Startup entrepreneurs must plan adequately, to become brand equities. It was earlier a taboo to dream of starting a venture. However today this scenario has changed and entrepreneurship trends have been picking up, projecting a prospective nation. As more successful ventures results in overall development of the country.
China has been a good example in this regards. While we were working hard on the virtual fronts, they were striving on hardware manufacturing and the results are visible, phenomenal However, success strategy might be different for each domain, but precautions are the same with the perspective of the particular industry.
Now let us take a deeper look into what makes it to become successful. Be it an innovation or a service platform the foremost important issue to be considered is ‘Market Research’. Adequate research in the market of interest leads to initial success. Such research must be conceptualized through a ‘SWOT’ analysis.
Based on the SWOT analysis, make a report with ‘REALISTIC ASSUMPTIONS’. As the old saying goes, budgets and plans on paper would be different in reality. Keeping this in mind create a cushion for discrepancies. This is where having a ‘PLAN B’ to the original plan is necessary. This would come handy when the necessity arises.
On the administrative fronts always have a well-assessed ‘PERFECT TEAM’ to meet targets on time and every time. With all this in place, have a trial run before getting into action mode. The last point to consider after establishing is never go for diversification or expansion without repeating all the above steps.
Another important attitude of an upcoming entrepreneur is to be prepared for 360 degrees integration for bettering statistics and becoming a brand. Rajkishan