Over the past decade with the dot-com burst, economic reforms and easier access to venture capital, India has germinated into a fertile ground for interesting homegrown start-ups.
So whether you’re a college dropout, someone with a zeal for business or in mid 50s and at the verge of retiring, and willing to start something of your own, here are the five most useful advice you can get:
It’s better to test the waters while you still have a regular income to back you up .Think it out well. Don’t just quit. It’s better to try something new and back out when there’s time than quit and after a year go back to your previous job. You’ll be out of touch, and surely not in demand.
Learn to prepare failure. Most early businesses fail because the founder quits after the first investor refuses, or the first product doesn’t sell as much as he thought. In failure is your next step. Failure doesn’t make one a loser. It’s only when you give up, or never try in fear of failure. Be positive and carry on. Remember how a tiny spider taught a great lesson to King Bruce about perseverance, but don’t forget to learn your lessons from each failure.
Every founder feels he has the ‘next big’ idea. The problem is that most emulate their idea so much; it turns out to be something else. Many fail because their vision was flawed. Always be open to conversation and critique. Adjust, drop, or carry on with your idea according to the feedback you get. Also try and look for mentors. They’ll be your angels on the way to success. Experienced opinion is always an asset.
Business isn’t run by an idea, its run by people. One has to realize there are several components that make up a business. This includes Legal, Marketing, Accounting and so on. All these elements must have a percentage of your thinking space. Have a clear blueprint of your Start-up in order to avoid any future confusions.
If you’re not convinced that your product/service is useful or worthwhile, no one else will. Never compromise on the quality of product and after sales service just because you’re a start-up. You might not be making million dollar profits, but the initial months are crucial to building your reputation. Sub-standard quality ruins just that. Moreover, Word of Mouth is the biggest publicity that any business can look forward for and always remember that Customer Delight goes a long way in boosting the business.