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Business Startup: As an Entrepreneur

Essay by   •  April 14, 2019  •  Case Study  •  703 Words (3 Pages)  •  608 Views

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Business Startup: As an Entrepreneur

No one can predict on who can become a successful entrepreneur or not. Not even a college degree, load of money in bank or any business experience can help u start a road to become a great entrepreneur.

But on the road of an entrepreneur you suffer load of ups and downs and we’ll discuss some of them.

  1. Evaluate:

The question to be asked from you is, why do I need to start a business? Maybe just to get some extra money by working on a side business, or just to get rid of your 9-5 job routine?

If you know the reason you can ask yourself more questions just to know what type of business you want to start? For e.g.

  • Where does your passion lie?
  • What are your skills?
  • What sort of lifestyle do you want to live?

  1. Business Idea:

Do you already have a business idea? If yes then you won’t have to face difficulty while choosing an idea and you can proceed to the next step and if not following are the steps you should keep in mind.

  • Know what is next.
  • Fix your problems
  • Use better, faster and cheaper approach.

Ask people for business ideas and advice.

  1. Market Research:

You have to search the market to

  • Know the needs of people
  • To seek for the competitors
  • Introduce a unique idea
  • To know the interest of people

You can do the research by making a survey or a questionnaire for the people.

  1. Feedback:

The direct interaction of a customer with a product can help the developer to get to know how of public response. You can get feedback by interacting with the customers directly, by taking their feedback. When you interact with them you come to know the mistakes and things which you have missed in your product and in this way they can also be your brand user and they will appreciate if you listen to their input. Probably following steps would help

  • Start by saying thank you.
  • Seek out patterns
  • Listen with curiosity
  • Ask question

  1. Make it Official:

Getting the legal aspects early, so that no one can copy your idea or sue your company or product. Following list of things are required

  • Structure of Business
  • Name of Business
  • Federal Tax ID
  • License etc

  1. Business Plan: It is a written description about the evaluation of a product when it starts and it ends.

  1. Business Financing:

Resources are required to startup your business, following are the ways to get resources

  • Self funding for a startup
  • Getting help from friends and family
  • Small business grants
  • Bank loan or credit

  1. Developing Service or Product:

Developing a product is not an easy task, u have to get the knowhow of how the product works. For example if you want to develop an application u need to approach an appropriate software engineer to do such task. Similarly following are also some steps which you meed to follow for e.g.

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