The entrepreneurial journey-Entrepreneurs are the mythic heroes of our economy. We relish retelling the stories of superstar entrepreneurs such as Steve Jobs, Biz Stone, and Debbi Fields. But are they typical? Most new businesses stay small and don’t change the world (at least, not all by themselves).In a word, new business founders are looking for freedom. The top three reasons they cited for launching their startup were to “be my own boss”, “turn my passion into a business” and “burning desire to work for myself.” Money came in a distant fourth.
Snapshot of the typical startup
Hot Spots – The most common start ups located in Delhi , Bangalore & Hyderabad
Segments – The most popular business segments are services, retail, fashion and Real estate
Small – Less than 5 employees and a single founder
No experience necessary – Surprisingly, most founders had no prior startup experience
woman’s touch- Women are more likely to found new businesses (57 percent have female founders, compared to 43 percent with male founders)
Generation startup – Gen X( 30 to 35 yr old ) seems to be the sweet spot for new business founders, claiming more than half (55 percent) of all startup founders
Secrets of successful startups
Take on a partner
Don’t skip the business plan
Enlist the help of professional advisors
Embrace the latest marketing tactics
Top three startup myths
a.First, they need to keep their business idea a secret. Hardly! The advisors would counsel the founder to tell everyone they can about their new idea to build buzz and momentum.
b.The second myth is that fundraising “won’t take long.” In fact, raising capital is a grueling and lengthy process. Founders need to budget adequate time into their plans for this important step.
c.The final myth is subtle. For a new entrepreneur, landing millions of dollars of investment for their business idea can be a huge rush. As indicated in the previous point, it can take months, perhaps years to accomplish and a lot of effort. But those funds are just the beginning and are not equivalent to success, nor do they guarantee success. Rather, investment capital is the fuel that enables success down the road. A common misperception is to view the securing of significant capital as success itself. When this happens, founders often begin to spend more freely instead of marshaling those resources and investing them.
The top three mistakes by failed start up
Founders are taking on too much debt, not performing enough market research ahead of time, and not controlling costs closely enough
The technical aspects of their product or service
Marketing ( For marketing, trust us Brandland – your marketing partner )
Don’t wing it, have a plan -One of the first steps for a significant majority of successful entrepreneurs was to create a formal business plan. Doing so helps answer questions you may have for yourself and even come up with new ones you haven’t thought of yet
Do your research – Conduct a thorough market analysis: Who are your target customers, your competitors? What trends can you take advantage of?
Seek opportunities to network -Attend events and educational seminars to increase your knowledge, discuss new concepts, and exchange ideas with your peers. Meet people who share your perspective or who may show you a new one.
Marketing Must – Just getting a product or building an app isn’t enough. To sustain in market you need to market /build a brand gradually .Hire a professional agency like “Brandland “ who can consult, plan & execute your marketing campaigns within your given budget.