THOUGHT OF THE DAY- Anyone who wants to become an entrepreneur has many a thoughts in their mind. They look for support/ clarifications.This is an attempt to support them with enlightenment.
Kunal Khemu -Actor sources Cruelty Free and ethically sourced bags
Google Search throws up 857 K results
Do you see an opportunity knocking at your door?
Every negotiator needs good information, which demands that we understand fully what we hear from other negotiators. This article shares how to improve your negotiation listening skills.
‘Do you hear what I hear?‘ That’s the flashing, neon question mark at crucial moments in our negotiations. When negotiators gather together after hearing someone speak, we discover that we often recall somewhat dissimilar versions about what was said. People digest what others tell them and provide their own unique interpretation about what was said to them. We’re typically overconfident of having correctly heard the speaker.
If someone were to tell you that you have to hone-up on your listening skills, you would probably feel a pang of resistance, thinking that your listening skills are already above average. Truth is almost all of us could do with sharpening up our listening skills. You’d think that your hearing was one of the five senses you’ve been using since the cradle, so what can we do to improve our listening skills for negotiating more effectively? You’d be amazed how much we can gain in negotiation skills through sharpening our ears. This article explores how to go about boosting our negotiating listening powers.
After spending a significant portion of the last couple of years talking and collaborating with countless entrepreneurs (through FounderDating) a few clear themes have emerged around partnering with cofounders. We’ve noticed some valuable best practices…as well as some very common mistakes. In the hopes that we can save more entrepreneurs some time and heartache, here are three of the biggest mistakes:
1.Need 2. Approach 3. Timing
Find the right cofounder is game changing – make sure you approach it like you would a partner and make it an early priority.
The restaurant business is tough. Everyone in it knows it. Everyone looking to get in it ignores it.
The cold fact of the matter is that opening up a restaurant may be one of the worst investments you could make with your money. That’s a horrible, sobering statement coming from someone like me who’s in the business of helping restaurants succeed, but it’s the truth. Most restaurant fail. Oh, the failure rate isn’t the “90%” you may have heard from friends and family, but according to Cornell University, and the National Restaurant Association, 60% of restaurants fail within the first three years of operation. After five years, the number might be as high as 75%.
Why the hell would anyone want to get into this business with a failure rate like that? Risk and reward my friend, risk and reward.
9 Networking Blunders That Undermine Your Reputation
Darrah Brustein-Founder of Equitable Payments, Network Under/Over 40, and Finance Whiz Kids
I have been called the "queen of networking" for longer than I can remember. At one point, I felt like this was, perhaps, an insult, since so many people think networking is a bad word. But I later realized that’s simply because too many people do it poorly, thus giving networking a bad name. After countless conversations, speeches, and seminars teaching people how to better network, here are the nine ways that you might be contributing to the bad wrap that networking gets.
You think you don’t need to network.
As someone who hosts monthly networking events in three cities for hundreds of people at each event, I often hear this when I extend invitations. When you say you “don’t need to network”you’re saying you will never be in need of the help of others nor do you want to meet anyone new to help them.
Networking is a fancy word for relationship building, so you’re basically saying that you are happy to live with the circle you’ve created and have put up a wall to anyone else. What you may mean is that you’re not currently looking for something you think you can gain from meeting new people or that you don’t like big events, in which case, express that.
Where to Go After Product-Market Fit: An Interview with Marc Andreessen
I think the single biggest thing is that every
market has early adopters. There are early adopters for everything, and it’s
kind of amazing that that’s the case. But there are always people. There are
people on product sites every day looking for the next new consumer thing to
try. There are even early adopter CIOs. There are Fortune 500 CIOs who pride
themselves on discovering the next new whatever it is — the new relational
database, AI, whatever it is. They’re all over it.
And a lot of product/market fit is the fit with the early adopters. And so you get these extremely enthusiastic people, who in a lot of cases have sought you out as the vendor, saying, “Wow, your thing is really cool. Can I please use it?” And that’s your sign of product/market fit.
The problem is, the early adopters are only ever a small percentage of the overall market. And so a lot of founders, especially technical ones, will convince themselves that the rest of the market behaves like the early adopters, which is to say that the customers will find them. And that’s just not true.
In the consumer world, it’s not true because people have plenty of existing things they can spend their time on. They have to be convinced to try the next new thing. And so whether you want to call that marketing or growth hacking or user acquisition or whatever you want to call it, there’s some distribution function there, for all these things, that’s critical.
