August 12, 2019
5 min read
Read our to-do list for startups in India for dos and don'ts that must be followed by first-time entrepreneurs while starting a new business.
Growing a new business from scratch can be a challenging task, especially for first-time entrepreneurs. The new generation of entrepreneurs is of Millenials who have a great idea but often lack the multi-disciplinary technical know-how required to run a business successfully. Setting up the business, product development, funding, legal compliances, among other things, need to be taken care of right from the moment the business idea is turned into a reality.
It is impossible to build and grow a business overnight, and missing out on certain critical aspects can overcomplicate things for entrepreneurs. When first-time entrepreneurs venture into the business world, a business consultant can help them survive and tackle the toughest of situation.
A business consultant or a startup consultant can advise the entrepreneurs on what to do and not do during critical growth stages of a business. Keeping that mind, SeekWiser’s startup consultants in India have curated a guide on dos and don’ts for first-time entrepreneurs to make it easier for them.
Funds management is the key to run a business successfully. Having a well-laid budget is an important step so that the new entrepreneur does not feel the crunch of expenditure in a short time. A detailed budget with expenses set aside for hirings, product development, marketing, day-to-day operations, etc. can help a startup in the long run.
Research does not end at product development and a startup must test the market, demand and supply, competition and target audience for its products or services. Seasoned startup consultants in India suggest that proper research and analysis must be made a priority along with researching the technology and product development.
One of the most common yet effective tasks on the to-do list for entrepreneurs is to take risks, implement new ideas and prepare unique strategies. Doing what the competitors are doing or following someone else’s strategy is the wrong approach and can cost the business heavily.
Expanding one’s network is the best way to connect with prospective clients as well as business experts who can guide the entrepreneur and help them learn more through their years of expertise. Connecting with the right network can help the business in leveraging the knowledge that only comes with on-hand experience.
If you don’t know about something, seek help from startup consultants in India than proceeding in the wrong direction. Consulting an expert can give clarity on and understanding of running a successful business- from ideation to raising funds, from registration to compliance management.
Do not rush the journey and try to achieve everything overnight. Rushing the process can lead to ignorance to some of the most important steps of starting a new business. Startup consultants in India believe that this applies to not only the product of the business but also the employees hired by the startup.
Do not copy what your competitors are doing, but don’t ignore them nonetheless. It is important to know the strengths and weaknesses of your competitors to work on your weaknesses and improve where your startup lags. It is important to have knowledge about the market, existing competition and what customers like in the competitors to improve your own product or service.
Staying updated on the latest technology trends, legal compliances and what the consumer demand, is highing important. Don’t restrict yourself from adapting new things and incorporating new strategies in your startup. It is essential for a young business to try new things even if it involves risk. Opting for a run-of-the-mill strategy which is tried and tested by many may be helpful for some time, but it will eventually result in stagnation.
As an entrepreneur, you should never ignore how vital a good strategy is for your business. A well-designed plan i.e. knowing what to do beforehand in complicated situations can help the business in difficult times. Touching even the smallest sections of a business in a strategy can help a business in the long run as it can act as a bible which can be referred to in the time of crisis.
Do not ignore the need to have the right talent on your team. Young startups find it difficult to find the right workforce who can support their journey and help them establish themselves. It is important to have a strong startup team structure to build up the different pillars of a business, be it technology, sales, marketing, operations, or human resources. With SeekWiser, new entrepreneurs can ensure that they follow this to-do and don’t-do list by having a free consultation with startup consultants in India for the first 30 minutes.
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