When it comes to the world of business, there are basically three questions associated with a new venture: Why, how, and what else, the rest is history. The challenging task of starting your own venture comes with many difficulties that can’t always be foreseen and preparing for them is the first job of an entrepreneur.
With the answer to ‘why’ you want to build a new startup company, the path for success is already paved for those who consider themselves beginners and at some point everyone is a beginner. After this crucial step, the rest will be handled with time. As willingness is the key to turn your startup into a raging success.
Building an ecosystem to provide a conducive environment for growth is the basic need to every startup’s success. To fill these unwanted gaps there are certain steps that will act as your guide to the initial difficult days of your new startup company.
Problem Solving Approach
Before getting deep into concocting a business plan, it is imperative to clear your head and create projections of the potential problems that may come in the future. Having a backup plan for a crisis is the best bet for every new startup company.
Begin with deeply analysing what you have in reference to the ideology behind your project. Execution comes later. Building a business plan while keeping in check with the potential problems is what makes your business projections accurate and would result in acquiring investment for your project. Building a strategy based on a problem solving approach creates a greater chance of success than any other mantra in the business world, creating a concrete foundation for the company to stand on.
Creativity and Patience
Adhering to mundane and traditional practices can lead your business strategy into a rut. For instance, finding an investor is not an easy task to conquer and convincing them is even harder. But generally, startup owners can’t get around to getting in touch with them. Investors go through hundreds of pitches in a week and receive even higher numbers of emails and messages. Get creative with your approach instead of following the same structure of emails that is being sent to every investor.
Do some research on the investor you are trying to approach and accordingly find a common ground or interest to tackle, that may get you attention. Such tactics would result in an impressionable memory and facilitate a higher chance of investment.
Focus on preparing a solid business plan with thorough research to ace at creativity. Good and creative ideas rarely come with luck but are achieved with deep knowledge and hard work which is highly applauded in the business world.
Find Guidance and Assistance
No one is smarter than the person who learns from the mistakes of others. The will to make it on your own and the spirit to establish your mark on the world should not shadow the lessons and knowledge every entrepreneur needs when planning to build a new startup company.
Apart from getting funding, one of the many perks of getting venture capitalists into your business is the years of professional experience that they bring. They act as your mentors, guiding and helping you to avoid mistakes they probably made. Another factor that positively highlights the perks of getting guidance is the network that you can build through them. Industry experienced professionals carry a huge network that can eventually connect you to other business leaders.
Instead of bootstrapping and gaining funding from friends or family, getting angel investors and venture capitalists into the picture proves to be rather more fruitful in terms of getting professional guidance. Given the number of interested investors in india for startups, ready to indulge in a potentially successful idea, online platforms for startups have made acquiring seed funding easier compared to the traditional methods.
It is quite easy to understand the schematics of startup investment platforms and how effortless the entire process has developed to be.
The new startup companies simply need to register themselves on these platforms and present a business proposal including their ideology behind their process, how it would benefit the users, detailed analysis behind the executions along with the approximate cost, future investments, future projections to deal market scenario, strategy for market penetration, etc. After that it will be the investors choice to contact you if they decide the idea is worth investing. In a positive light, getting angel investors is known to be more beneficial given that they are quite enthusiastic with new ideas and are willing to take more risks, compared to other investors.