And then for sure for B2B. Most businesspeople in the world, most CIOs or whoever is going to buy technology in a business, don’t wake up in the morning and say, “Gee whiz, can I go find the next hot thing to take a chance on?” That’s not how businesspeople live their lives. And so there needs to be some distribution capability to get to them.
Again, the danger there is a market share thing. If you stick to the early adopters, you’ll get 5% of the market, but you’re not going to get 95% of the market. And that means, sort of by definition, somebody else is going to go get 95%.
The gig economy has already
transformed the way we work, and more change is ahead.
For entrepreneurs, the gig economy can increase agility while minimizing financial risk. Whether you’re experimenting with providing new services or are in need of short-term help with a technical problem, the gig economy can grant access to top-tier talent at the click of a mouse.
By embracing the gig economy, you might even gather the resources to introduce the next big disruption yourself.
Creativity is an important aspect of any startup It helps in having competitive advantage What are the tell tale sins to judge whether the startup has a creative culture.
Creativity does give an entrepreneur a competitive advantage, but how does one assess whether they are creative enough or not?
Following are characteristic features indicative of a creative entrepreneur:
1. An entrepreneur adheres to rules and principles only when they add value to the organization and have a potential to attract more customers.
2. An entrepreneur experiments with his ideas as the first step. The second step is learning from the experience and the third step is implementation of what they have learned.
3. An entrepreneur is less afraid to lose and is always keen to experiment in new ventures.
4. The entrepreneur is not afraid of creativity and believes that creative ideas will only help their enterprise.
5. A creative thinker will take inspiration from new ideas in every area directly or indirectly related to the enterprise.
6. An entrepreneur is not afraid to go beyond the industry and enter new markets. This opens a wide range of opportunities to formulate new niches.
7. Every product and service is not good enough and has room for improvement. An entrepreneur realizes that very well.
8. A creative thinker is interested in bringing totally opposite things together to create new products or services.
9. An entrepreneur creates new products for existing services and new services for existing products.
10. Creative ideas come more quickly when someone is not afraid to appreciate new ideas irrespective of who comes up with them.
11. An entrepreneur shares an idea and is open to feedback that improves and refines the idea.
12. Creativity comes from learning different things, whether they are related to the industry or not.
These indicators show that entrepreneurship and creativity go hand in hand with each other. Entrepreneurs are more flexible and seek improvement more than they seek perfection.
Digital Health Care is undeserved Market-Sweta Patil
chemicals to clean is very bad for the environment. When you wash them away you
are simply putting them into the water supply. That means water will take more
purification before it is safe to use again. But the good news is that in the
majority of cases you really don’t need to use them. For most day-to-day
cleaning tasks, natural products like vinegar, citric acid from citrus fruits
and bicarbonate of soda can be used in place of caustic chemicals to great
Product/market fit means being in a good market with a product that can satisfy that market.
According to data from CB Insights, the number one reason that startups fail is that there’s no market need for what they’re offering. That reason for failure even ranks ahead of running out of cash.
It makes sense—if there’s nobody interested in buying what you’re selling, your business is destined for failure.
But, product-market fit isn’t only necessary to sustain your business—it’s also important for growing your business. By ensuring product-market fit, you build a solid foundation on which to scale your company.
Before Product/Market Fit, trying to scale through marketing and advertising may actually do more harm than good for your company. You’ll be throwing money away, and alienating potential customers before you’ve even created a product that they’re truly interested in,
-explains a post for TechLaunch,-
Finding a Balance of Free and Paid Content
With two paid subscription models proving so popular you can understand pulling back on the blogging a little, but this is not an option for Erin as she said, “you have to keep producing quality free content.” It’s important to keep up relationships with your audience, be active in communities, and relevant to keep producing new articles. Erin summed this up with a nice statement, “that is what helps get me up to the office every day; I want to help someone.”
I asked Erin how she decides what content to publish for free on her blog, and what content she keeps for members, she summed it up by saying:
You teach people WHAT to do at the free level.
Behind the pay wall you show people HOW to do it. There is a dividing line, separate your content between the, what to do, and how to do it.
Hi! I'm Erin Chase and I am on a mission to help you spend less money on your groceries!
