Business guidelines for entrepreneurs
As class 10 students of Neerja Modi School in Jaipur grab funding worth Rs 3 crore in January 2017 for their flavoured water startup, the entrepreneur in you must be wondering how to give shape to your dreams. Starting a venture of your own is no easy task. While there are plenty of stories of businesses with young leaders making it big in the market, news like the firing of over 600 employees from a leading e-commerce giant do make you want to test the waters first. Take a look at the five most important things that you should be prepared with before starting a business of your own:
Networking: Up, Down and Horizontally
You will never know everything and it is very likely that you may not have expertise in the field. It is always good to have a mentor or a guide to point you in the right direction. Horizontal networking is through peers- you learn from their experiences, both their successes and mistakes. Networking downwards in the hierarchy could be with entrepreneurs who are newer to the domain- they bring with them fresh ideas and perspectives.
Failures are a part of the deal
While starting a new venture, it is important to not get carried away by sudden successes or failures. As long as you are quick to accept blunders and learn from them, set-backs will not take away the best from your business. As the saying goes, the average makes mistakes and learn from them, but the smart learn from mistakes made by others. Gain knowledge on your competitors and other businesses in your domain and analyze how you should move forward.
Planning is important and so is change
Often during motivational speeches people say that they took one step at a time and each day as it came. It always does have a back story- they planned the road ahead and then countered every problem as it came. Prepare a plan A and give your best efforts. If it fails, have a Plan B in place- fully strategized and give as much energy as you gave in last time. When Nokia was taken over by Microsoft, it was attributed that the reason a company so established failed was that they did not learn and change at the right time, but their competitors did. Be open to new ideas, second chances and learning on the go!
It is not the Idea that makes money, it is the marketing
Everyone knows the famous story behind Facebook- the Winklevoss twins may have had the ConnectU idea but it was Mark Zuckerburg who made Facebook what it is. You may have an exceptional idea, but it is very likely that something similar has already been established. It is how you do things differently that matters. Make sure to market your product well over social media and other advertising mediums to help your business reach its true potential.
The road ahead is bumpy
There is no guarantee for success. Nor there is a set timeline. A much anticipated round of funding may not bear fruit and some of your best employees might quit. Being a first time entrepreneur, it might take several trips to banks to get a loan. The key is not to stop and just keep moving- never forget the reason why you started the business in the first place. Do not let go of the ideals that you began with and everything will turn out great!
What are the major pitfalls and advantages for people starting before 30? Please share your views.