The rate at which new businesses are built in India stands at 3,000 to 4,000 per year this is according to a report given in 2014 by NASSCOM. This means that as an Indian entrepreneur you could easily make a kill. This checklist helps you to minimize failure by having a great startup.
- Read widely: Reading is a tool that gives you the type of data you need including your type of audience, market demand, and marketing styles that work.
- Expertise counts: If you invest in experts, it is estimated that you will have solved your problems by half as you are employing people who understand their work.
- Stalking is good: Stalking means reading the marketing trends and only coming in when the factors favor your survival.
- Do your homework: Where is the best location for your business, is there a demand, who are your competitors, how can you avert competition?
- Define the idea: It is important that before you start off you develop a plan that will guide your steps and help you to track your milestones.
- Understand your customers: Know who they are, where they come from, what they like, what their age brackets are, what is the income levels, and which type of marketing options they respond to well.
- Find a mentor: It is estimated that business hat come in with ideal mentorship programs survive the market as most mentors are proven business owners who have excelled. Take a mentor from your field.
- Find a co-founder: Shared business risk and profits means you don’t lose so much. It also helps you to get a second opinion always before you make a decision.
- Try to accelerate your idea: The faster you move the better as you will get into the market before most factors that you researched on change.
- Fake it till you make it: Not the best idea but it simply means that you shouldn’t actually give easily.
- Find a good corporate lawyer: Corporate lawyers understand business laws and will help you to ensure that you comply at all times.
Work with the best if you want to be the best. Remember the best way for any startup to grow is to become available in the market at all time through online techniques.