Starting A New Business? 7 Things To Know Before Starting A Business

Starting a new business is a leap of faith. So it’s always beneficial to know what you need to do – some essentials to be in place. Here’s the help you need for your dream of becoming an entrepreneur. 

When I had resigned from my corporate job to pursue an alternate career path almost a decade ago, entrepreneurship was not really the talk of the town.

However, the scenario has changed completely today and it is wonderful to see talks about entrepreneurship in every forum and platform. Even the Government has been coming up with numerous initiatives and schemes to support and encourage entrepreneurs. There has been an upsurge in the number of small and medium scale businesses run by women which is not just a great sign for the economy, but is also very inspiring.

As a part of my work, I have been mentoring many women on entrepreneurship and have discovered that though women have amazing ideas and execution skills, sometimes lack of direction and right guidance can hinder their growth. I have realized that a little bit of hand-holding at the beginning goes a long way in instilling confidence, clarity and an insatiable hunger in them.

Based on my interactions with women trying to establish their ventures in various industries, the most common point/query that keeps coming up during discussions is – “What are the basic and important things to keep in mind or put into place while starting a new business or venture?”

In this post, I am not going to talk about registering the business and similar tasks that are obvious and process-oriented. Rather, I will be focusing on the mental, intuitive and skill-based aspects of entrepreneurship. These points would be applicable for small/medium scale enterprises.

Starting a new business first needs a vision

Be clear about your vision because everything else follows from here.

You have a passion and you want to convert it into a profitable business. This is wonderful but it’s important to think beyond the products and services before starting itself.

Ask yourself these questions – What is the problem you are trying to solve? What value do you wish to add to those you want to reach out to? What kind of impact do you wish to create? Answering these questions are crucial to starting a new business, because these answers will drive all your decisions and strategies.

What will make your business stand out?

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Starting a new business needs some essentials to be in place first. In this article, we will answer all your questions and provide pointers for the things to know before starting a business.

Here are 7 key-points to help you kick-start your business.

• What is a business vision?
• How To make your business stand out from others?
• What are business goals and how to achieve them?
• How to explore options?
• How to utilize social media in the early stages of business development?
• Importance of networking
• Creating a brand story

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