Pricing strategy should recognise differences in customer types and price products to cater to each of these. Product offerings must be created to cater to different categories. These changes need not be substantive nor cost very different. Value , a bit like beauty is often in the mind of the beholder; price reflects this value.
Five Fears of Negotiation (And Why You Need to Overcome Them)
Cindy Robinzon Wiesel
Why don’t women ask? What are some of the fears that women harbor around negotiating with bosses, coworkers, or even friends, that get in the way?
Problems to be solved are plenty.Water, Air, Waste, Quality education.
Startup Entrepreneurs are you ready?
Rural India- Digital Village Service Center opportunities 100K Centers are being planned
The first step in opening a new restaurant is deciding what type of restaurant it is going to be. Do you want to open a high-end fine dining restaurant? A casual 1950s-style diner? Do you have a specific type of cuisine in mind, such as Italian, French, or Indian? Perhaps a microbrewery or a pub.
Location, location, location. It can make or break a restaurant.
Before you sign a lease for your restaurant location, do your homework. Is the restaurant location in a busy area with plenty of foot traffic? If not, is there enough parking? Have several other restaurants opened and closed in the same spot?
Stubble burning is a major problem especially in Punjab causing pollution in NCR.
Entrepreneurs have come out with a solution to convert the stubble left over in the field to pulp
Pulp is used to produce plates and cups.
This solves the problem of reducing plastic usage which is a major pollutant.
Converting diesel exhaust into ink
According to a study conducted by WHO in March 2018, 14 out of the 20 most air polluted cities in the world are in India. A significant part of this air pollution is contributed by vehicular emission.
Graviky Labs, a startup from Bengaluru, has invented a device which when fitted into the tailpipes of generators and vehicles, can capture carbon emission even before it has entered the environment, and convert it into industrial-grade ink.
The exhaust is cooled in a heat exchanger where the soot particles come together. The carbon from the soot is then isolated and converted into ink, which can be used for writing, painting or anything else - proving, once again, that something good can come out of something bad.
Thought of The Day:Low Cost Technology Ideas
Similarly, you could start a podcast where you talk about the new gadgets or innovations in the tech industry.
Tech Video Channel
Or you could opt for creating video content about technology, using a platform like YouTube to earn revenue.
Livestreaming has become a popular way for people to communicate online. You can build up a following on platforms like Facebook Live and Periscope, then earn an income as an influencer.
You could even start your very own livestreaming service that other people can use to share their thoughts and connect with followers.
Thought of The Day: What are startup opportunities in IoT Space
Rapidly growing and hence plenty of opportunities
What lightning does to mushrooms, IoT has done to startups!-Suprita Anupam
Using IoT to save energy by connecting Devices
Thought of The Day - Portable organic Farming
A new opportunity to build organic farming in buildings
It requires an investment of INR 6-8 lakhs to builda store of 1200-1500 Square feet
Thought of The Day: Dilemma of Newly weds with their wedding gifts
A business idea to help them by disposing of gifts not useful or they are moving away to a far off place
The couple during wedding always receive gifts from family, friends and relatives.The couple may receive many similar items or they may be settling down in a far off place.
You can tie up with wedding event management company to help them to dispose off or offer as a vale added service in case you are running an event management company.
Amsterdam Entrepreneur Marius Smit's novel way of fishing out plastic waste from City's canals.
Plastic Fishing Tour has become popular.
Recycle the plastic waste and used it to make plastic boats ( Whales) to fish out more plastic waste
Recently they have started making office furniture from the plastic waste: https://plasticwhale.com/
Source: The Times of India
I am planning for a startup. My friend wants to join meas equal partner. I am wondering whether it is a good idea? What are the factors one should consider?
I have vacant land in an industrial area. I would like to build and run warehouses.
Warehouse Startup Opportunities
Warehouse Startup opportunities are plenty in the current environment especially due to e-commerce explosion.
Warehouses play an important role in Supply Chain Management. Normally ,warehouses are located close to the market. It facilitates faster replenishment of sellers’ stock so that it is available when customers want to buy.
The third party logistics service providers offer warehousing facilities as a part of the supply chain. The transport industry has added this activity as a value addition to their business.
A company, producing variety of SKUs ( Stock Keeping Units) may be in one location or may be spread across different locations. The dealers, who sell to end customers, will need a mix of these SKUs. The company cannot dispatch the mixed bag required directly from their factories. The warehouse assembles the dealer orders and dispatches the mixed bag.(Kitting).
