Start-ups in today’s era are not new to millennials. Be it a college student or a fresher; from a graduate to an experienced professional, everybody wants to start a start-up. Why? The reasons might vary but the core desire to start a start-up remains the same as one works willingly for endless hours when he/she looks after something of his/her own. Escaping a 9-5 job is not only seen as a wish but as a need by these highly enthusiastic business-minded people.
But what is being business-minded really looks like? Is it all about making a profit at the end of the financial year or is there something more to it? Let us find out.
While you are about to quit your 9-5 job to start a start-up of your own, one must concentrate on the next steps rather than being happy about quitting the job because if you don’t then you’ll be back to the same place with this time failures by your side. If mere imagining seems scary then here’s a list of 6 factors you must keep in mind.
1. The impact of Idea
Silly may it sound but your idea is the foundation of the start-up. No matter how amazing it may sound to you but stay grounded and see whether that idea is worth quitting the job because your bills are not going to quit you. If you think your idea is well enough in reality and you can make it work in the competitive world out there, then think of how the idea is going to benefit people. As harsh as it sounds, people do not care about your start-up. They only care about themselves. And if you provide something they care for, you have already won the half battle.
2. The Market Gap
This is the master of all factors. The Market Gap is a validation whether the idea is going to work or not. Market Gap is the gap between the need of the people and the current industry. If there is no existing solution to the need of the people and the industry is doing nothing about it; if your idea is a solution to the problem, then your idea will bring a revolution to the industry, and being optimistic, you will never go out of business for sure.
3. The Business Model
A Business Model is the outline of the business that includes what are the operations of the business, the working of it, the flow, in short, the critical information about your business sums up the Business Model. This is again, of utmost importance as the Business Model is directly proportional to the duration you are going to make money in the Industry. If the Business Model is made in such a way that is going to be outdated soon, no matter how “out of the box” your idea is, you will not be able to survive in the industry.
4. The Investment
Investment can either make you or break you. When starting a start-up, investment plays a very important role. Before you actually get into the playground, you calculate how you are going to score. Planning the investment in the business and using it carefully and strategically makes running your business with no loopholes. And having no loopholes in the business gives it a life extension.
5. The Execution
Execution is how you plan to execute your business operations. This is the most difficult part of the business as you need to deal with and collaborate with other business professionals depending on the sector of your business. Also, all the operations are interconnected, one wrong move and you’ll have to wrap up. To avoid that, you can carry out the plan on paper first and then actually implement it.
6. The Business Flow
Last but not the least. The business flow is the process of profit rolling so when it comes back to you, it grows exponentially. Organic business growth is better in the long term. The business growth lies purely on the business flow. Often due to a lack of proper planning of business flow, many businesses end up either being stagnant or a failure. A good business flow depends on the flexibility of the founder’s mind.
These are the 6 factors of business that can help your start-up run efficiently. When you think of a start-up, always think about the challenges and consequences that come with it. With businesses going digital, the industry offers countless problems to be solved which in disguise prove to be opportunities. How to use it beneficially, monetize it and keep it running for years can only be decoded by the one who not only has a hunger for starting a start-up but also the one who has a hunger to solve problems and make lives easier.
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