The Geek Vision

Hello Guys, Welcome to "The Geek Vision".  Today I am here before you with a new interesting article. In this article I'll tell you about some great and informative tips about starting a new startup or business that you all must follow to achieve success with your move to become an entrepreneur. 

The Geek Vision

There are some tips that I am telling you that will boost your startup strategy, And in this article I'll also tell you some points that you should not follow and that should be ignored.

In terms of strategies, one of the best ways to build your business is to take that idea in your head to market as soon as possible. Because delays kill. Speed saves. Here are ten tips on how you can launch your startup faster.

1. Analyse yourself:

 Use these question to guide what kind of business you want to start. What need does your startup address? Why will people care? If you can answer these two major questions you’re already well on your way to success.

Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes.
  • What skills do you have?
  • Where does your passion lie?
  • Where is your area of expertise?
  • How much can you afford to spend, knowing that most businesses fail?
  • How much capital do you need?
  • What sort of lifestyle do you want to live?
  • Are you even ready to be an entrepreneur?
Note : Be brutally honest with your answers.

2. Make A Business Plan :

What is A Business Plan :
                                             A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame that these goals need to be achieved. It covers what your business will sell, how it will be structured, what the market looks like, how you plan to sell your product or service, what funding you'll need, what your financial projections are, and which permits, leases, and other documentation will be required.

So you should understand that a business plan is very important to make your idea grow. If you have a idea with a well planned business plan your chance to establish a successful startup will be very high.

How To Make A Business Plan :

  • Research and Analyse 
  • Executive summary - a snapshot of your business.
  • Company description - describes what you do.
  • Market analysis - research on your industry, market, and competitors.
  • Organization and management - your business and management structure.
  • Service or product - the products or services you’re offering.
  • Marketing and sales - how you’ll market your business and your sales strategy.
  • Funding request - how much money you’ll need for next 3 to 5 years.
  • Financial projections - supply information like balance sheets.
  • Appendix- an optional section that includes resumes and permits.

3. Make A Team :

Going solo is stupid and suicidal. I know because I am a single founder. Always have a co-founder who will share pain, expenses, problems and work load.
Being Single man you can't take all the responsibilities of your business, So making a team is important for your business, it divides your workload and every single mind gives you a creative idea. So make your best team and make a boom together.
  • Balanced teams provide varied perspectives.
  • Balanced teams define startup culture, which can make or break your business.
  • Balanced teams create synergy.
  • Balanced teams are accountable and have clear separations of responsibilities.
  • Venture capitalists appreciate balanced teams.

4. Absorb Evrything :

Listen to what others have to say—friends, family, experts, even yourself. When it comes to things that have to do with your entrepreneurial goals, be a sponge.Write things down. Keep notes from all the resources you come across to develop a detailed plan. As you learn, start to work out the idea in your head. 

5. Keep Your Edge :

There are many ways to gain a competitive edge over other businesses in your industry: you could have a better product, a more efficient manufacturing or distribution process, a more convenient location, better customer service, or a better understanding of the changing marketplace.

The best way to hold onto your competitive edge is to protect your trade secrets.There are many kinds of trade secrets, and trade secrets receive legal protection as long as their owners take steps to keep them secret. A trade secret is that information that isn't known to others that gives you a competitive advantage in the market.  Those steps could be anything from marking confidential documents to requiring partners and employees to sign nondisclosure agreements.

6. Sorround Yourself With Supportive People :

While you don’t want to surround yourself with “yes” men, it’s also important that you don’t have to constantly contend with people putting you and your business down. Don’t waste your time or energy on the defense.

Look for someone with motivation, creativity and the right kind of personality to make it in your industry and fit in with your business.Don't just hire the first person to come along with the basic qualifications you need.  Then, once you've found that person, treat them well, engage them and make sure that you create the environment that they will thrive and give their all in.

Make sure you create the right kind of employee relationship :
  • The worker works 40 hours a week, or nearly 40 hours
  • The worker only works for your business
  • The worker receives instructions and training from you, and you exercise control over how the worker does their job
  • The worker performs tasks that are essential for your business

7. Learn from criticism :

Relentless negativity is of no use to you, but thoughtful criticism can be very valuable. Any opportunity to improve an aspect of your business should be warmly welcomed.

Learn to spot when helpful advice is merely a suggestion to conform to the popular paradigm of the times.

8. Find the Right Funding :

Most businesses require startup income. Ideally, this investment will help you break even after a year, but even successful businesses can remain in debt for the first few years. Potential sources of funding include a small-business loan from your local bank, tapping into your savings, money from other investments, borrowing from family or friends and, as a last resort, credit cards.
  • Fund your startup yourself.
  • Pitch your needs to friends and family.
  • Request a small-business grant.
  • Start a crowdfunding campaign online.
  • Apply to local angel investor groups. 
  • Negotiate an advance from a strategic partner or customer.
  • Join a startup incubator or accelerator.
  • Solicit venture capital investors.
  • Seek a bank loan or line of credit.
  • Trade equity or services for startup help.

    9. Plan Your Company Budget :

    There are a number of ways you can plan your budget. These include researching industry standards, giving yourself a cushion, reviewing the budget periodically, and shopping around for services and suppliers.Without a budget, a business runs the risk of spending more money than it is taking in, or not spending enough money to grow the business and compete. 

    Smart Tip: While many firms draft a budget yearly, small business owners should do so more often. In fact, many find themselves planning just a month or two ahead when unexpected expenses throw off revenue assumptions.

    10. Serve your customer, not yourself :

    Keep the customer in mind with every decision you make, and you’ll build a product or service they can get excited about.While you should rightfully feel ownership of your startup, remember that ultimately it’s there to serve your customer and not you—vanity projects won’t last long. 

    Blindly assuming you know what your customers want could prove costly. Fortunately, researching it first doesn’t have to be expensive. you can search forums, ask questions on social media, or spend some money on surveying opinions (and save yourself a pricey mistake!)

    11. Look to the Future :

    Look to the FutureNobody can know for sure what tomorrow will bring, but if you keep yourself informed and learn how to spot upcoming trends, you’ll be much more likely to successfully predict the future.

    Nearly three out of four businesses are no longer in operation after two years, so you'll have to find ways to adapt as the business expands and to conquer new challenges. Prepare yourself for the event that growth requires you to move the business out of your home and into an office space. In addition, after the rush of a small-business launch and the initial influx of curious customers, many small businesses reach a plateau. Any business must constantly adapt to changing market conditions, new business tools and new sales opportunities in to continue to grow and prosper.

    Some Other Points :

    • Develop More Skills. 
    • Leverage Free Advice. 
    • Swap And Barter. 
    • Get And Stay Disciplined. 
    • Avoid Debt. 
    • Create A Minimum Viable Product (MVP). 
    • Keep Personal And Business Separate.
    For more awesome Startup ideas, please visit - ALL ABOUT AASAM

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