There is nothing like a good idea or bad idea.
Essentially any idea should solve a problem or create convenience for the user. The higher the criticality of the product / Service to the customer the probability of the success is good.
However execution of the idea and the individual entrepreneurs traits are equally important.
Every product seeks to solve a problem. For most startups, it’s easy to know whether there’s a market for a solution to that problem. The difficult part is what happens next: determining whether your solution is the right one, building an actionable strategy for making the market aware that a solution exists, that is yours.
Mosquito Vaporizer became a success as it was a critical product.
Me too have products have lesser chance of success.
Startups are cash short to focus on creating need through marketing efforts.
I want to start a food truck business?
Is it attractive? What are the opportunities? What is the investment required?
Food Trucks of Bangalore- Startup Opportunities
The food truck business is a viable startup opportunity and costs can vary from INR 200K to 1500 K depending on the design of food trucks.
Every food truck startup creates their own niche. The mantra is simple: fast, healthy and delicious! There’s no end to the cuisines you can try, as every food truck experiments with something new!
There are trucks which sell ice cream, Cakes, western food, local cuisine etc.
I want to start a fast food restaurant with a budget of INR 1 million.
What are the critical success factors?
1. Consumers are highly price sensitive
2. Speed of service,
4.Quality of food
I hear that a strong network is one of the ingredients for success for any startup. How to build network?
"Networking can provide all the things every entrepreneur needs, be it market access channels, product development advice or management guidance.
The foundation for launching your business and scaling it exponentially with speed will depend on outside forces. You will need access to a wide array of expertise to be successful with your company: market access channels, sparring on product development from industry experts, management guidance, and so on. All things that can be found through good and intensive networking. That is why you should network.":-Prasad Vanga
My startup has acquired a few customers through my close friends. I keep hearing lack of understanding the customer acquisition cost is Achilles heel for many startups.
What is the significance and what are the key factors in calculating the cost.
Customer Acquisition Cost is the cost associated in convincing a customer to buy a product/service. This cost is incurred by the organization while convincing a potential customer. This cost is inclusive of the product cost as well as the cost involved in research, marketing, and accessibility costs.
‘Dividing the total costs associated with acquisition by total new customers, within a specific time period’- This is customer acquisition cost.
I am planning to use Digital marketing for my startup
What are the tips?
I am planning to start a service business routine maintenance of offices.
Essentially a B2B business. I understand it is less risky and marketing requires minimal effort.
I want to write blogs about how one can build skills for employ-ability/ Career Growth.
I also want to establish a recurring revenue stream from my blogs.
What is the best way to go about this ambition
Startup and Blogs - How blogging can be an effective Strategy ?
Blogging is an effective way to communicate to the prospective customers about one’s product/service. It just kindles interest in the customers who may want to reach out to a startup entrepreneur.
I want to transit from Executive to a startup Entrepreneur. I keep reading fear of failure is the most common worry of any startup.
Failure is part of any startup. Risk is inherent in any business whether it is a startup or running business. Sometimes a new product introduction may completely upset successfully running businesses. There are many risk mitigation strategies.
You Can only minimize chances of failure and there is absolutely no guarantee for ZERO failure.
Is Outsourcing digital Marketing the right choice for my fashion garment startup?
I keep hearing digital marketing is vital for my fashion garment startup.I can not afford to hire a full time employee to manage digital marketing.
I want to be part of the exploding market for Edutech Startups.How to go about it? What are the opportunities?
Online education in India will see approximately 8x growth in the next five years, says a recent report by Google, KPMG. This will have a significant impact on the edtech market that has a potential to touch $1.96 Bn by 2021 from where it stands now i.e. $247 Mn.
Look at the following Example
A straight forward and convenient way to study for an upcoming test, interview, or speech. This app supports the ability to create your own card sets or download ones from online.
Remember the doodling days on the side or back of your notebook while you tried to take copious notes from your boring teacher? Would you be more motivated if you knew that your notes would not only give you an edge on the exam while earning you a bit of cash?
Flashnotes allows students to upload their lecture notes and also sell them to other students who need more help or resources. The general pool of knowledge expands as students continue to share their work with one another while The rating system allows the best note takers to get more business.
As a startup and solopreneur I get scared whenever I have to negotiate.
