- The three test rule –
Starting a company is not an easy task. It requires a mature person to handle the hassles of a start-up. Keeping this in mind, there are three tests that anyone who wants to start a business needs to pass. The entrepreneur is only allowed to start-up if he or she is in the prime of their lives, have identified an attractive market opportunity and also if they have the ability and resources to gain the target market share.
- Go after a large market with unsolved problems and unmet needs –
Addressing society’s problems is a good head start to any business. Take up a business opportunity that needs you to fulfill an unmet need or solve an existing problem. Doing this, not just helps you kick-start your business on the right note, but it will also have you on your toes and the field.
- Back your product with research –
Getting to know your customer and their preferences are key to get them to try out your products. For this, it is essential to ensure you spend considerable time on the research to back your product. This involves spending time talking to customers and try and understand in-depth of their psyche and what it is that they want or need.
- The two in the box concept –
Many entrepreneurs feel they do not possess all the required skills to run a company and for this reason, they usually bring along a partner who has complementary skills sets. This will make it easier and more specialized as each partner can deal with subjects that are known to them. This will make working together with an extremely synergic exercise. This will be a synergy that the company will benefit from massively. In addition to that, this two in the box concept also helps the entrepreneurs make good business decisions.
- Build a culture with a clearly coded value system –
A start-up being a newbie, it is essential to set an example of functioning. It is crucial to develop the right type of culture within the organization to keep the employees and other staff on track. Ensure your employees are drilled in with the concept of quality of work and dignity of labor. The team needs to adhere to dress codes and work ethics very strictly. Since it is a start-up and it does not have a reputation to fall back on, it is the responsibility of the entrepreneur to work on building such a long-lasting impression of the brand. This can only be done by paying heed to the criticisms of others and by following a strict routine and work ethic at the workplace