While starting a new business is surely an exciting journey, it can be really challenging as well. With a number of opportunities, you will also welcome uncertainties - which can lead to common mistakes in start-ups. As we understand that in this fast-paced world, finding a mentor for entrepreneurship but don’t worry can be a little difficult, we have made an in-detail start-up checklist for beginners.
Here is a breakdown for newcomers to facilitate the business journey!
Follow your Passion
While most people think that starting a business is all about making money, it is not, it is about doing something that inspires you, something that you love. Your inspiration will be the driving force of your passion and passion is what will give you a head start. Even if the outcome initially looks impossible, anything done out of passion will be fruitful.
Learn from Others
While most youths shy away from the idea of asking for help, it can actually be really beneficial. Seeking advice from experts and experienced entrepreneurs in the field can help you gain valuable insights of the market. They can help you learn from their successes and failures. Besides, connecting with experts can also expand your network which is benefit for your startup businesses.
Identification and Solution
The correct way to go about starting a business is to see what’s missing from the society, providing it, and giving a solution for it. This means identifying a problem and giving a solution that people will pay for.
What’s a business without no customers? But how to get customers?
Well, the trick is simple - to identify your target audience and let them know that you exist. Hence, one of the first few pre-steps when starting a business is to identify who would need your service/products and their needs. This not only gives you an edge over the competitors but also helps you create a unique value proposition.
To have a thorough insight about your competitors is equally as important as knowing your target audience. Under this, it is critical to know your competitor’s strengths, weaknesses, and USP (Unique Selling Point).
Doing so will help you identify gaps in the market and also the opportunities to fill those gaps.
Write it Down
To have a business idea is one thing but what counts is to have a written business plan that can help you in evaluating your idea. This will also help you build realistic targets and strategies along with all aspects of the business including costs, sustainability, and give you a peek into the future.
Don’t go overboard
Over-extending is one common mistake among young entrepreneurs. This happens when the sole focus of the business is revenue - and only revenue. In fact, generating revenue is important but focusing on factors such as working capital and net profit is also key. The reason being that once the adequate cash flow goes down, it can cause severe instability in the finances of the business. Hence, along with the revenue, always keep an eye on other finances and other entrepreneurship resources as well that can lead to failure.
Starting a business can be a daunting task, however, with the given tips the journey can be made easier. Always remember; do what you love, specialise in your own creative niche, write down a business plan, prioritise all the financial factors, and most importantly, be true to yourself. It's you who can make a business or break it.
Written By - Omar Shams