How to be an effective negotiator?
Is it art/ Science? How do I acquire negotiation skills?
Do not worry- Negotiation skills can be acquired. There are key rules of negotiation.
Prepare & Practice
Have a mind set it can be win -win for both of you.
Take courage and walkout if you cannot reach an acceptable solution
I am constantly hearing any startup should prepare business plan. Is it necessary? What is a Business plan? How will it help my startup?
If you fail to plan you plan to fail
Business Plan for Startups
Business plan for startups will be required at some stage or other.
Doing some pre-startup homework and crafting a business plan now will make your life post-startup so much easier.
Why Affiliate Marketing is a risk minimizing strategy for my startup?
Affiliate marketing is great for a startup or someone who wants to grow faster, who doesn’t want to take the risk and spend money on marketing. If you want other people to drive sales for you, and you only pay them for results, it’s a great deal. There’s little to no risk. Sure, you’re going to have to watch out to make sure you’re not getting big credit cards going through your system, but you should be tracking that anyway.-Eric Siu
Alternatively you can become an affiliate Marketeer. This will hone your selling skills.
I am a solopreneur.
I am growing.
How to build my team?
What are the employee attributes I should look for?
i. Passionate Individuals
ii. Willing to multitask
iii. Need Salary for survival
iv. Not looking for a 9-5 job
I hear Franchising as an option to be a startup especially when I am a first time entrepreneur.I am planning a Preschool startup?
Why is it called a risk minimizing strategy ??
You want to set up your first business and can only invest a small amount of capital. Then, read on.
Small business startups have limited cash and would like to quickly establish the business and earn return on their investment.
It offers an ideal platform for a startup business as many requirements are taken care of by the parent company. The idea has been tested and the brand has been established. Systems and processes are made available.
I want to validate my business idea Is there a process
For any startup the crucial first step is Validating Business ideas. Ideas are plenty and a structured process can be used to validate the idea before precious resources can be committed.
An Example of Validation
A woman entrepreneur wanted to test her idea for homemade chocolates. She lives in a huge housing complex where she has lot of friends. She supplied chocolates for childrens’ birthdays which she and her children attended.
She also participated in exhibitions which mainly attracting youth .
The word of mouth publicity increased her orders. Later, she went for online sales within a local delivery area of 2 kilometers.
At the end of one-year period the business operations have to be shifted to a larger area where she hired more employees to cater to the growing business.
I am a mom. I am starting a home based business.
My question is how can I be a successful mompreneur?
Moms like you who aspire to become entrepreneurs need to be encouraged. The entire family gets benefited. It imparts entrepreneurial mindset which are life skills in the entire family.
Remember the Nike Slogan-‘Just Do IT’
Why Product-Market fit is important first step for any startup?
It is reported that 42% of businesses fail because of poor Product Market Fit. (PMF)
If your customer describes correctly the usefulness of the product/service and is willing to pay for it- that is the first step in PMF.
Pricing Strategy for Startups
Are you facing the common syndrome of which is right Pricing Strategy for Startups. you are not alone.
Any startup founder either in product or service will vouch the dilemmas they faced by them on how to price. One wonders whether any magic formula is available.
I have a spare room. I love fashionable looks and new trends- Any tips for beauty salon startup?
All you want to know about Beauty salon Startup:
Starting a beauty salon has become an attractive option due to the changes in the attitude of both men and women towards spending money on their looks. The beauty salon business is growing at more than 20% and the average spend per person is also increasing. These factors have attracted many new players creating intense competition.
As I have already mentioned any startup has two options. They can either set up their own salon or become a franchisee.
A beauty salon can be started with as low as initial investment of INR 500 K. The space required is also a mere 500 Square feet.
I am stay at home Mom.
I want to start a home based business.- Any Business Ideas for me?
Looking for low capital investment ideas!!
Business ideas for Women
As a woman are you looking for business ideas or toying with many ideas.
You are undecided about the business you want to start. The key to success for any idea is how it solves the customer's problems. The ideas should be based on your strength of understanding the customers or the market you want to serve.
Business ideas for Women-Home based business
The ideas covered in this blog are for those women who want to work from home. Majority of the women entrepreneurs always give overriding priority to their family requirements and business comes second. The business ideas listed below fulfill the need for women who want to balance home and work, at least till their children grow up.
What are the Customer Acquisition Mistakes Startups Make?
