Top 5 Things To Keep In Mind Before You Start Your First Venture
First venture. The chance to create something extraordinary, to follow your vision, to maybe change the world for good. If you are starting a business, be proud and happy because when everybody tried to be a normal sheep in the flock you dared enough to be a shepherd. Obviously, the stakes are higher than ever now.
The best thing about starting a business is that you are now ready to work hard, go out of your comfort zone, give your 101%, and hope. If you are genuine and true, a treasure trove of opportunities will present itself. And when that happens you will have a big smile on your face, the smile that only comes when you know that you have proven everybody who never trusted you wrong, and that day my friend, is worth living for. It truly is.
For all those of you who believe that you can change the world around you by having that strong conviction and clarity regarding the fact that you have found a solution to the issue you have seen people go through, I tell you to dare. Dare to dream. Because only those of you who do can change the world.
We have access to any information that we need in life due to the aura of this century, the Internet. And it can only get better, so go ahead research, grind and get the answer to your questions and success awaits those of you who persevere. But the path to success is like any, filled with a lot of uncertainties and sacrifices that make you question yourself more than once. Still, don’t lose your confidence.
So, here are a few things that I want you, the budding entrepreneurs to keep in mind before running head-on into your dream.
Before I say my opinions, there is a very vital necessity for any business model that every business should possess. A team. A team that will make you cheerful even when you are knee-deep in stinking crap. And think long and hard before your selection of such people, as they will be a part of your dream, your success, and your failure. Because there will come a time when you start falling, then they will be there to cushion the landing, or even better, they might even make a trampoline out of nothing for you. That is the kind of partner you need. Be certain that you have those guys, who would die for you and not for the money.
The first thing about starting any business is understanding the problem you are trying to solve or the opportunity you want to seize. Try and analyze by hand whether you are solving such a vital issue. If you are not, then there is a great chance that however well you plan and do it, you might not hit gold. Study the issue in-depth, learn how people are dealing with it today and define whether that is enough. A well-designed solution might fetch you funding but keep in mind that the initial funding you receive is just a part of the whole picture.
Now the next step is examining the solution you have created and also your target market. Check whether it solves the issue better than how people deal with it today. Ensure its effectiveness, efficiency, and economic viability in helping your target customers. List out your solution’s advantages and weaknesses and weigh them to see if it is worth it.
Step three is all about foolproofing your game plan. For this, you will need to find business guys who have played in your target field, people whom you believe in, visionaries. (Try to get people who are acceptable to new and innovative things). A professional’s viewpoints are very important since experience is something that is truly priceless. And ensure that you get more than one because there is a possibility that you may get laughed at. Some people are so stabilized in their comfort zones that tweaking them will only cause reactions. But there will be people who are open to everyone, so don’t give up after some douche tells you to.
Once all loopholes have been covered, start planning your dream out. And the first thing you need is capital. Now raising money is a serious event and it must be carried out carefully. If you can, bootstrap on your own because with taking another person’s money comes accountability and the moral need to keep him happy and satisfied with his returns. Bootstrapping can get you up to a point then you need to start looking for investors. Angel investors and VC firms are your best options at that stage. But then again make sure you study the person or the VC firm before you get into bed with them. Try getting somebody who is ready to invest a little more than just his money into your business. It’s okay to wait for a little for somebody like that. Trust me, it will be worth it.
From that point onwards it is all about hard work and perseverance. Understand that whatever the business ends up with, what matters most is your journey towards such a dream. Do it in such a way that it remains memorable to you.
For if you are genuine and remain true to the whole thing whatever that remains at the end will be happiness and hopefully a couple of millions in your bank account. Use that to plan your next venture in a better way. Yes! You will set your eyes on the next thing because it’s addictive. Whether you fail or succeed you will try again, trying to better yourself.
Anyways Be brave guys, nobody bought a Ferrari working 9-5. Grind, hustle and get out and crush it.
As you can see, there are many things to consider before starting your very first venture. You want to make sure it’s the right time in your life and that you have a good idea of what success looks like for this new business opportunity. If any of these points seem concerning or confusing, please get in touch with one of our Business Development Specialist, so we can help! We offer free consultations where one of our experts will work closely with you on exploring all aspects of entrepreneurship before making any decisions about how to move forward. Do not be afraid to take action when something is ready and worthwhile for you- just make sure everything else is aligned as well!