When we saw someone playing chess. We see a lots of moves those can make him win or lose in few steps. But the thing it is just difference of where you are standing right now. When you sit on that chair you will realize that situations are lot different than it look. When you get into action, you realize that taking risks is not that easy. This works same in the business. Seeing an opportunity and grabbing one is a lot different thing. The person on chair take those risks by the experience. His experience tells him which move will take him further and which move will not.
This thing is experienced by the new members in the game. When new entrepreneurs comes in the business, they don’t know a single thing about risks. They lack capacity in understanding the risks, experience and time associated with the startup success. Well not every answers are complete and not sure whether they will give solution or not. But sometimes few questions asked to self can give you your answers.
Why I am Going into this Business?
There are a lot people and a lot of people have a lot of ideas. These idea may be successful or maybe not. But before jumping into this pit ask yourself “why are you doing this?” There are many people who don’t want to follow orders. So they try to become the order by starting business. Some are tired of doing a 9 to 5 job. Then there are some who just love making money. So let us clear this thing here, there are lot more chances that you are going to fail. It is not easy to start a business just because you have an idea of one.
You must have a reason of why you are doing this. A reason that will keep you motivated. “Every entrepreneur should be able to answer the question, ‘Why are you doing this?’ It seems like a simple question, but there will inevitably be times when things go wrong, hope is dwindling and you need to remind yourself of why you’re in it. As an entrepreneur, building and growth is a process that never fully ends. It is great practice to give yourself a mission statement to maintain focus on the project goals as well as personal ones.” This is from Noah Krinick, founder and partner of Solo Rugs.
Who should I target?
Sarah Brennan once said, “Everybody can be nobody, a business focal must be on target market.” One should study his customers. Make a research or survey via questionnaires or go make direct talk. This is very important because they are your potential profit. If you are focus on everyone that means you are targeting no one. Your business idea may be unique and well backed up with resources. But if you don’t know your customers then it is going to fair no matter whatever the odds are. People only invests in thing that they want. As you know what they want you can filter out your potential customers. Now you don’t have to focus on thousands of people. Just target those 100 and you will see profit.
What is the Digital Plan?
In this world filled with the technology, businesses can’t remain untouched with it. In today world everyone is going digital with internet. So that makes your customer and clients also digital. So now if you are not focusing on the digital market then business engagement may fall down. Yes, digital market is the best way to connect with more clients. With the help of this marketing one can make good connection and relations. People want their work and things easy. So bring your business to new life by making it online. Turn every possible opportunity in to success.
What is into the Plan?
Another question that you need to ask to yourself is making a legitimate plan of your business. A plan that is full proof of the surprises in future. Learn about the plan, what it is containing, what are the factors that can affect it. Making a plan on the paper is not that big deal. When you apply it or test it then you will learn what it lacks in. Make a business plan that contain financial, operational and marketing strategies. These strategies must be well prepared and understandable. Strategies of today will make a strong future for your business.