Entrepreneurs with brilliant business ideas will put them on hold because of risks involved-The major concern being lack of capital and resources. Apart from that,absence of proper consultation and advice makes them shiver in heart. The big question that hangs in the air “what if I fail?”
Now what shall you really be doing in such times? The internet is full of ideas and advices regarding the issue, but none of them has really identified the primary step that shall be taken before any advancement in this regard. I shall be discussing three things below, each one of them as important as the other, note that the focus is not defiant success but minimization of risk!
As fresh graduates it is really essential that before proceeding to the real and practical world you sort out ideas on piece of paper. This is in every field referred to as brainstorming. Sometimes in mind we have a flux of ideas and none stands clear and still, in order for them to make sense they should at least look sane. Make a draft, write down the concept of business, what category it fits into, what is your target market, what are your competitors, what will be your USP, what are your resources and what are the chances for growth.
Step 2- contact your closed ones:
It is really important that you gather a pool of people who might be of some help. call in relatives , friends , family members who you believe were or are linked to the relative field in one way or another , take in all the details. It is very rightly said for information- the more the better. Your social media profiles could serve as an angel in this regard. Post something related tour plan and take in free ideas from people. This would also give you a chance to gather workforce for your future business, one who shows maximum interest could however turn out to be a prospective employee in future.
Steps 3- make a budget plan:
Must have heard of this a million times! It is undoubtedly the most essential step once you are clear about the plan. Execution of any task shall not begin until or unless you have a clear financial summary in your hand. As for expenses I would say, start from the lowest. Unlike common practices always start from the minimum funds. Divide your funds as much as possible-who wants to put all eggs in one basket. Make sure you don’t really get attracted to the glamour of credit cards in the start. If you want to play safe then don’t try acting too smart.
Apart from this there are numerous post-startup tips that could elevate your sales without many efforts. For example you could always make use of free advertising and marketing, internees as workforce and so much else. You just have to prevent the expense scale form going too high and the game shall be yours.
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