Below are the top ten checklist for new entrepreneurs,
Lack Of Business Plan
You should not fall into the trap that the business plan is of no worth. The whole business is dependent on your plan.
Lack Of Revenue Model
Revenue model is the architecture by which a startup or a business makes money from its services.
Take example of Facebook. Facebook’s revenue model includes,
- Displaying advertisement to its users.
- Allowing users to promote their fanpage by using credit.
These are just two out of money ways Facebook must be making a lot of money. You need to jot down all the points from which you can make money from the service that you provide.
. Sometimes it happens that the idea is very good yet the business does not make significant money. Just you and some other people thinking that people buy your service will not make people buy your service. You need to do a significant researchto find out what about its market.
Many new entrepreneurs which come up with million dollar ideas fail to execute them as lacking guts. You need to be risk taker in order to make million dollars in this business.
An idea is worth nothing. Its all about the execution.
You need to do a significant research to find out about the competition in the market. While finding competition, you might come up with 3 results.
First is that there is no competition. This can be a danger sign for your idea as there might be no one interested in that service. If you want to make sure that people are in need of that service, Google for the service that you are providing. If you get about 10 results in searches, it means that there is a market for your product or service.
The second thing that you may come up with is that there is a huge competition. Even a huge competition is a sign of big danger. You are stepping into a market which is already saturated. Your idea needs to be strong enough to beat the competition.
Lastly, you might come across with a medium competition. This is something you can easily go for as capturing your niche would not be very difficult in that case.
Copyrights And Patent Laws
You should get your idea patent so that it becomes copy proof. This is something you should do as you start to execute your idea. The name of the business, the idea and everything which is worth copying should be patent to avoid copying of your idea before you execute it.
Looking For Investors
The fact is that investors are looking for people and not just ideas. They are looking for real entrepreneurs which have some experience in the industry. If your are new, try looking for a partner who has experience in that field.
Understanding Money Flow
Don’t get over-motivated with your startup and just leave your job until you start to generate a significant amount of money. Also, keep a good eye on the flow of money. A little money used properly can generate a lot more money and a lot of money used improperly can bring you on the road.
Marketing has become a very significant aspect of a business. You need to make your product visible in the market. Build a strategy and invest a good amount of money for marketing.
Giving Up Early
Never, never, never give up. History shows that if you don’t give up you are likely to succeed. One of the good example is of Steve Jobs. Even though he faced too many set backs but he never gave up and continued with his dream and finally, Apple is one of the top electronic brands in the world and has a huge fan following.
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