Customer Acquisition Mistakes by any startup entrepreneur can lead to frustration and result in waste of time. The cash will get depleted and business may be at the brink of closure.It Costs Five Times More to Acquire a Customer than to Retain a Customer
Cost vs return to acquire customers is a key parameter startups should track
THOUGHT OF THE DAY from 10minutebiztools.com
Startups need inspiration and Ideas to stimulate
How to Bootstrap MY Startup?Are their any wise words for ME
Bootstrap Startup- Why ??
First-time entrepreneurs often have trouble getting funding without first showing some traction and a plan for potential success.
It is due to limitations in securing external funds for untested ideas.
DESIGN A BUSINESS MODEL THAT GENERATES CASH QUICKLY
Not all businesses are equally ripe for bootstrapping. The most successful bootstrapped companies have a business model that generates cash as quickly as possible. Without any cash inflow, you’ll burn your reserves before gaining any real traction.
What is Lean Startup?How does it help in minimizing Risk for my startup
Lean StartupThe concepts of lean startup can be termed as risk minimizing strategy. It is well known that only 5-10% of start up businesses survive the first year. The lean concepts help in minimizing the failure as the business model has to be agile. These help in changing the model quickly if a product or service does not attract customers.
Why is Cash Flow Important for my Startup?
What is the relationship between Cash and Startup? How critical it is?
The sad truth is that cash-flow surprises kill many startups.
90% of small business failures are caused by poor cash flow. Put simply, not enough cash coming in the door and too much going out. Getting paid on time and managing your outgoings is critical to business success. – Dun & Bradstreet (dn smallbusiness.com)
Managing startup-cash flow is critical.
Startup business needs cash to start and more cash to grow.
Managing the cash till the business starts growing is one of the icebergs that the startups have to negotiate till outside support is possible.
Customer acquisition is becoming a problem for my startup!
How to generate leads for my business?
Commonsense approach is following the principle of Fishing. Go to a source where maximum fishes are available
Lead Generation Tips-Two Step Process
Generating leads for your business requires two steps:
1) attracting the interest of potential customers, and
2) collecting their information.
I have acquired a few customers. I want to grow rapidly.
What is the recipe for success.
The strategy adopted for acquiring customers at the initial phase cannot be replicated in the growth phase. Further, there is a need for a paradigm shift in the mindset of the startup entrepreneur. The skill sets required to succeed in each phase of the growth (startup to medium to large size) of the business is different
How can I minimize my Startup failure?
It is common knowledge that 90% of startups fail.
Is there a secret recipe to reduce failure?
Even though one cannot completely avoid failure there are ways to minimize failure
The caliber and quality of decision making by the startup entrepreneur can be the main reason for failure.
Certain skills are critical for success. Absence of these affect the quality of decision making.
Lack of Product- Market Fit
Are you stressed?? On your aspirations for a startup
For You- Useful tips on Startup Steps
1. Assessing Yourselves
2. Testing Business Idea
3. Assess Resources Required
4. Bootstrap or external funds
5. Hiring Startup Team
6. Legal Requirements
7. Start Trials
8. Build Network
9. Evaluate the results
10. Course correction if required
Why Social Media for startups like mine??
Using social media for marketing can enable small businesses looking to further their reach to more customers. The customers interact with brands through social media. Therefore, planning a strong social marketing presence on the web is the key to tap into customers’ interest. If implemented correctly, marketing with social media can bring remarkable success to any startup business.
Several Social media platforms are available and a startup can use a combination of these platforms. The message should suit the kind of audience in those platforms.
How do I know my idea has a chance of traction???
Change the fearing Face to smiling face
by answering this simple question as a first step
Is your idea solving a problem( Pain Killer) or is it only would love to have if money is available ( Vitamin)
Why should I write blogs? How does it help my startup??
Startup and Blogs - How blogging can be an effective Strategy ?
Blogging is an effective way to communicate to the prospective customers about one’s product/service. It just kindles interest in the customers who may want to reach out to a startup entrepreneur.
Why should a startup business write a blog
1. Communication platform with potential Customers
2. To showcase entrepreneur’s expertise to a large number of audience
3. A brand building process
4. Feedback from several sources
5. Improves search engine rankings
6. Helps you to establish as a thought leader and you can create a set of loyal followers
7. Helps in building credibility
What is the relevance of minimum viable products for my Startup ??
