“Great entrepreneurs are not just passionate about their business idea, but have enough passion to weather all the obstacles and see things through to the finish line” – Barbara Corcoran.
Regardless of the global financial meltdown, economic crisis or talk of a recession looms, it remains certain that there’s always room for businesses created by the innovators to continue dreaming. While various markets and businesses fail to grow with the changing times, others rise to take their place. Trade and commerce has profoundly transformed the history of mankind and we are continuously evolving as long as we stay hungry.
The entrepreneurs, often characterized as the “rock stars” of the business world, enjoy a reputation as freewheeling, innovative mavericks. Entrepreneurs continuously innovate, create and sell their products and concepts.
As technology helps shape our behavior online, consumers are leaning towards e-commerce as their preferred way to purchase. With the burgeoning e-commerce sites, an increasing number of customers prefer shopping online. That is a major clue to track business online.
Sink or swim! Most startups begin with a great idea but a less structured plan to thrive and sustain in the long run; this is why over fifty percent of startups fail to make it past the crucial barriers it needs to pass over to get past the rocky beginning. Although there’s no guaranteed formula to bring assured success, there are important steps that your start-up can take to ensure that you won’t sink.
Large corporates are willing to invest in start-up companies that show promise and have a solid business plan. Having a solid business plan lays the foundation of your company, that tells the investors who you are, talks about your vision and knowing exactly how you want your company to look like – online and in person. The real world of venture capitalism and entrepreneurship is tough. Despite the growing competition, start-ups can have a competitive edge and build successful businesses.
A good start-up will first know its target and then create solutions for their needs. It is crucial to realize the need for your product.
Whether it’s pitching to your potential investors, going to attend a business meeting, charting out your business plan, you need to have your numbers down. Always be prepared! If you aren’t good with numbers, get someone along who knows it.
You have a great product, but do you really know how to sell it? The pitch is not just about the product, it is about the enthusiasm of the person selling it. And your investors should be as passionate as you are.
Scouting for a good investor is crucial to the success of any start-up. A good investor not only brings in capital, but also valuable insights and connections that will help you scale your dream.
You need to be clear about your negotiating limits. Entrepreneurs who take a long term to decide and accept deals or ask for more, often go empty handed.
In order to keep growing you need to listen and must always be willing to learn. Whether you struck a deal or not, investors often provide amazing advice.
Launching the next big startup is within reach but requires a structured and well planned approach. As you start realising the fundamentals, now it’s time to build a plan that will set you off on the right track and boost your chances of the elusive startup success.