Starting your own venture can be a tricky task, especially when you have no previous experience of being a founder. Founding your dream company is not a single step process and involves lots of planning and execution. Entrepreneurs are considered to be assets for every nation since they have a huge contribution to the country’s economic growth and development. Understanding the benefits and risks involved in founding a new company is something that every amateur entrepreneur must know, which is why we are going to talk about 7 tips that every first-time founder keep in mind before starting his own venture.
1. FIND A PROBLEM, SELL THE SOLUTION
Selling or creating a quality product that can make lives easier is the first step towards building a successful business. Or just in case you are lucky enough to build an empire like apple, you can start creating limitations in your quality products and begin selling the solution. For example- In 2016, Apple launched the iPhone 7 but removed the 3.5mm jack, which was doom for many of the plug-in accessories. Instead, they offered wireless earplugs called the “airpods”, which actually seemed cool until people realized that they had to pay an extra $159 to enjoy listening to your favorite beats. Well, guess Apple works on the anthem- if you can’t find a problem, create one and sell the solution at an additional price.
2. BE A RISK TAKER
There is no such thing as high returns without risk. However, if there is a higher amount of risk involved, the best that you could do for yourself and the company is doing the math and taking a calculated one. Failure or success, whatever the outcome may be, the only thing which you should be happy about is a learning lesson which comes each day when you are an entrepreneur. Taking a risk assessment is highly recommended if you wish to work upon the loopholes and make your company better than what it was yesterday.
3. UNDERSTAND THE MARKET
Understanding your product and calculating the probability of its success in the target market is highly recommended before taking any major decision. In case you don’t know, there are famous market research firms who can work for you by collecting data from your target consumers via surveys and let you know the success rate of your product.
4. FIND THE RIGHT INVESTORS
No matter how brilliant your intellect or idea is, eventually, at some point you will become the only small fish in the sea and get attacked by the big teams. Hence, it is of utmost importance to look for people who could provide funds for your venture and help in making it stronger for the big game. Also, when looking for investors, make sure that they are not just people with a lot of money. They must share the same vision as you and connect with you on a personal level. This is necessary because together, you’ll go through thick and thin during this rollercoaster ride and having a mutual understanding is necessary for going a long way.
5. PICK AND REGISTER A NAME
The name of your company plays a significant role behind its marketing. The more relatable and catchy the name is, the more attention it will gain from the target consumers. Hence, a strong company name is an essential element when founding a business. Once you have chosen a name, check if it is already trademarked or in use. If not, you are all set to get it registered. Also, you need to look for a domain name, which is usually different from your business name.
6. GET YOUR TEAM READY
Start building your team with the vision of finding people who can add value to the company and help in making it big. Make sure that you make an outline of each employee and also take interviews personally. The core team contributes towards the foundation of the company, and it is necessary to add enthusiastic and hardworking people to it.
Once your business is up on the run, start focusing on promotions and building brand value. Make sure that you have a strong presence online, especially over social media. Facebook and Instagram marketing is highly trending nowadays and give great results. Running ad campaigns is another interesting way to boost your online market presence and reach out to the target customers.
The only thing which is worse than starting something and failing is probably not starting at all. Believe in yourself and your ideas and always remember that it’s not just about having an idea, it is about making them happen. Stay confident and make sure that every time you get an idea, jot it down on a piece of paper and if it’s a good one, try implementing on the same.
Guest Post by – Abhyank Srinet
Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online startup for Masters in Management application consulting (MiM-Essay.com), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of the Business Development and Digital Marketing side of the company.