How to be a Rock-star first Generation Entrepreneur

In the past decade we had seen lot of start-ups that came up very aggressively and had vanished from the business with in a span of 2 years from their inception. It is good that they realised the commercialization value of the idea at early stages instead of getting deeper burns with their plans.

As a business consultants we do get considerable enquiries from different budding entrepreneurs’ on daily basis. We find very few people approaching us with good ground work on their business idea which we discuss and give them those few inputs on their way ahead with their project. It goes unsaid that most of the entrepreneurs’ are burning their resources and energy on projects which even they are unaware of.

If you want to start your enterprise and succeed in it here are few tips:

1. Ideation:
   All will agree that all ideas cannot be commercialized, we need have strong research on ideas that come into our way and also should look for the companies that are already existing and the demand for such products or services.

2. Conceptualization:
   Once we are satisfied with data generated from our research on ideation, we need to create the prototype of the product or service to test market within close circles to understand the consumer behaviour.

3. Company Incorporation:
   The most important aspect for any start-up is the selection of type of company for its nature of business, Yearly maintenance of the establishment, Tax structures and other factors that play very vital role for incubators’. Unthoughtful decision at this stage shall put us on recurring expenses and shall also cost us for corrections.

4. Designing the strategic goals of the business(Business Plan):
   Invest in building the comprehensive business plan with the supports of experts who can do it for you, The main reason we strongly suggest is when we have business plan prepared with the timelines and goals we have specific targets that guides and helps you to verify if our efforts are in right direction as needed by business.

The above 4 steps shall be the initial requirements which will give the required clarity on our idea in terms of its commercial viability, and the strong business plan can also help us in approaching potential investors or funders to make raise the required capital.