Facts You Must Know Before You Start Your Startups
Now it becomes a known fact that there is nothing small in running a small business. Do you know what percentage of startups are in the…
Why people always talk about Startups? Everywhere we see a wave for Startups. Even when during COVID-19, many workers lost their jobs, a good number of startups took birth and started performing well. An engineer of a small village of Bihar (India) is generating electricity from dry fodder. Even the most desirable serviceman IAS IPS officers have kicked off a package of crores of rupees and accepted the challenge of startups.
Now it becomes a known fact that there is nothing small in running a small business. Do you know what percentage of startups are in the manufacturing sector in GDP? Do you bother about the growth rate of the manufacturing? The answer is no, you never think so minutely. But if in any country startups are growing very well, the country can not face any financial crisis.
But the startups are the driving force to increase productivity, startups are a real generator of employment and also decreasing the unemployment rate. Due to this reason, most of the government has incorporated a new change in the form of various policies to support and promote home-based startups. After realizing its importance, Entrepreneurship became part of the curriculum in academic institutions also.
What Startups will do?
There are emerging trends for unmet needs and opportunities. You have to anticipate change and accordingly start focusing, experimenting, and exploring the things.
Who will run Startups?
Those who have dreams in their eyes,
Those are very passionate about their dream project.
Sky is not the limit for those who are ready to change their thinking into actions and eager to create something of new value. The activity of setting up a business or businesses, taking on financial risks with a hope to make big requires entrepreneurship skills. Just like any other business, startups also carries the same motto of making money even though this journey to reach the goal is a long and difficult one.
ENTREPRENEURSHIP is about having the courage to set up something new or create something of value.
It is not only about ideas. It is about making those ideas come to life. Entrepreneurship is the mindset.
People think differently, acting, and imagining novel ways to solve problems and to create values.
For every startup we need Entrepreneurs.
Who are Entrepreneurs? What they do? How they do?
Entrepreneurs are full of confidence, loaded with motivation, tenacious but understand their limitations set out to do things which others may not have the courage to do, willing to fail and start over again.
Before you plan a strategy for your business to grow, it requires you to know/understand your business work and its position in your niche in the markets. Then start asking these three questions again and again to yourself.
Ins and out of your business now?
How it operates internally,
What drives its profitability?
Where it stands compared to its competitors?
You write and you review it again and again.
Where do you want to take it?
Set out your objectives.
Work out your vision, mission, objectives, values, techniques, and goals.
Where do you see your business in five or ten years?
Set the focus of your business.
What are your source of competitive advantage over your rivals in the marketplace?
These steps would be the foundation stone of your business.
What do you need to do to get there?
What changes are required to make and deliver on your strategic objectives?
What is the best way of implementing those changes — what changes to the structure and financing of your business require?
Set your deadlines so you can work in a time frame.
Think about some innovative ideas, something which can make your business different from the others. You can plan areas of diversification, existing growth, expansion, acquisition, and other functional matter.
Why startups failed?
Most of the startups fail because of poor management of an entrepreneur and his entire team. They are not good at making strategy required at different stages like the Ideation stage, stage of implementation, and the last but not the least the validation stage. Most of the startups fail when the execution is poor.
If you have planned your strategies then things become simple because you have a blueprint-ready in your hands. Many people took the challenge of the pandemic period and convert this crisis in the opportunity.
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”
Many new startups have come up Like AI-driven Hospital, Manufacturing PPE kit, Face mask, sanitizers, different services like virtual wedding, Home cook meal, On door services, Home delivery services Online tuitions, online Coaching classes, etc., and several entrepreneurs started their business in their interest.
On the other hand, during a pandemic, various startups who are on the path of growth started scrambling for ways to survive. Many of them grab the opportunity and learn to adapt.
Here is a beautiful and real story-
During the pandemic, I saw a man sitting in his Maruti wagon was selling Mangoes in my residential area. His face was half-covered by facemask. But I noticed his fit body and his body language. He appeared to be a boy of 25 from a good family.
I went close to him and enquired about the price of mangoes.
He immediately recognized me and asked me, How are you, sir?
Meanwhile, his face mask slipped from his face, I recognized he was Joey.
I asked him, Joey, what are you doing here? You have optical business and ….?
Sir, I used my vehicle for selling frames and spectacles in nearby villages. During the time of crisis, I could not earn a single penny. I have worked on my Idea and sold good quality mangoes.
Daily I purchase 100 Kg. mango from the wholesale market in cheap rate and sell it and earn a profit of $12 to $14 per day and by doing this I can adjust my housing loan and car EMI and also able to manage my daily expenses
So this is the story of a man who adapted himself as per the time and situation and succeeded.
So like Joey, you have to be decisive and determined to start any work.
Startups contribute to economic dynamism by bringing innovation. So it is clear that startups that bring out the best in themselves and grab the opportunity find new avenues and proves very successful.
Startups, Facts, Start, Entrepreneurship, Entrepreneur, Idea, COVID-19, Pandemic, Ideation Validation, Implementation Opportunity.
Written By — Life Coach Vinayam
MBA, Ph.D. Holder, A strong writer has extensive experience in writing, with a passion for poetry, storytelling, writing articles, Content curator, Mentor, life coach.
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