So, you have finally decided to take that leap of faith and embark upon your journey of becoming an entrepreneur. It's definitely a very courageous step to take and you must have received a boost by reading various start-up success stories that have managed to make it big. But you might have also heard stories of failures. So, what is it that can catapult you to success?
Is there some secret mantra that you need to be aware of, to get it right? Here are a few aspects that you would have to keep in view, if you want to make a success of your business venture.
Aspects to Consider to Become Successful
#1 Have a solid idea and plan
In many ways, this becomes one of the foundation stones of your business. Before anything else, you would have to start with a viable and solid idea. It's important to abstain from sticking to an idea that seems the most popular or profitable. Choose one that complements your skill-set and very importantly, pick something that you have a genuine interest in and would love doing.
That's the only way to retain your interest in the long term and forge ahead, when times are tough. The other thing to keep in view at all times is that the idea you zero-in on, should be straightforward and simple and it should also be achievable. Once you have this strong foundation in place, you will find it far easier to build your business on that base.
#2 Getting the timing right
No matter which business avenue you venture into, getting the timing right, is all important. Even if you have an excellent product or service, if the market isn't ripe for it yet, it can lead to failure of your venture. This is why it's important for you to carefully and thoroughly research market conditions and understand exactly when you should launch a particular product. The equation here isn't a very complex one; there should be a distinct demand for the product you are planning to sell and there has to be a means for customers to get it.
#3 Executing your plan
After the idea is in place, you have to start focusing on executing it. To do this, you would need a team of skilled and dedicated people. No matter what the scale of your business, having a team with a well-balanced mix of talents and abilities is a must, when you are building a startup.
It's very common for business owners to fall into the trap of trying to handle everything themselves. You may be able to manage it at the outset; however, as your business grows, you will find that you need employees that are specifically dedicated to handling certain tasks.
For example, you would need someone to handle sales and marketing, another person for accounting to tackle all the number-crunching etc. Having a solid team from the start is one of the ways of improving your chances of success.
#4 Chalking out a business plan
This is another vital aspect of building a successful start-up, as it will ease the creases from your path, so to speak. Discuss with your team, and design and a sound business model. Get inputs from your team members and build all the other aspects of your venture around this business plan. The different things you need to focus on are funding, logistics and the time it's going to take you to set everything up.
About the Author
Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.