pivoting their business models since modifications may be critical for its long term survival, success and seeing their overall goals and visions materialize.
As long as we live, problems will always arise, and once there are problems, we will seek solutions. Solution seeking presents some of the best business opportunities for entrepreneurs. Businesspersons can always find ways to improve on existing products and services; however, finding problems worth solving is a bit more challenging. According to Thomas Oppong of All Top Start-Ups, one of the first things aspiring business owners need to do is create a product that is a must have as opposed to a nice to have.
Some people spend their time trying to find a big idea to turn into business or jumping on the bandwagon of whatever is hot at the moment. However, instead of chasing ideas or following the status quo, they should focus on solving problems which generally is a much better direction to take. Admittedly, there isn’t a lack of business ideas in the world, but there is a lack of creative solutions to some of the most basic problems that we as consumers face. Consequently, we will take a look at some of the ways to identify the big problems worth solving when starting up your own business.
In the first part of this two part series, we spoke about getting ready for entrepreneurship and thinking about various aspects of how life is as an entrepreneur. You read about many things, from managing finances to stress management and the changes that you will need to face. In this part we talk about how to go about creating a plan, putting your ear to the ground and idnetifying what you need to learn and managing progress. Read on for more useful advice designed to help you in the transition from an employee to an entrepreneur.
The entrepreneur is at the center of an new venture. It is a challenging job, physically as well as emotionally. Knowing what lies ahead can help you prepare for these challenges. Read on to know what lies ahead if you are considering quiting your corporate job and become a full time entrepreneur.
Be Clear About Your Reasons
Entrepreneurship is not a walk in the park. Your business idea, the business that takes shape based on the idea and survival of the business will be the direct outcome of what you do as the promoter of the business. If you are not clear about why you want start and run this business, you will soon find yourself in a mess that is not going to be easy to get out of.
any successful people can attribute their success at one point or another to having a mentor or someone who offered some form of guidance or wise counsel along the way. Most mentors make a significant difference in others’ lives. Although it is obvious that mentorship is useful for mentees, it is equally as beneficial for the mentors. Mentors are able to take further steps in their careers, test and/or critique ideas with the intention to help someone else, prove that they are authorities in their fields by providing the relevant guidance and timely advice to their advisees, and mentors also benefit by staying on top of their dynamic industry while improving their craft.
People have varying perceptions on the characteristics of a great founder. Additionally, there are different ways to formulate an effective team to start a business or other endeavours. Successful entrepreneur, Steve Blank, rightly indicates that while many pieces have been written on what makes a great founder, not many are written about what makes a great founding team. Blank also argues that there is a difference between the founder, the founding CEO, and the founding team; therefore, understanding their differences will help people build better teams for building successful businesses, organizations, or any other enterprise.
There are revenue models and there are revenue models, but discovering which one is the best revenue model for your business is one of the most important activities that you as an entrepreneur should take up at the earliest. Here we talk about the revenue models that were relevant in the past and those that are prevalent now.
How to choose the right business model. There are three main factors that should be taken into consideration when choosing the best business model for a business.
When starting a business, a business plan is one of the most important documents that one will need in order to be successful. It will explain your business, show your objectives, and illustrate how you will succeed. Unfortunately, many entrepreneurs take the wrong approach when business ideas dawn on them. The common mistake they make is that they think about a business venture but keep the entire blueprint in their heads. Consequently, not having written ideas become especially problematic when they begin to seek funding from investors or lenders or try to convince others that their business is credible. Therefore, the need to understand business plans is paramount, so let’s take a look at this important document.
With innovation comes the need for funding and support. South Asia's brilliant entrepreneurs seek support of Angel Investors, and are ready to surprise any investor’s imagination.
Angel investing can help you become a part of this era of innovative growth.
Many believe angel investing can be a path fraught with risks. However, few remember that with greater risks comes a greater reward. Angel investing can, not only, lead you to grow your capital by making good use of it, but also make you a valuable contributor to society's welfare.