Entrepreneurship is an exciting and challenging journey. Derek Sivers has said, “Business is not about money. It’s about making dreams come true for others and for yourself.’’
So what are the steps to actualise a business idea and make it launch ready?
- Write a Business Plan
A business plan defines your business concept, business goals and how you hope to achieve them. It is a blueprint for your business, on the foundation of which you can build a sound enterprise. Think of ways to make your business plan responsive – a referral document that gives you clues about what action to take when you hit a roadblock. Make it resilient, so that it stands the test of time and becomes the guiding post for your organisation, ensuring that you don’t veer off course. Business plans are inherently strategic. The premise is that you start with an idea, resources and capabilities and the objective is to chart your future course, usually 3 - 5 years down the line. Writing a business plan will help entrepreneurs systematically articulate their core business idea and convey their vision to potential investors.
- Consult a lawyer & chartered accountant
Do you need to file a patent for your business idea? Have you given careful thought to your company structure? Are you aware of all the intricacies of taxation? An experienced lawyer and chartered accountant can help you streamline all these important aspects of your business.
- Examine your personal finances
Examine your personal finances and understand the financial risk you are taking in launching your business. As an aspiring entrepreneur, you need to know the exact amount of initial investment required to launch your business. Raising capital and finding investors is also critical to making your business launch ready.
- Conduct market research
Knowledge of your market can be a critical factor that determines the success of your business. Start with close friends and family testing your product or service and sharing their feedback. You can then go onto test your product in a larger sample market. An in depth market research will give your vital practical inputs to enhance or tweak your product.
- Build a team
It’s important to build a team that grasps your vision and is in-synch with your passion for the business. Start with a small core team that embodies the various expertise you require to set the ball rolling. Through dialogue and motivation create a team that shares your commitment for the enterprise.
- Don’t hesitate in firmly grasping the reins of your business
Don’t compare yourself with others; don’t pay too much attention to the nay-sayers or detractors. When it’s time to launch your business, take complete ownership for its success and fiercely protect your creative vision.
Launching a business requires a lot of sweat and toil. But the thrill of seeing your idea take shape is unparalleled. So follow these tips and make sure your business takes off on the right note. In the words of George Addair, “Everything you’ve ever wanted is on the other side of fear.”
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