A minimum viable product (MVP) is a strategyin which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users.
Risk minimizing strategy= MVP Approach for Startups.
This approach is also called lean startup. Minimum Viable product is built by the startup team to test their idea and also to quickly get a feedback whether someone out there-customer is willing to pay.
Market Survey to collect opinion is unlikely to yield desirable results as the prospective customers are only spending time in filling the questionnaire, not actually spending cash.
The MVP strategy helps you build, measure and analyze the real customers’ feedback. This in turn helps a startup to change course /modify/ abandon the idea. This is truly lean startup principle as resources are not wasted.
You will learn what works and what does not work.
How do I acquire my FIRST CUSTOMER?
The first step of acquiring customer may be an easy one or if your offering does not have market fit you may have difficultly in getting the first customer.
Study the story of Karsan Bhai Patel of Nirma fame.His first product liquid detergent failed. But he succeeded when he produced detergent powder at an affordable price he succeed.
Always sell to the customers directly so that you establish rapport and also get feedback.
The network you have may have positive influence. If you are in B-B business may be you will acquire first customer with little less effort.
Is innovation a must for startups?
Startups by nature are vulnerable to competition. Every business be it service or product needs competitive advantage to succeed. Innovation is the KEY.
Can be radical like Apple or incremental innovation called JUGGAD
Look at Cavincare which introduced shampoos in sachets at one rupee
As a startup how do I build network? Is it Important??
How to build Network??
Informal professional networks and communities are more important for entrepreneurial success than formal structures such as incubators and accelerators.
It Should be a planned activity
It is strongly recommended that start-up entrepreneurs build in their schedule, at least 3-4 hours per week to attend a networking event. It should be a continuous activity and the work pressure should not prevent them from compromising on the networking calendar.
Does my Startup need Mentoring Support??-At What stage do I need the support?
As a startup entrepreneur when you dive deep into the world of entrepreneurship may face situations where you are stuck. You need someone to support or a person whom you can turn to for advice. Solopreneurs especially need the mentoring support.
Can my spouse be a partner?-A Dilemma Faced by many aspiring Startups ????
Has merits. Willingness to adjust, have role clarity and seek professional help in case of disagreements over business
Difficult part is to avoid carrying family tension into business
Spouse as Business Partner-What are the success mantras for couple to succeed, in both personal and business life?
Should I go SOLO or have a partner???
IS IT A Million Dollar Question?
Partnership could be better than being solopreneurship.
Complimentary Skills should be there
Capital Gets Divided
Clear Roles and responsibilities from DAY ZERO
Lack of trust and role clarity can lead to
However this could be recipe for disaster if there is no chemistry
What is the one critical skill I require for my Startup???
Customer is key for any business. Selling/ Convincing Skills is essential especially for solopreneurs.
You can sell any product / offer services even before you venture to implement your idea.
Experiential learning includes rejection for getting the EMOTIONAL QUOTIENT RIGHT
How do I get Ideas for my STARTUP?
Normally all of us find solutions to problems we face. We call it light bulb moment.
We can expect others also facing similar problems. Your solution can have have commercial value. Test it.
Who knows you might have stepped on your entrepreneurial journey
THOUGHT OF THE DAY Series # 0003
Why Aspiring Startups should learn about Michael Porter's 5 Forces Model ??
You never operate in isolation. Strategising is integral part for any business
1. Buyer's ( Customer) Power
2. Future Competition power( Low entry barriers)
4.Threat of Substitution
5. Supplier's Power
THOUGHT OF THE DAY Series # 0002
Why Swimming in Shallow Waters Concept for Aspiring Startups??
A swimmer swims in shallow waters before they deep dive. This is for acquiring domain knowledge and a risk minimizing strategy. Same applies to any startup
You have your eureka Moment- An Idea
You need to test your idea for market acceptance
Bootstrap and test in a small market.
Get Customer acceptance.
Do not sell it to family members, relatives and friends.
In certain tech ideas it is freemium model.
This concept may not apply to ideas requiring investment to make the product and test.
THOUGHT OF THE DAY Series # 001
If you are aspiring entrepreneur learn how to compete
Learn how to compete from local Pharmacist. There are at least 3-4 in an are of 500 meters. All of them run profitable business.
Is it the Margin?
Is it the Service?
Is it customer Loyalty?