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Startup
Guide
 Have
a big idea? Dreaming of ‘Kab Banega Crore pati’?
Driving down the road…and flash! You hit upon an idea that
could change the world. An idea that will put you into the annals
of history as a pioneer…but how and where do you start? I’ll
help you find out.
Entrepreneurs-
Two of a kind
Starting
a business on your own takes a lot of courage. To be successful
and stay in business you need more than just courage. What you
need is a combination of hard work, skill, determination, and
of course luck.
Entrepreneurs
are of two types. The first type are aware of exactly what they
want to do and they look for the opportunities or resources that
help them achieve what they want. They have developed many of
the skills that are necessary to succeed in the field they have
chosen. They are also aware of industry customs and practices
that could be of immense help to them during the startup phase
of a new business.
The
second type are called ‘first generation entrepreneurs’
who do not have any particular idea about what they would like
to do. It is possible that they have developed skills in the course
of their employment or education, but they might not be very keen
on starting one’s own.
How
an entrepreneur proceeds depends on which type they belong to.
For the former the task is far easier when compared to the latter.
They do not need to research business ideas and opportunities
to decide which might be suitable. They can take the plunge and
assess their chances for success in the type of business they
have chosen.
To
succeed in your venture and evaluate your aptitude for business,
you need to:
-
Understand the responsibilities of ownership – What is
involved in owning a business and the roles one needs to play
if you have set up your own venture.
-
Set goals - What do you want from your business? If you want
to "succeed," how will you know that you have reached
there? Knowing what you want right at the inception permeates
all other decisions taken while starting a new business. It
will affect which business you choose, how you evaluate your
chances for success, and how you determine if you have the
right skills.
-
Find out if you have the right stuff - How can you evaluate
your own skills and make judgments about whether you're ready
to own your own business? This is a good place to start if
you already know that you want to own a business.
-
Estimate
the impact on your everyday life – Beginning a business
will see the vanishing of the “secure” aspect of
an employee life.
Now,
all you need to do is answer a few questions - Are you ready for
the plunge? Are you ready to "manage" your customers?
Are you ready to be the boss and in some cases the employee to?
Are you financially sound? Are you sure the idea will not backfire?
If you have managed to yes to most of them, then you are ready
to set out on your own.
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