The interns of the Do More With Your Time – A KredX Internship Initiative have been giving us fresh perspective with their unique ideas and thought process. Here’s an in-depth blog by our 17-year-old intern Smarth Kaul about the 5 important tips to remember while starting a business.
Before we get into the tips, let us learn what a business actually is. A business is defined as an organisation or enterprising entity engaged in commercial, industrial, or professional activities. The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
I asked a couple of entrepreneurs, including my father, to list from experience the 5 key things to remember while starting a business.
What this means is that before anything else your idea should be clear. The ideation of your business should be thorough, by first analysing the problem you want to tackle and then thinking of the solutions you can offer through your services.
By this, I do not mean that you have to have your whole business journey planned out. You should have a brief overview about what you want to achieve by this venture: goals – the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.
Be ready with the financial estimates for the venture. While estimating, always overestimate the amount of money needed for a particular part of the venture. It’s always better to be over prepared rather than underprepared.
You cannot start and run a business all on your own. Surround yourself with people who are as hardworking and dedicated as you. Make a team with every person having a different area of expertise that can advise you and help you run the business.
5. Market Testing
Before launching your business, be sure to do market testing of your product or service. It is essential to know beforehand how the market will respond to your business. After considering the responses you will be able to make changes to your approach, which will help to make your business venture a success.
I hope after reading this you can gain some clarity in what all you should do while starting your own business.