Plan Vigorously
by HEARTLY RAYAN
(CHENNAI, TN, INDIA)
Dear Entrepreneurial Friends,
When starting your own business, you must find a way to make your ideas work.
Thus, the greatest advice I can give you is, "Begin with a firm plan in hand."
To start with, I'm personally a entrepreneur.
I am a sub-broker in a Indian broking firm.
I started this more than a year ago,
This is no small feat because I'm just 25 right now, which in my country is relatively young to start up on your own.
When starting your own business, make sure you come up with ideas about who your product of service will serve.
Before starting the project
- You must plan perfectly for whom the product/service will be serve,
- You must also have a depth of knowledge in the field, finances, competitors and strategy.
A crucial part of starting your own business is to make sure that your ideas can be financially supported.
Make sure you include the finances, for realistic financial projection constitute a BIG part in planning.
Thus, when starting your own business, your first step big step is to know how to select the correct product/service.
Recognize that each and every product in existence needed to be discovered and presented to us.
- Thus, you must have a clear understanding of what your product will be.
- Your product could either be available in market or a novel one but you have to justify how it would impact the customer.
Starting your own business also requires that you always assess your ideas for validity.
- Keep thinking intellectually and creatively.
- Keep thinking about better ways that the product could be made or presented
After you've chosen your project, maintain a concrete awareness of how much capital is required in terms of man-power, money, or material.
Continually consider whether the cost involved should be lowered or equaled to that available in market.
A crucial part of starting your own business is finding a way to get your ideas viewed by other objective sets of eyes.
Get in the habit of seeking out objective opinions.
Prepare a report and circulate it among the close friends and persons whom you believe will give you an objective point of view.
- Ask them to oppose the project in all possible/logical ways.
- Ask them to point out the weaknesses of the project.
Try to note all of your project shortcomings and rectify them.
Keep repeating this process until all weaknesses and shortcomings have been accounted for.
When you have no more questions or concerns, then proceed.
Protect yourself and your business by knowing when to say when.
In market the best knowledge to have is "When to exit, more than when to enter."
There will be days, especially at the beginning of starting your own business, when you will need support to help you make it through.
It is during those times half-way through the project that you will find it very difficult to see the success.
Thus, you will need to find ways to keep yourself mentally, financially, strategically supported until the business breaks even.
The Bottom-Line.
When the passion and attitude is there in business then u can work for months without expecting any rewards quickly.
Hopefully I've left you with sufficient advice to help make starting your own business and bringing your ideas to life more realizable.
I end this with a small quote from my favourite book, "The Alchemist":
- "When you want something, all the universe conspires in helping you to achieve it..."
