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8 mantras to remember before beginning a business

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CIOL Bureau
New Update
Business

Entrepreneurship can be a tricky game. Tricky, but not impossible to master. Although becoming your own boss appears to be an enticing idea, starting a business requires one to be multifaceted in terms of skill sets. Another interesting fact about starting a business is that even if you are highly qualified academically, a large chunk of the learning happens on the job.

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And, starting a business is just one aspect of it – and the most basic one too. But sustaining in the chosen industry and ensuring your business is successful and aligns with your goals is also crucial and will help your business thrive in the longer run. While the entrepreneurial journey will be your biggest teacher, there are a few key aspects to bear in mind before starting a venture. Here are 8 mantras to keep in mind before you begin a business.

Analyze the market sizing

For any business to thrive, it is important for aspiring entrepreneurs to first have an in-depth understanding of the existing market. Regardless of the industry you choose, it is crucial to thoroughly analyze and comprehend the market to get an idea of how much profit your product or service could potentially generate in a particular region.  This is because the consumer needs and preferences may vary drastically from one city to another, making the analysis an indispensable factor that cannot be overlooked.

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Understanding consumer pain points

Regardless of the industry that your business is operating in, the consumer is always king. And, to connect with your consumers, merely possessing product and market expertise will not suffice. Thoroughly understanding what the consumer requires and paying heed to their pain points can offer a fresh perspective and change the entire dimension. Basic things such as identifying the gap in the market, offering an innovative solution, and doing a quantitative analysis of the market (past and present), can do the trick and cater to the consumers’ needs.

Consider existing solutions to improvise your product

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To provide the consumer with a product that can serve their needs, it is necessary to analyze existing solutions. Doing this will not only allow you to understand consumer preferences and requirements better but also build an innovative product that bridges the existing gap in the market. Additionally, evaluating your product with the existing one will enable you to improvise your product further, and launch the enhanced version designed to suit the consumer needs, thus improving their satisfaction.

Key personnel involved in decision making

Choosing the core team, commonly known as the founding team, is crucial. Board members, Heads of various divisions such as finance, marketing, business, and operations, being the decision-makers, form the crux of the business and are key to driving the company’s growth. Bearing this in mind before starting a business will not only help you build a strong founding team that is reliable but will also boost your business immensely.

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Building a robust business model

In today’s highly competitive world with countless aspiring and established entrepreneurs, your business model is at the core of influencing the success of your business. A strong business model is one that aligns with the company’s long-term mission and vision and is self-reinforcing. A robust business model can become a game-changer in increasing the business’s capacity to flourish amidst the cut-throat competition in the market.

Choosing the teams according to the business

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This part can be slightly confusing. For all businesses, a combination of teams from various divisions such as marketing, technology, operations, HR, etc., is needed. But it is imperative to decide which division would be the core. For instance, a start-up that offers AI-driven solutions for businesses and is based on cloud computing would require an extremely tech-savvy team. Similarly, for a digital marketing brand, a team with strong social media, marketing, and content skills would accelerate the company’s progress.

Scale possibility

When you consider commencing a business, it is essential to consider the possibility of scaling. Expanding the company’s geographical footprint automatically opens new doors and presents innumerable opportunities for the business to evolve. Analyzing the scale possibility offers phenomenal growth prospects for the company by helping it gain a wider reach and expanding its customer base.

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Adjacency to business line

A growth strategy that works perfectly, business adjacency is when a brand capitalizes on its expertise; an area where it has marked superiority and uses it to its advantage in the market. Before starting a business, adjacency to the business line is a vital factor to consider.

India has one of the highest numbers of aspiring entrepreneurs and not overlooking simple, fundamental factors such as the aforementioned ones can play an instrumental role in making their entrepreneurial journey successful.

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Amit Lakhotia, CEO & Founder, Park+ Amit Lakhotia, CEO & Founder, Park+

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