Entrepreneurship & Startups
1. What is Entrepreneurship?
Entrepreneurship is an individual unique idea & how they execute that idea in their venture by being innovative, generally to disturb the current market with a new product & service strategy.
A starting of new business venture like a retail shop to sell your handmade goods.
Skills an entrepreneur have:
- Change orientation
- Ready to take risks
- Need to be Innovative
- Maintain inner discipline
- Require a good management skill
- Excellent technical skills
2. What is Startup?
A startup is a team of entrepreneurial talent that captures the value of the innovation in their developing products with an ambition to grow fast with a scalable business model for maximum impact
Process to build startup from scratch:
Some processes require to build a startup from scratch are the following:
- Create a great idea
- Make a business plan
- Secure funding for investment
- Find your dream team
- Follow legal steps through paperwork
- Establish a location, whether online/physical
- Have excellent marketing plans
- Customer persona & customers validation
- Have problems solve through ideation & solution
- Business & revenue model
3. What are the challenges a startup face?
Some challenges faced by startups in the market to compete with others are:
- Failure to execute a plan
- Lack of demand
- Ineffective marketing skills
- Experience & skills gaps
- Lack of financial management
- Know how to secure your funding
- Hiring the right people
- Time management & productivity
- Lack of leadership quality
Important points for startups to accomplish your relationships with customers:
Here are some important goals that are essential for maintaining positive customer relations when you are new in market are the following:
- Understanding the customer problems
- Build loyalty
- Make Trustworthy relationship
- Revisit your relationship with customers
- Know your customer’s demand
Tips startups required to follow for growing a healthy business:
- Be organized
- Get detailed records of everything
- Evaluate your competition
- Know the risks & rewards
- Always stay focused
- Be creative all the time
- Be consistent
- Ready to make sacrifices
- Be quick to provide excellent services
Bootstrapping in startups:
It means to build a company from the ground that relies on your savings. More probably, without any outside support for building your venture.
4. How to raise funds for your startup?
Insight keys that help you pitch your idea perfectly are the following:
- Do your homework well
- Know how to present yourself wisely
- Tell a story
- Strick to 10/20/30 rule
- Cover necessary details also show the roadmap
- Answer the little man
- Pitch constantly
7. What is a business plan and what should be included in that business plan?
A written document describing the nature of the business, the sales and marketing strategy, and containing a projected profit and loss statement. It should follow a standard format that includes all the essential business elements in it. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing.
8. Why you need business plan as a startup?
As a startup, you need a business plan that gives you the clarity to focus on your strategic plan & helps you create an identity that is built to succeed. It makes an attractive prospect in the eyes of investors & becomes simpler to raise your capital.